PARENT COMPANY FINANCIAL INFORMATION (Tables)
|
12 Months Ended |
Dec. 31, 2023 |
|---|
| 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, 2023 and 2022
(Dollars in thousands)
|
|
|
|
|
|
|
|
|
2023 |
|
2022 |
ASSETS |
|
|
|
|
|
|
Cash |
|
$ |
32,336 |
|
$ |
17,472 |
Other assets |
|
|
30,344 |
|
|
41,942 |
Investment in subsidiaries |
|
|
2,927,459 |
|
|
2,748,863 |
Total assets |
|
$ |
2,990,139 |
|
$ |
2,808,277 |
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
Long-term borrowings |
|
$ |
247,516 |
|
$ |
247,205 |
Trust preferred capital notes |
|
|
143,509 |
|
|
142,658 |
Other liabilities |
|
|
42,787 |
|
|
45,677 |
Total liabilities |
|
|
433,812 |
|
|
435,540 |
Total stockholders' equity |
|
|
2,556,327 |
|
|
2,372,737 |
Total liabilities and stockholders' equity |
|
$ |
2,990,139 |
|
$ |
2,808,277 |
|
| 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, 2023, 2022, and 2021
(Dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
2023 |
|
2022 |
|
2021 |
Income: |
|
|
|
|
|
|
|
|
|
Dividends received from subsidiaries |
|
$ |
122,000 |
|
$ |
102,215 |
|
$ |
119,500 |
Other operating income |
|
|
(1,136) |
|
|
(286) |
|
|
3,770 |
Total income |
|
|
120,864 |
|
|
101,929 |
|
|
123,270 |
Expenses: |
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
19,511 |
|
|
14,477 |
|
|
13,210 |
Other operating expenses |
|
|
12,479 |
|
|
9,819 |
|
|
17,471 |
Total expenses |
|
|
31,990 |
|
|
24,296 |
|
|
30,681 |
Income before income taxes and equity in undistributed net income from subsidiaries |
|
|
88,874 |
|
|
77,633 |
|
|
92,589 |
Income tax benefit |
|
|
(9,210) |
|
|
(10,892) |
|
|
(12,626) |
Equity in undistributed net income from subsidiaries |
|
|
103,734 |
|
|
145,985 |
|
|
158,702 |
Net income |
|
$ |
201,818 |
|
$ |
234,510 |
|
$ |
263,917 |
Comprehensive income (loss) |
|
$ |
276,755 |
|
$ |
(202,411) |
|
$ |
211,537 |
|
| Financial Information for the Parent Company - Statements of Cash Flows |
PARENT COMPANY
CONDENSED STATEMENTS OF CASH FLOWS
YEARS ENDED DECEMBER 31, 2023, 2022, and 2021
(Dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
2023 |
|
2022 |
|
2021 |
Operating activities: |
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
201,818 |
|
$ |
234,510 |
|
$ |
263,917 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: |
|
|
|
|
|
|
|
|
|
Equity in undistributed net income of subsidiaries |
|
|
(103,734) |
|
|
(145,985) |
|
|
(158,702) |
Non-cash dividend |
|
|
— |
|
|
(27,215) |
|
|
— |
Depreciation of premises and equipment |
|
|
— |
|
|
— |
|
|
414 |
Write-down of corporate facilities |
|
|
— |
|
|
— |
|
|
7,429 |
Acquisition accounting amortization, net |
|
|
851 |
|
|
829 |
|
|
806 |
Issuance of common stock for services |
|
|
735 |
|
|
819 |
|
|
567 |
Net decrease (increase) in other assets |
|
|
3,256 |
|
|
(9,663) |
|
|
(10,726) |
Net increase in other liabilities |
|
|
24,302 |
|
|
11,370 |
|
|
12,944 |
Net cash provided by operating activities |
|
|
127,228 |
|
|
64,665 |
|
|
116,649 |
Investing activities: |
|
|
|
|
|
|
|
|
|
Proceeds from sale of former bank premises |
|
|
— |
|
|
2,524 |
|
|
— |
Increase in equity method investments |
|
|
(7,363) |
|
|
(8,830) |
|
|
(4,188) |
Net cash used in investing activities |
|
|
(7,363) |
|
|
(6,306) |
|
|
(4,188) |
Financing activities: |
|
|
|
|
|
|
|
|
|
Repayments of long-term borrowings |
|
|
— |
|
|
— |
|
|
(150,000) |
Net proceeds from issuance of long-term borrowings |
|
|
— |
|
|
— |
|
|
246,869 |
Cash dividends paid - common stock |
|
|
(91,417) |
|
|
(86,899) |
|
|
(84,307) |
Cash dividends paid - preferred stock |
|
|
(11,868) |
|
|
(11,868) |
|
|
(11,868) |
Repurchase of common stock |
|
|
— |
|
|
(48,231) |
|
|
(125,000) |
Issuance of common stock |
|
|
778 |
|
|
3,875 |
|
|
3,141 |
Vesting of restricted stock, net of shares held for taxes |
|
|
(2,494) |
|
|
(3,228) |
|
|
(2,580) |
Net cash used in financing activities |
|
|
(105,001) |
|
|
(146,351) |
|
|
(123,745) |
Increase (decrease) in cash and cash equivalents |
|
|
14,864 |
|
|
(87,992) |
|
|
(11,284) |
Cash, cash equivalents and restricted cash at beginning of the period |
|
|
17,472 |
|
|
105,464 |
|
|
116,748 |
Cash, cash equivalents and restricted cash at end of the period |
|
$ |
32,336 |
|
$ |
17,472 |
|
$ |
105,464 |
|