Annual report pursuant to Section 13 and 15(d)

PARENT COMPANY FINANCIAL INFORMATION (Tables)

v3.24.0.1
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

​