PARENT COMPANY FINANCIAL INFORMATION (Tables) 10K

12 Months Ended

Dec. 31, 2024

Condensed Financial Information Disclosure [Abstract]

Financial Information for the Parent Company - Balance Sheets

Financial information for the Parent Company is as follows:

PARENT COMPANY

CONDENSED BALANCE SHEETS

AS OF DECEMBER 31, 2024 and 2023

(Dollars in thousands)

	2024		2023
ASSETS
Cash	$	15,221	$	32,336
Investments		1,681		—
Other assets		24,028		30,344
Investment in subsidiaries		3,565,243		2,927,459
Total assets	$	3,606,173	$	2,990,139
LIABILITIES AND STOCKHOLDERS' EQUITY
Long-term borrowings	$	247,826	$	247,516
Trust preferred capital notes		170,476		143,509
Other liabilities		44,992		42,787
Total liabilities		463,294		433,812
Total stockholders' equity		3,142,879		2,556,327
Total liabilities and stockholders' equity	$	3,606,173	$	2,990,139

Financial Information for the Parent Company - Statements of Income and Comprehensive Income

PARENT COMPANY

CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (LOSS)

YEARS ENDED DECEMBER 31, 2024, 2023, and 2022

(Dollars in thousands)

	2024		2023		2022
Income:
Interest and dividend income	$	99	$	—	$	—
Dividends received from subsidiaries		132,750		122,000		102,215
Other operating loss		(97)		(1,136)		(286)
Total income		132,752		120,864		101,929
Expenses:
Interest expense		21,791		19,511		14,477
Other operating expenses		19,550		12,479		9,819
Total expenses		41,341		31,990		24,296
Income before income taxes and equity in undistributed net income from subsidiaries		91,411		88,874		77,633
Income tax benefit		(547)		(9,210)		(10,892)
Equity in undistributed net income from subsidiaries		117,173		103,734		145,985
Net income	$	209,131	$	201,818	$	234,510
Comprehensive income (loss)	$	192,794	$	276,755	$	(202,411)

Financial Information for the Parent Company - Statements of Cash Flows

PARENT COMPANY

CONDENSED STATEMENTS OF CASH FLOWS

YEARS ENDED DECEMBER 31, 2024, 2023, and 2022

(Dollars in thousands)

	2024		2023		2022
Operating activities:
Net income	$	209,131	$	201,818	$	234,510
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Equity in undistributed net income of subsidiaries		(117,173)		(103,734)		(145,985)
Non-cash dividend		—		—		(27,215)
Acquisition accounting amortization, net		1,078		851		829
Stock-based compensation expense		13,796		11,101		10,609
Deferred tax asset write-down		4,419		—		—
Issuance of common stock for services		970		735		819
Net decrease (increase) in other assets		1,536		3,256		(9,663)
Net increase in other liabilities		1,040		13,201		761
Net cash provided by operating activities		114,797		127,228		64,665
Investing activities:
Proceeds from sale of former bank premises		—		—		2,524
Increase in equity method investments		(4,516)		(7,363)		(8,830)
Net cash received in acquisitions		212		—		—
Net cash used in investing activities		(4,304)		(7,363)		(6,306)
Financing activities:
Cash dividends paid		(123,875)		(103,285)		(98,767)
Repurchase of common stock		—		—		(48,231)
Issuance of common stock		228		778		3,875
Vesting of restricted stock, net of shares held for taxes		(3,961)		(2,494)		(3,228)
Net cash used in financing activities		(127,608)		(105,001)		(146,351)
Increase (decrease) in cash and cash equivalents		(17,115)		14,864		(87,992)
Cash, cash equivalents and restricted cash at beginning of the period		32,336		17,472		105,464
Cash, cash equivalents and restricted cash at end of the period	$	15,221	$	32,336	$	17,472
Supplemental schedule of noncash investing and financing activities
Issuance of common stock in exchange for net assets in acquisition	$	505,402	$	—	$	—
Transactions related to bank acquisition
Assets acquired		521,218		—		—
Liabilities assumed		30,398		—		—