Parent Company Financial Statements (Tables)

12 Months Ended

Dec. 31, 2021

Condensed Financial Information Disclosure [Abstract]

Condensed Balance Sheets

Parent Company
Condensed Balance Sheets
(Dollars in thousands)	December 31, 2021		December 31, 2020
Assets
Cash and due from banks	$	173,719	$	49,716
Overnight investments	5,716		1,607
Investments in marketable equity securities	97,528		91,680
Investment securities available for sale	—		2,010
Investment in banking subsidiaries	4,987,350		4,621,676
Investment in other subsidiaries	3,237		3,241
Due from subsidiaries	—		786
Other assets	41,874		48,591
Total assets	$	5,309,424	$	4,819,307
Liabilities and Shareholders’ Equity
Subordinated debentures	$	453,313	$	452,350
Other borrowings	107,825		128,125
Due to subsidiaries	2,829		—
Other liabilities	8,216		9,564
Shareholders’ equity	4,737,241		4,229,268
Total liabilities and shareholders’ equity	$	5,309,424	$	4,819,307

Condensed Income Statements

Parent Company
Condensed Income Statements
	Year ended December 31
(Dollars in thousands)	2021		2020		2019
Interest and dividend income	$	2,011	$	3,952	$	1,327
Interest expense	16,578		16,817		7,187
Net interest loss	(14,567)		(12,865)		(5,860)
Dividends from banking subsidiaries	173,091		229,685		149,819
Marketable equity securities gains, net	34,081		29,395		20,625
Other income	66		574		257
Other operating expense	11,275		13,168		9,497
Income before income tax benefit and equity in undistributed net income of subsidiaries	181,396		233,621		155,344
Income tax expense	2,089		879		892
Income before equity in undistributed net income of subsidiaries	179,307		232,742		154,452
Equity in undistributed net income of subsidiaries	368,152		258,981		302,919
Net income	547,459		491,723		457,371
Preferred stock dividends	18,544		14,062		—
Net income available to common shareholders	$	528,915	$	477,661	$	457,371

Condensed Statements of Cash Flows

Parent Company
Condensed Statements of Cash Flows
	Year ended December 31
(Dollars in thousands)	2021		2020		2019
OPERATING ACTIVITIES
Net income	$	547,459	$	491,723	$	457,371
Adjustments
Undistributed net income of subsidiaries	(368,152)		(258,981)		(302,919)
Net amortization of premiums and discounts	963		824		119
Marketable equity securities gains, net	(34,081)		(29,395)		(20,625)
Realized gains on investment securities available for sale, net	—		—		(20)
Net change in due to/from subsidiaries	3,615		(2,456)		(2,185)
Change in other assets	6,722		(3,074)		(2,001)
Change in other liabilities	3,265		(694)		981
Net cash provided by operating activities	159,791		197,947		130,721
INVESTING ACTIVITIES
Net change in loans	—		—		100,000
Net change in overnight investments	(4,109)		940		2,162
Purchases of marketable equity securities	(1,563)		(333,140)		(26,166)
Proceeds from sales of marketable equity securities	29,796		352,835		56,749
Proceeds from sales, calls, and maturities of securities	2,000		1,000		3,477
Investment in subsidiaries	—		(422,500)		—
Net cash provided by (used in) investing activities	26,124		(400,865)		136,222
FINANCING ACTIVITIES
Net change in short-term borrowings	—		(40,277)		40,277
Repayment of long-term obligations	(20,300)		(33,300)		(3,575)
Origination of long-term obligations	—		—		165,000
Net proceeds from subordinated notes issuance	—		345,849		—
Net proceeds from preferred stock issuance	—		339,937		—
Repurchase of common stock	—		(333,755)		(453,123)
Cash dividends paid	(41,612)		(30,393)		(18,137)
Net cash provided by (used in) financing activities	(61,912)		248,061		(269,558)
Net change in cash	124,003		45,143		(2,615)
Cash balance at beginning of year	49,716		4,573		7,188
Cash balance at end of year	$	173,719	$	49,716	$	4,573
CASH PAYMENTS FOR:
Interest	$	16,579	$	13,338	$	7,187
Income taxes	810,116		106,618		78,345