Condensed Financial Statements of Parent Company (Tables)

12 Months Ended

Dec. 31, 2023

Condensed Financial Statements of Parent Company

Schedule of condensed balance sheet

	December 31,
(Dollars in thousands)	2023		2022
ASSETS
Cash	$	110,001	$	89,069
Investment in subsidiaries		5,808,108		5,368,525
Other assets		10,016		12,555
Total assets	$	5,928,125	$	5,470,149
LIABILITIES AND SHAREHOLDERS’ EQUITY
Corporate and subordinated debentures	$	391,904	$	392,275
Other Liabilities		3,123		2,947
Shareholders’ equity		5,533,098		5,074,927
Total liabilities and shareholders’ equity	$	5,928,125	$	5,470,149

Schedule of condensed statements of income

	Year Ended December 31,
(Dollars in thousands)	2023		2022		2021
Income:
Dividends from subsidiaries	$	180,251	$	220,124	$	200,083
Operating (loss) income		1		(68)		25
Total income		180,252		220,056		200,108
Operating expenses		39,151		30,514		40,727
Income before income tax benefit and equity in undistributed earnings of subsidiaries		141,101		189,542		159,381
Applicable income tax benefit		8,177		6,649		9,053
Equity in undistributed earnings of subsidiaries		345,030		299,858		307,109
Net income available to common shareholders	$	494,308	$	496,049	$	475,543

Schedule of condensed statements of cash flows

	Year Ended December 31,
(Dollars in thousands)	2023		2022		2021
Cash flows from operating activities:
Net income	$	494,308	$	496,049	$	475,543
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		(371)		(208)		1,382
Share-based compensation		35,861		35,638		25,721
Extinguishment of debt cost		—		—		11,706
Decrease (increase) in other assets		2,539		(375)		5,690
(Decrease) increase in other liabilities		175		(243)		(3,648)
Undistributed earnings of subsidiaries		(345,030)		(299,858)		(307,109)
Net cash provided by operating activities		187,482		231,003		209,285
Cash flows from investing activities:
Repayment of investments in and advances to subsidiaries		—		—		93,591
Net cash inflow from acquisitions		—		51,566		—
Net cash provided by investing activities		—		51,566		93,591
Cash flows from financing activities:
Proceeds of other borrowings		100
Repayment of other borrowings		(100)		(13,000)		(75,878)
Common stock issuance		2,772		2,858		2,384
Common stock repurchased		(16,064)		(119,330)		(147,421)
Dividends paid on common stock		(156,184)		(146,664)		(135,337)
Stock options exercised		2,926		1,585		2,905
Net cash used in financing activities		(166,550)		(274,551)		(353,347)
Net (decrease) increase in cash and cash equivalents		20,932		8,018		(50,471)
Cash and cash equivalents at beginning of period		89,069		81,051		131,522
Cash and cash equivalents at end of period	$	110,001	$	89,069	$	81,051