Parent Holding Company Information (Condensed)

12 Months Ended

Dec. 31, 2022

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

Condensed Statements of Financial Condition


(Dollars in thousands)	December 31, 2022		December 31, 2021
Assets
Cash on hand and in banks	$	18,491	27,945
Interest bearing cash deposits	57,193		91,361
Cash and cash equivalents	75,684		119,306
Other assets	26,864		22,218
Investment in subsidiaries	2,882,849		3,188,210
Total assets	$	2,985,397	3,329,734
Liabilities and Stockholders’ Equity
Dividends payable	$	540	11,520
Subordinated debentures	132,782		132,620
Other liabilities	8,770		7,972
Total liabilities	142,092		152,112
Common stock	1,108		1,107
Paid-in capital	2,344,005		2,338,814
Retained earnings	966,984		810,342
Accumulated other comprehensive (loss) income	(468,792)		27,359
Total stockholders’ equity	2,843,305		3,177,622
Total liabilities and stockholders’ equity	$	2,985,397	3,329,734

Condensed Statements of Operations and Comprehensive Income


	Years ended
(Dollars in thousands)	December 31, 2022		December 31, 2021	December 31, 2020
Income
Dividends from subsidiaries	$	123,000	207,000	188,000
Intercompany charges for services	2,880		2,654	2,332
Other income	401		500	954
Total income	126,281		210,154	191,286
Expenses
Compensation and employee benefits	7,003		6,516	5,646
Other operating expenses	10,247		13,624	10,051
Total expenses	17,250		20,140	15,697
Income before income tax benefit and equity in undistributed net income of subsidiaries	109,031		190,014	175,589
Income tax benefit	2,913		3,407	3,108
Income before equity in undistributed net income of subsidiaries	111,944		193,421	178,697
Equity in undistributed net income of subsidiaries	191,258		91,336	87,703
Net Income	$	303,202	284,757	266,400
Comprehensive (Loss) Income	$	(192,949)	169,026	369,264

Condensed Statements of Cash Flows


	Years ended
(Dollars in thousands)	December 31, 2022		December 31, 2021	December 31, 2020
Operating Activities
Net income	$	303,202	284,757	266,400
Adjustments to reconcile net income to net cash provided by operating activities:
Subsidiary income in excess of dividends distributed	(191,258)		(91,336)	(87,703)


Stock-based compensation, net of tax benefits	1,685		1,628	1,216
Net change in other assets and other liabilities	1,794		(7,245)	(7,222)
Net cash provided by operating activities	115,423		187,804	172,691
Investing Activities



Net additions of premises and equipment	(4)		(13)	(111)
Proceeds from sale of marketable equity securities	63		186	—

Equity received from (contributed to) subsidiaries	—		248	(13,638)
Net cash provided by (used in) investing activities	59		421	(13,749)
Financing Activities
Net decrease in other borrowed funds	—		(7,500)	—
Cash dividends paid	(157,540)		(145,557)	(131,263)
Tax withholding payments for stock-based compensation	(1,704)		(1,553)	(1,082)
Proceeds from stock option exercises	140		265	993
Net cash used in financing activities	(159,104)		(154,345)	(131,352)
Net (decrease) increase in cash, cash equivalents and restricted cash	(43,622)		33,880	27,590
Cash, cash equivalents and restricted cash at beginning of period	119,306		85,426	57,836
Cash, cash equivalents and restricted cash at end of period	$	75,684	119,306	85,426