Annual report pursuant to Section 13 and 15(d)

PARENT COMPANY FINANCIAL INFORMATION (Tables)

v3.22.4
PARENT COMPANY FINANCIAL INFORMATION (Tables) - Parent Company
12 Months Ended
Dec. 31, 2022
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, 2022 and 2021

(Dollars in thousands)

    

2022

    

2021

ASSETS

 

  

 

  

Cash

$

17,472

$

105,464

Other assets

 

41,942

 

34,376

Investment in subsidiaries

 

2,748,863

 

2,988,277

Total assets

$

2,808,277

$

3,128,117

LIABILITIES AND STOCKHOLDERS' EQUITY

 

  

 

  

Long-term borrowings

$

247,205

$

246,895

Trust preferred capital notes

 

142,658

 

141,829

Other liabilities

 

45,677

 

29,322

Total liabilities

 

435,540

 

418,046

Total stockholders' equity

 

2,372,737

 

2,710,071

Total liabilities and stockholders' equity

$

2,808,277

$

3,128,117

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

PARENT COMPANY

CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE (LOSS) INCOME

YEARS ENDED DECEMBER 31, 2022, 2021, and 2020

(Dollars in thousands)

    

2022

    

2021

    

2020

Income:

 

  

 

  

 

  

Dividends received from subsidiaries

$

102,215

$

119,500

$

97,880

Other operating income

 

(286)

 

3,770

 

1,338

Total income

 

101,929

 

123,270

 

99,218

Expenses:

 

  

 

  

 

  

Interest expense

 

14,477

 

13,210

 

13,506

Other operating expenses

 

9,819

 

17,471

 

8,249

Total expenses

 

24,296

 

30,681

 

21,755

Income before income taxes and equity in undistributed net income from subsidiaries

 

77,633

 

92,589

 

77,463

Income tax benefit

 

(10,892)

 

(12,626)

 

(5,439)

Equity in undistributed net income from subsidiaries

 

145,985

 

158,702

 

75,326

Net income

$

234,510

$

263,917

$

158,228

Comprehensive (loss) income

$

(202,411)

$

211,537

$

193,668

Financial Information for the Parent Company - Statements of Cash Flows

PARENT COMPANY

CONDENSED STATEMENTS OF CASH FLOWS

YEARS ENDED DECEMBER 31, 2022, 2021, and 2020

(Dollars in thousands)

    

2022

    

2021

    

2020

Operating activities:

 

  

 

  

 

  

Net income

$

234,510

$

263,917

$

158,228

Adjustments to reconcile net income to net cash provided by (used in) operating activities:

 

  

 

  

 

  

Equity in undistributed net income of subsidiaries

 

(145,985)

 

(158,702)

 

(75,326)

Non-cash dividend

(27,215)

Depreciation of premises and equipment

 

 

414

 

439

Write-down of corporate facilities

7,429

Acquisition accounting amortization, net

 

829

 

806

 

735

Issuance of common stock for services

 

819

 

567

 

804

Net increase in other assets

 

(9,663)

 

(10,726)

 

(3,005)

Net increase in other liabilities

 

11,370

 

12,944

 

10,038

Net cash provided by operating activities

 

64,665

 

116,649

 

91,913

Investing activities:

 

  

 

  

 

  

Net increase in premises and equipment

 

 

 

(306)

Proceeds from sale of former bank premises

 

2,524

 

 

Increase in equity method investments

(8,830)

(4,188)

(2,353)

Net cash used in investing activities

 

(6,306)

 

(4,188)

 

(2,659)

Financing activities:

 

  

 

  

 

  

Repayments of long-term borrowings

 

 

(150,000)

 

(8,500)

Net proceeds from issuance of long-term borrowings

 

 

246,869

 

Cash dividends paid - common stock

 

(86,899)

 

(84,307)

 

(78,860)

Cash dividends paid - preferred stock

(11,868)

(11,868)

(5,658)

Repurchase of common stock

 

(48,231)

 

(125,000)

 

(49,879)

Issuance of common stock

3,875

3,141

1,013

Issuance of preferred stock, net

166,356

Vesting of restricted stock, net of shares held for taxes

 

(3,228)

 

(2,580)

 

(2,261)

Net cash (used in) provided by financing activities

 

(146,351)

 

(123,745)

 

22,211

(Decrease) increase in cash and cash equivalents

 

(87,992)

 

(11,284)

 

111,465

Cash, cash equivalents and restricted cash at beginning of the period

 

105,464

 

116,748

 

5,283

Cash, cash equivalents and restricted cash at end of the period

$

17,472

$

105,464

$

116,748