Parent Company Information

12 Months Ended

Dec. 31, 2022

Condensed Financial Information Disclosure [Abstract]

Parent Company Information

Parent Company Financial Information

The following tables summarize condensed financial information for the Parent Company only:

CONDENSED BALANCE SHEETS
	December 31,
(In thousands)	2022		2021
Assets:
Cash and due from banks	$	305,331	$	316,193
Intercompany debt securities	150,000		150,000
Investment in subsidiaries	8,631,202		3,526,782
Alternative investments	46,349		20,163
Other assets	13,358		3,953
Total assets	$	9,146,240	$	4,017,091
Liabilities and stockholders’ equity:
Senior notes	$	480,878	$	485,611
Subordinated notes	514,930		—
Junior subordinated debt	77,320		77,320
Accrued interest payable	7,457		5,861
Due to subsidiaries	3,858		488
Other liabilities	5,611		9,486
Total liabilities	1,090,054		578,766
Stockholders’ equity	8,056,186		3,438,325
Total liabilities and stockholders’ equity	$	9,146,240	$	4,017,091

CONDENSED STATEMENTS OF INCOME
	Years ended December 31,
(In thousands)	2022		2021		2020
Income:
Dividend income from bank subsidiary	$	475,000	$	200,000	$	20,000
Interest income on securities and interest-bearing deposits	5,955		3,444		5,530
Alternative investments income	6,416		13,033		2,467
Other non-interest income	112		75		634
Total income	487,483		216,552		28,631
Expense:
Interest expense on borrowings	34,284		16,876		18,684
Merger-related expenses	40,314		16,266		—
Other non-interest expense	22,592		15,921		16,426
Total expense	97,190		49,063		35,110
Income (loss) before income taxes and equity in undistributed earnings of subsidiaries	390,293		167,489		(6,479)
Income tax benefit	20,799		3,121		4,572
Equity in undistributed earnings of subsidiaries	233,191		238,254		222,528
Net income	$	644,283	$	408,864	$	220,621

CONDENSED STATEMENTS OF COMPREHENSIVE INCOME
	Years ended December 31,
(In thousands)	2022		2021		2020
Net income	$	644,283	$	408,864	$	220,621
Other comprehensive (loss) income, net of tax:
Derivative instruments	226		226		2,622
Other comprehensive (loss) income of subsidiaries	(662,606)		(65,062)		75,706
Other comprehensive (loss) income, net of tax	(662,380)		(64,836)		78,328
Comprehensive (loss) income	$	(18,097)	$	344,028	$	298,949

CONDENSED STATEMENTS OF CASH FLOWS
	Years ended December 31,
(In thousands)	2022		2021		2020
Operating activities:
Net income	$	644,283	$	408,864	$	220,621
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed earnings of subsidiaries	(233,191)		(238,254)		(222,528)
Common stock contribution to charitable foundation	10,500		—		—
Other, net	(2,853)		3,562		29,697
Net cash provided by operating activities	$	418,739	$	174,172	$	27,790
Investing activities:
Alternative investments (capital call), net of distributions	(16,292)		(6,304)		(3,751)
Net cash received in business combination	193,238		—		—
Net cash provided by (used in) investing activities	176,946		(6,304)		(3,751)
Financing activities:
Dividends paid to common stockholders	(247,767)		(145,223)		(144,967)
Dividends paid to preferred stockholders	(13,725)		(7,875)		(7,875)
Exercise of stock options	703		3,492		240
Common stock repurchase program	(322,103)		—		(76,556)
Common shares acquired related to stock compensation plan activity	(23,655)		(4,384)		(3,506)
Net cash (used in) by financing activities	(606,547)		(153,990)		(232,664)
Net (decrease) increase in cash and cash equivalents	(10,862)		13,878		(208,625)
Cash and cash equivalents at beginning of year	316,193		302,315		510,940
Cash and cash equivalents at end of year	$	305,331	$	316,193	$	302,315