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Condensed Financial Information (Parent Company Only)

12 Months Ended

Dec. 31, 2023

Offsetting [Abstract]

Condensed Financial Information (Parent Company Only)

Condensed Financial Information (Parent Company Only)

Condensed Balance Sheets

						December 31,
(In thousands)						2023						2022
Assets
Cash and cash equivalents						$	484,542					$	359,570
Investment securities						57,032						57,912
Investments in wholly-owned subsidiaries						3,679,597						3,538,344
Other assets						18,049						19,422
Total assets						$	4,239,220					$	3,975,248
Liabilities
Subordinated debentures						$	439,834					$	440,420
Other liabilities						8,311						8,466
Total liabilities						448,145						448,886
Stockholders' Equity
Common stock						2,015						2,034
Capital surplus						2,348,023						2,386,699
Retained earnings						1,690,112						1,443,087
Accumulated other comprehensive income						(249,075)						(305,458)
Total stockholders' equity						3,791,075						3,526,362
Total liabilities and stockholders' equity						$	4,239,220					$	3,975,248

Condensed Statements of Income

			Years Ended December 31,
(In thousands)			2023						2022						2021
Income
Dividends from equity securities			$	3,634					$	2,088					$	646
Dividends from banking subsidiary			329,997						216,086						286,712
Other (loss) income			(724)						(1,297)						7,234
Total income			332,907						216,877						294,592
Expenses			32,361						38,933						34,194
Income before income taxes and equity in undistributed net income of subsidiaries			300,546						177,944						260,398
Tax benefit for income taxes			7,514						10,752						7,161
Income before equity in undistributed net income of subsidiaries			308,060						188,696						267,559
Equity in undistributed net income of subsidiaries			84,869						116,566						51,462
Net income			$	392,929					$	305,262					$	319,021

Condensed Statements of Cash Flows

						Years Ended December 31,
(In thousands)						2023						2022						2021
Cash flows from operating activities
Net income						$	392,929					$	305,262					$	319,021
Items not requiring (providing) cash
(Accretion)/ amortization						(586)						1,912						767
Share-based compensation						9,274						9,133						8,848
Decrease (increase) in value of equity securities						1,094						1,272						(7,178)
Equity in undistributed income of subsidiaries						(84,869)						(116,566)						(51,462)
Changes in other assets						(364)						(4,149)						90
Changes in other liabilities						(155)						2,290						(76)
Net cash provided by operating activities						317,323						199,154						270,010
Cash flows from investing activities
Net cash proceeds from Happy Bancshares, Inc.						—						201,428						—
Purchases of equity securities						—						(49,975)						(13,276)
Proceeds from sale of equity securities						1,522						13,778						16,381
Redemptions of other investments						—						2,899						—
Net cash provided by investing activities						1,522						168,130						3,105
Cash flows from financing activities
Retirement of subordinated debentures						—						(300,000)						—
Proceeds from the issuance of subordinated debentures						—						296,324						—
Redemption of trust preferred securities						—						(96,499)						—
Proceeds from exercise of stock options						802						156						2,374
Repurchase of common stock						(48,771)						(70,856)						(44,480)
Dividends paid						(145,904)						(128,424)						(92,142)
Net cash used in financing activities						(193,873)						(299,299)						(134,248)
Increase in cash and cash equivalents						124,972						67,985						138,867
Cash and cash equivalents, beginning of year						359,570						291,585						152,718
Cash and cash equivalents, end of year						$	484,542					$	359,570					$	291,585

X

- Definition

The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.5-04(Schedule I))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480922/205-10-S99-6

Reference 3: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481231/810-10-45-11

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X

- References

No definition available.

+ Details

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