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 |
|
|
— |
|
|
— |
|