Parent Holding Company Information (Condensed)

12 Months Ended

Dec. 31, 2020

The following condensed financial information was the unconsolidated information for the parent holding company:

Condensed Statements of Financial Condition


(Dollars in thousands)	December 31, 2020		December 31, 2019
Assets
Cash on hand and in banks	$	41,451	23,491
Interest bearing cash deposits	43,975		34,345
Cash and cash equivalents	85,426		57,836
Other assets	11,823		12,966
Investment in subsidiaries	2,369,040		2,063,011
Total assets	$	2,466,289	2,133,813
Liabilities and Stockholders’ Equity
Dividends payable	$	14,717	18,821
Subordinated debentures	139,959		139,914
Other liabilities	4,572		14,345
Total liabilities	159,248		173,080
Common stock	954		923
Paid-in capital	1,495,053		1,378,534
Retained earnings	667,944		541,050
Accumulated other comprehensive income (loss)	143,090		40,226
Total stockholders’ equity	2,307,041		1,960,733
Total liabilities and stockholders’ equity	$	2,466,289	2,133,813

Condensed Statements of Operations and Comprehensive Income


	Years ended
(Dollars in thousands)	December 31, 2020		December 31, 2019	December 31, 2018
Income
Dividends from subsidiaries	$	188,000	142,000	153,574
Intercompany charges for services	2,332		20,661	16,523
Other income	954		513	1,284
Total income	191,286		163,174	171,381
Expenses
Compensation and employee benefits	5,646		25,806	20,873
Other operating expenses	10,051		15,118	12,201
Total expenses	15,697		40,924	33,074
Income before income tax benefit and equity in undistributed net income of subsidiaries	175,589		122,250	138,307
Income tax benefit	3,108		4,488	3,773
Income before equity in undistributed net income of subsidiaries	178,697		126,738	142,080
Equity in undistributed net income of subsidiaries	87,703		83,806	39,798
Net Income	$	266,400	210,544	181,878
Comprehensive Income	$	369,264	260,197	174,430

Condensed Statements of Cash Flows


	Years ended
(Dollars in thousands)	December 31, 2020		December 31, 2019	December 31, 2018
Operating Activities
Net income	$	266,400	210,544	181,878
Adjustments to reconcile net income to net cash provided by operating activities:
Subsidiary income in excess of dividends distributed	(87,703)		(83,806)	(39,798)


Stock-based compensation, net of tax benefits	1,216		1,320	1,219
Net change in other assets and other liabilities	(7,222)		1,854	(3,209)
Net cash provided by operating activities	172,691		129,912	140,090
Investing Activities



Net additions of premises and equipment	(111)		(114)	(300)
Proceeds from sale of marketable equity securities	—		89	—

Equity contributions to subsidiaries	(13,638)		(13,485)	(24,989)
Net cash used in investing activities	(13,749)		(13,510)	(25,289)
Financing Activities
Net decrease in other borrowed funds	—		—	(11,543)
Cash dividends paid	(131,263)		(124,468)	(85,493)
Tax withholding payments for stock-based compensation	(1,082)		(1,293)	(1,214)
Proceeds from stock option exercises	993		2,896	24
Net cash used in financing activities	(131,352)		(122,865)	(98,226)
Net increase (decrease) in cash, cash equivalents and restricted cash	27,590		(6,463)	16,575
Cash, cash equivalents and restricted cash at beginning of period	57,836		64,299	47,724
Cash, cash equivalents and restricted cash at end of period	$	85,426	57,836	64,299