Parent Company Only Financial Information (Tables)

12 Months Ended

Dec. 31, 2024

Condensed Financial Information Disclosure [Abstract]

Balance Sheets


	December 31,
($ in thousands)	2024		2023
Assets
Cash and due from banks	$	36,158	$	22,473
Interest-bearing deposits in other financial institutions	212,943		20,428

Notes and interest receivable from subsidiaries	710,126		562,640
Investments in and receivable due from subsidiaries	4,455,525		4,080,536
Other assets	57,649		48,589
Total assets	$	5,472,402	$	4,734,666
Liabilities and Stockholders' Equity

Senior notes, at par	$	300,000	$	—
Subordinated notes, at par	550,000		550,000
Long-term funding capitalized costs and fair value hedge liability	(12,660)		(9,114)
Total long-term funding	837,340		540,886
Accrued expenses and other liabilities	29,500		19,807
Total liabilities	866,841		560,693
Preferred equity	194,112		194,112
Common equity	4,411,450		3,979,861
Total stockholders’ equity	4,605,562		4,173,973
Total liabilities and stockholders’ equity	$	5,472,402	$	4,734,666

Parent Company Income Statement

Statements of Income


	For the Years Ended December 31,
($ in thousands)	2024		2023		2022
Income
Income from subsidiaries	$	129,224	$	192,559	$	373,581
Interest income on notes receivable from subsidiaries	42,834		30,363		5,632
Other income	1,310		1,175		1,262
Total income	173,368		224,097		380,475
Expense
Interest expense on short and long-term funding	45,781		36,081		10,655
Other expense	6,727		7,352		6,118
Total expense	52,508		43,434		16,772
Income before income tax expense	120,860		180,663		363,702
Income tax (benefit)	(2,286)		(2,292)		(2,420)
Net income	123,145		182,956		366,122
Preferred stock dividends	11,500		11,500		11,500
Net income available to common equity	$	111,645	$	171,456	$	354,622

Parent Company Statement of Cash Flows

Statements of Cash Flows


	For the Years Ended December 31,
($ in thousands)	2024		2023		2022
Cash Flows from Operating Activities
Net income	$	123,145	$	182,956	$	366,122
Adjustments to reconcile net income to net cash provided by operating activities:
Decrease (increase) in equity in undistributed net income (loss) of subsidiaries	55,776		107,441		(343,582)



Net change in other assets and accrued expenses and other liabilities	12,059		(35,863)		14,159

Net cash provided by operating activities	190,980		254,534		36,699
Cash Flows from Investing Activities

Net (increase) in investment in subsidiary	(331,023)		—		—
Net (increase) decrease in notes receivable from subsidiaries	(145,000)		(385,000)		115,000



Net cash (used in) provided by investing activities	(476,023)		(385,000)		115,000
Cash Flows from Financing Activities
Net (decrease) in commercial paper	—		(20,798)		(13,932)
Proceeds from issuance of long-term funding	297,864		292,740		—

Proceeds from issuance of common stock	331,023		—		—
Proceeds from issuance of common stock for stock-based compensation plans	37,576		4,297		11,061







Purchase of treasury stock, open market purchases	(18,289)		—		—
Purchase of treasury stock, stock-based compensation plans	(6,234)		(6,593)		(6,480)
Cash dividends on common stock	(139,197)		(129,534)		(123,137)
Cash dividends on preferred stock	(11,500)		(11,500)		(11,500)
Other	—		—		(938)
Net cash provided by (used in) financing activities	491,243		128,612		(144,928)
Net increase (decrease) in cash and cash equivalents	206,200		(1,854)		6,771
Cash and cash equivalents at beginning of year	42,901		44,755		37,984
Cash and cash equivalents at end of year	$	249,101	$	42,901	$	44,755