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PARENT COMPANY FINANCIALS ONLY (Tables) | 12 Months Ended
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Dec. 31, 2021
Condensed Financial Information Disclosure [Abstract] |
Schedule of Condensed Balance Sheets | BALANCE SHEETS
| December 31
| 2021 |  | 2020
| (Dollars in thousands)
Assets |
Cash (1) | $ | 212,119 |  |  | $ | 100,604 |
Investments in subsidiaries (2) | 2,952,089 |  |  | 1,761,383 |
Prepaid income taxes | 3,973 |  |  | 1,927 |
Deferred tax asset | 472 |  |  | 642 |
Total assets | $ | 3,168,653 |  |  | $ | 1,864,556 |
Liabilities and stockholders’ equity |  |  |
Dividends payable | $ | 22,728 |  |  | $ | 15,164 |
Long-term borrowings (less unamortized debt issuance costs of $0 and $40) | 14,063 |  |  | 32,773 |
Junior subordinated debentures (less unamortized debt issuance costs of $35 and $37) | 62,853 |  |  | 62,851 |
Subordinated debentures (less unamortized debt issuance costs of $209 and $304) | 49,791 |  |  | 49,696 |
Derivative instruments (1) | — |  |  | 569 |
Other liabilities | 769 |  |  | 818 |
Total liabilities | 150,204 |  |  | 161,871 |
Stockholders’ equity | 3,018,449 |  |  | 1,702,685 |
Total liabilities and stockholders’ equity | $ | 3,168,653 |  |  | $ | 1,864,556 |
(1)Entire balance eliminates in consolidation. (2)Majority of balance eliminates in consolidation
Schedule of Condensed Statements of Income | STATEMENTS OF INCOME
| Years Ended December 31
| 2021 |  | 2020 |  | 2019
| (Dollars in thousands)
Income |
Dividends received from subsidiaries (1) | $ | 77,673 |  |  | $ | 166,033 |  |  | $ | 181,790 |
Total income | 77,673 |  |  | 166,033 |  |  | 181,790 |
Expenses |  |  |  |  |
Interest expense | 4,493 |  |  | 5,432 |  |  | 8,236 |
Total expenses | 4,493 |  |  | 5,432 |  |  | 8,236 |
Income before income taxes and equity in undistributed income of subsidiaries | 73,180 |  |  | 160,601 |  |  | 173,554 |
Income tax benefit | (1,241) |  |  | (1,499) |  |  | (2,262) |
Income of parent company | 74,421 |  |  | 162,100 |  |  | 175,816 |
Equity (deficit) in undistributed income of subsidiaries | 46,571 |  |  | (40,933) |  |  | (10,641) |
Net income | $ | 120,992 |  |  | $ | 121,167 |  |  | $ | 165,175 |
(1)Majority of balance eliminates in consolidation.
Schedule of Condensed Statements of Cash Flows | STATEMENTS OF CASH FLOWS
| Years Ended December 31
| 2021 |  | 2020 |  | 2019
| (Dollars in thousands)
Cash flows from operating activities |
Net income | $ | 120,992 |  |  | $ | 121,167 |  |  | $ | 165,175 |
Adjustments to reconcile net income to cash provided by operating activities |  |  |  |  |
Amortization | 137 |  |  | 152 |  |  | 157 |
Deferred income tax expense | 12 |  |  | 284 |  |  | 1,021 |
Change in prepaid income taxes and other assets (1) | (229) |  |  | (475) |  |  | 20,556 |
Change in other liabilities | (1,873) |  |  | (169) |  |  | (4,613) |
Deficit (equity) in undistributed income of subsidiaries | (46,571) |  |  | 40,933 |  |  | 10,641 |
Net cash provided by operating activities | 72,468 |  |  | 161,892 |  |  | 192,937 |
Cash flows provided by (used in) investing activities |  |  |  |  |
Net cash acquired (paid) in business combinations | 119,816 |  |  | — |  |  | (148,297) |
Net cash provided by (used) in investing activities | 119,816 |  |  | — |  |  | (148,297) |
Cash flows provided by (used in) financing activities |  |  |  |  |
Proceeds from line of credit, net of issuance costs | — |  |  | — |  |  | 49,980 |
Repayment of line of credit, net of issuance costs | — |  |  | — |  |  | (49,980) |
Proceeds from (repayments of) long-term debt, net of issuance costs | (18,750) |  |  | (42,187) |  |  | 74,867 |
Repayments of junior subordinated debentures, net of issuance costs | — |  |  | — |  |  | (13,329) |
Proceeds from issuance of subordinated debentures, net of issuance costs | — |  |  | — |  |  | 49,526 |
Repayments of subordinated debentures, net of issuance costs | — |  |  | — |  |  | (34,767) |
Restricted stock awards issued, net of awards surrendered | (1,249) |  |  | (1,187) |  |  | (1,463) |
Net proceeds from exercise of stock options | (57) |  |  | 197 |  |  | 281 |
Proceeds from shares issued under the direct stock purchase plan | 2,023 |  |  | 2,132 |  |  | 4,951 |
Payments for shares repurchased under share repurchase program | — |  |  | (95,091) |  |  | — |
Common dividends paid | (62,736) |  |  | (60,840) |  |  | (53,274) |
Net cash provided by (used in) financing activities | (80,769) |  |  | (196,976) |  |  | 26,792 |
Net increase (decrease) in cash and cash equivalents | 111,515 |  |  | (35,084) |  |  | 71,432 |
Cash and cash equivalents at the beginning of the year | 100,604 |  |  | 135,688 |  |  | 64,256 |
Cash and cash equivalents at the end of the year | $ | 212,119 |  |  | $ | 100,604 |  |  | $ | 135,688 |
(1)Reflected in this line for the year ended December 31, 2020 is a noncash adjustment which decreased prepaid income taxes and increased investment in subsidiary by $30.1 million, which represents a reallocation of a tax asset from the parent to the bank subsidiary.

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