Parent Holding Company Information (Condensed) (Tables)

12 Months Ended

Dec. 31, 2023

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

Condensed Statements of Financial Condition


(Dollars in thousands)	December 31, 2023		December 31, 2022
Assets
Cash on hand and in banks	$	15,499	18,491
Interest bearing cash deposits	85,319		57,193
Cash and cash equivalents	100,818		75,684
Other assets	18,206		26,864
Investment in subsidiaries	3,043,852		2,882,849
Total assets	$	3,162,876	2,985,397
Liabilities and Stockholders’ Equity
Dividends payable	$	579	540
Subordinated debentures	132,943		132,782
Other liabilities	9,073		8,770
Total liabilities	142,595		142,092
Common stock	1,109		1,108
Paid-in capital	2,350,104		2,344,005
Retained earnings	1,043,181		966,984
Accumulated other comprehensive loss	(374,113)		(468,792)
Total stockholders’ equity	3,020,281		2,843,305
Total liabilities and stockholders’ equity	$	3,162,876	2,985,397

Condensed Statements of Operations and Comprehensive Income


	Years ended
(Dollars in thousands)	December 31, 2023		December 31, 2022	December 31, 2021
Income
Dividends from subsidiaries	$	175,000	123,000	207,000
Intercompany charges for services	2,271		2,880	2,654
Other income	1,444		401	500
Total income	178,715		126,281	210,154
Expenses
Compensation and employee benefits	6,552		7,003	6,516
Other operating expenses	11,167		10,247	13,624
Total expenses	17,719		17,250	20,140
Income before income tax benefit and equity in undistributed net income of subsidiaries	160,996		109,031	190,014
Income tax benefit	3,096		2,913	3,407
Income before equity in undistributed net income of subsidiaries	164,092		111,944	193,421
Equity in undistributed net income of subsidiaries	58,835		191,258	91,336
Net Income	$	222,927	303,202	284,757
Comprehensive Income (Loss)	$	317,606	(192,949)	169,026

Condensed Statements of Cash Flows


	Years ended
(Dollars in thousands)	December 31, 2023		December 31, 2022	December 31, 2021
Operating Activities
Net income	$	222,927	303,202	284,757
Adjustments to reconcile net income to net cash provided by operating activities:
Subsidiary income in excess of dividends distributed	(58,835)		(191,258)	(91,336)


Stock-based compensation, net of tax benefits	1,742		1,685	1,628
Net change in other assets and other liabilities	7,788		1,794	(7,245)
Net cash provided by operating activities	173,622		115,423	187,804
Investing Activities



Net additions of premises and equipment	(3)		(4)	(13)
Proceeds from sale of marketable equity securities	—		63	186

Equity received from subsidiaries	—		—	248
Net cash (used in) provided by investing activities	(3)		59	421
Financing Activities
Net decrease in other borrowed funds	—		—	(7,500)
Cash dividends paid	(146,690)		(157,540)	(145,557)
Tax withholding payments for stock-based compensation	(1,795)		(1,704)	(1,553)
Proceeds from stock option exercises	—		140	265
Net cash used in financing activities	(148,485)		(159,104)	(154,345)
Net increase (decrease) in cash, cash equivalents and restricted cash	25,134		(43,622)	33,880
Cash, cash equivalents and restricted cash at beginning of period	75,684		119,306	85,426
Cash, cash equivalents and restricted cash at end of period	$	100,818	75,684	119,306