| 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, 2025 and 2024
(Dollars in thousands)
|
|
|
|
|
|
|
|
|
2025 |
|
2024 |
ASSETS |
|
|
|
|
|
|
Cash |
|
$ |
14,509 |
|
$ |
15,221 |
Investments |
|
|
1,071 |
|
|
1,681 |
Other assets |
|
|
26,751 |
|
|
24,028 |
Investment in subsidiaries |
|
|
5,775,644 |
|
|
3,565,243 |
Total assets |
|
$ |
5,817,975 |
|
$ |
3,606,173 |
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
Long-term borrowings |
|
$ |
600,214 |
|
$ |
247,826 |
Trust preferred capital notes |
|
|
171,647 |
|
|
170,476 |
Other liabilities |
|
|
39,716 |
|
|
44,992 |
Total liabilities |
|
|
811,577 |
|
|
463,294 |
Total stockholders' equity |
|
|
5,006,398 |
|
|
3,142,879 |
Total liabilities and stockholders' equity |
|
$ |
5,817,975 |
|
$ |
3,606,173 |
|
| Financial Information for the Parent Company - Statements of Income and Comprehensive Income |
PARENT COMPANY
CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
YEARS ENDED DECEMBER 31, 2025, 2024, and 2023
(Dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
2025 |
|
2024 |
|
2023 |
Income: |
|
|
|
|
|
|
|
|
|
Interest and dividend income |
|
$ |
166 |
|
$ |
99 |
|
$ |
— |
Dividends received from subsidiaries |
|
|
125,000 |
|
|
132,750 |
|
|
122,000 |
Other operating income (loss) |
|
|
13,303 |
|
|
(97) |
|
|
(1,136) |
Total income |
|
|
138,469 |
|
|
132,752 |
|
|
120,864 |
Expenses: |
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
44,029 |
|
|
21,791 |
|
|
19,511 |
Other operating expenses |
|
|
29,021 |
|
|
19,550 |
|
|
12,479 |
Total expenses |
|
|
73,050 |
|
|
41,341 |
|
|
31,990 |
Income before income taxes and equity in undistributed net income from subsidiaries |
|
|
65,419 |
|
|
91,411 |
|
|
88,874 |
Income tax benefit |
|
|
(14,800) |
|
|
(547) |
|
|
(9,210) |
Equity in undistributed net income from subsidiaries |
|
|
193,496 |
|
|
117,173 |
|
|
103,734 |
Net income |
|
$ |
273,715 |
|
$ |
209,131 |
|
$ |
201,818 |
Comprehensive income |
|
$ |
377,314 |
|
$ |
192,794 |
|
$ |
276,755 |
|
| Financial Information for the Parent Company - Statements of Cash Flows |
PARENT COMPANY
CONDENSED STATEMENTS OF CASH FLOWS
YEARS ENDED DECEMBER 31, 2025, 2024, and 2023
(Dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
2025 |
|
2024 |
|
2023 |
Operating activities: |
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
273,715 |
|
$ |
209,131 |
|
$ |
201,818 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: |
|
|
|
|
|
|
|
|
|
Equity in undistributed net income of subsidiaries |
|
|
(193,496) |
|
|
(117,173) |
|
|
(103,734) |
Acquisition accounting amortization, net |
|
|
9,879 |
|
|
1,078 |
|
|
851 |
Stock-based compensation expense |
|
|
24,890 |
|
|
13,796 |
|
|
11,101 |
Deferred tax (benefit) expense |
|
|
(1,135) |
|
|
4,419 |
|
|
— |
Gain on sale of equity interest investment |
|
|
(14,757) |
|
|
— |
|
|
— |
Issuance of common stock for services |
|
|
1,415 |
|
|
970 |
|
|
735 |
Net (increase) decrease in other assets |
|
|
(23,752) |
|
|
1,536 |
|
|
3,256 |
Net increase in other liabilities |
|
|
21,088 |
|
|
1,040 |
|
|
13,201 |
Net cash provided by operating activities |
|
|
97,847 |
|
|
114,797 |
|
|
127,228 |
Investing activities: |
|
|
|
|
|
|
|
|
|
Proceeds from maturities, calls and paydowns of securities available for sale |
|
|
611 |
|
|
— |
|
|
— |
Increase in equity method investments |
|
|
(8,911) |
|
|
(5,765) |
|
|
(7,410) |
Distributions/sale of equity method investments |
|
|
44,230 |
|
|
1,249 |
|
|
47 |
Increase in investment in subsidiaries |
|
|
(385,000) |
|
|
— |
|
|
— |
Net cash received in acquisitions |
|
|
80,902 |
|
|
212 |
|
|
— |
Net cash used in investing activities |
|
|
(268,168) |
|
|
(4,304) |
|
|
(7,363) |
Financing activities: |
|
|
|
|
|
|
|
|
|
Repayments of long-term debt |
|
|
(16,268) |
|
|
— |
|
|
— |
Cash dividends paid |
|
|
(192,133) |
|
|
(123,875) |
|
|
(103,285) |
Issuance of common stock |
|
|
— |
|
|
228 |
|
|
778 |
Forward sale issuance of common stock |
|
|
384,963 |
|
|
— |
|
|
— |
Vesting of restricted stock, net of shares held for taxes |
|
|
(6,953) |
|
|
(3,961) |
|
|
(2,494) |
Net cash provided by (used in) financing activities |
|
|
169,609 |
|
|
(127,608) |
|
|
(105,001) |
(Decrease) increase in cash and cash equivalents |
|
|
(712) |
|
|
(17,115) |
|
|
14,864 |
Cash, cash equivalents and restricted cash at beginning of the period |
|
|
15,221 |
|
|
32,336 |
|
|
17,472 |
Cash, cash equivalents and restricted cash at end of the period |
|
$ |
14,509 |
|
$ |
15,221 |
|
$ |
32,336 |
Supplemental schedule of noncash investing and financing activities |
|
|
|
|
|
|
|
|
|
Issuance of common stock in exchange for net assets in acquisition |
|
$ |
1,275,441 |
|
$ |
505,402 |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
Transactions related to bank acquisition |
|
|
|
|
|
|
|
|
|
Assets acquired |
|
|
1,637,042 |
|
|
521,218 |
|
|
— |
Liabilities assumed |
|
|
361,072 |
|
|
30,398 |
|
|
— |
|