Parent Holding Company Information (Condensed)

12 Months Ended

Dec. 31, 2024

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

Condensed Statements of Financial Condition


(Dollars in thousands)	December 31, 2024		December 31, 2023
Assets
Cash on hand and in banks	$	11,099	15,499
Interest bearing cash deposits	162,208		85,319
Cash and cash equivalents	173,307		100,818
Other assets	16,871		18,206
Investment in subsidiaries	3,177,785		3,043,852
Total assets	$	3,367,963	3,162,876
Liabilities and Stockholders’ Equity
Dividends payable	$	613	579
Subordinated debentures	133,105		132,943
Other liabilities	10,391		9,073
Total liabilities	144,109		142,595
Common stock	1,134		1,109
Paid-in capital	2,448,758		2,350,104
Retained earnings	1,083,258		1,043,181
Accumulated other comprehensive loss	(309,296)		(374,113)
Total stockholders’ equity	3,223,854		3,020,281
Total liabilities and stockholders’ equity	$	3,367,963	3,162,876

Condensed Statements of Operations and Comprehensive Income


	Years ended
(Dollars in thousands)	December 31, 2024		December 31, 2023	December 31, 2022
Income
Dividends from subsidiaries	$	235,000	175,000	123,000
Intercompany charges for services	3,251		2,271	2,880
Other income	3,032		1,444	401
Total income	241,283		178,715	126,281
Expenses
Compensation and employee benefits	8,142		6,552	7,003
Other operating expenses	13,536		11,167	10,247
Total expenses	21,678		17,719	17,250
Income before income tax benefit and equity in undistributed net income of subsidiaries	219,605		160,996	109,031
Income tax benefit	3,177		3,096	2,913
Income before equity in undistributed net income of subsidiaries	222,782		164,092	111,944
Equity in (distributed) undistributed net income of subsidiaries	(32,638)		58,835	191,258
Net Income	$	190,144	222,927	303,202
Comprehensive Income (Loss)	$	254,961	317,606	(192,949)

Condensed Statements of Cash Flows


	Years ended
(Dollars in thousands)	December 31, 2024		December 31, 2023	December 31, 2022
Operating Activities
Net income	$	190,144	222,927	303,202
Adjustments to reconcile net income to net cash provided by operating activities:
Subsidiary income less than (in excess of) dividends distributed	32,638		(58,835)	(191,258)


Stock-based compensation, net of tax benefits	1,762		1,742	1,685
Net change in other assets and other liabilities	200		7,788	1,794
Net cash provided by operating activities	224,744		173,622	115,423
Investing Activities



Net additions of premises and equipment	(5)		(3)	(4)
Proceeds from sale of marketable equity securities	107		—	63

Equity contributed to subsidiaries	(698)		—	—
Net cash (used in) provided by investing activities	(596)		(3)	59
Financing Activities

Cash dividends paid	(150,034)		(146,690)	(157,540)
Tax withholding payments for stock-based compensation	(1,625)		(1,795)	(1,704)
Proceeds from stock option exercises	—		—	140
Net cash used in financing activities	(151,659)		(148,485)	(159,104)
Net increase (decrease) in cash, cash equivalents and restricted cash	72,489		25,134	(43,622)
Cash, cash equivalents and restricted cash at beginning of period	100,818		75,684	119,306
Cash, cash equivalents and restricted cash at end of period	$	173,307	100,818	75,684