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PARENT COMPANY FINANCIALS ONLY (Tables) | 12 Months Ended
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Dec. 31, 2022
Condensed Financial Information Disclosure [Abstract] |
Schedule of Condensed Balance Sheets | BALANCE SHEETS
| December 31
| 2022 |  | 2021
| (Dollars in thousands)
Assets |
Cash (1) | $ | 169,977 |  |  | $ | 212,119 |
Investments in subsidiaries (2) | 2,850,407 |  |  | 2,952,089 |
Prepaid income taxes | 2,299 |  |  | 3,973 |
Deferred tax asset | 453 |  |  | 472 |
Other assets (2) | 2,297 |  |  | — |
Total assets | $ | 3,025,433 |  |  | $ | 3,168,653 |
Liabilities and stockholders’ equity |  |  |
Dividends payable | $ | 25,103 |  |  | $ | 22,728 |
Long-term borrowings | — |  |  | 14,063 |
Junior subordinated debentures (less unamortized debt issuance costs of $33 and $35) | 62,855 |  |  | 62,853 |
Subordinated debentures (less unamortized debt issuance costs of $115 and $209) | 49,885 |  |  | 49,791 |
Other liabilities | 889 |  |  | 769 |
Total liabilities | 138,732 |  |  | 150,204 |
Stockholders’ equity | 2,886,701 |  |  | 3,018,449 |
Total liabilities and stockholders’ equity | $ | 3,025,433 |  |  | $ | 3,168,653 |
(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
| 2022 |  | 2021 |  | 2020
| (Dollars in thousands)
Income |
Dividends received from subsidiaries (1) | $ | 209,257 |  |  | $ | 77,673 |  |  | $ | 166,033 |
Total income | 209,257 |  |  | 77,673 |  |  | 166,033 |
Expenses |  |  |  |  |
Interest expense | 4,626 |  |  | 4,493 |  |  | 5,432 |
Other expenses | 1,680 |  |  | — |  |  | — |
Total expenses | 6,306 |  |  | 4,493 |  |  | 5,432 |
Income before income taxes and equity in undistributed income of subsidiaries | 202,951 |  |  | 73,180 |  |  | 160,601 |
Income tax benefit | (1,731) |  |  | (1,241) |  |  | (1,499) |
Income of parent company | 204,682 |  |  | 74,421 |  |  | 162,100 |
Equity (deficit) in undistributed income of subsidiaries | 59,131 |  |  | 46,571 |  |  | (40,933) |
Net income | $ | 263,813 |  |  | $ | 120,992 |  |  | $ | 121,167 |
(1)Majority of balance eliminates in consolidation.
Schedule of Condensed Statements of Cash Flows | STATEMENTS OF CASH FLOWS
| Years Ended December 31
| 2022 |  | 2021 |  | 2020
| (Dollars in thousands)
Cash flows from operating activities |
Net income | $ | 263,813 |  |  | $ | 120,992 |  |  | $ | 121,167 |
Adjustments to reconcile net income to cash provided by operating activities |  |  |  |  |
Amortization | 96 |  |  | 137 |  |  | 152 |
Deferred income tax expense | 28 |  |  | 12 |  |  | 284 |
Change in prepaid income taxes and other assets | (623) |  |  | (229) |  |  | (475) |
Change in other liabilities | 143 |  |  | (1,873) |  |  | (169) |
(Equity) deficit in undistributed income of subsidiaries | (59,131) |  |  | (46,571) |  |  | 40,933 |
Net cash provided by operating activities | 204,326 |  |  | 72,468 |  |  | 161,892 |
Cash flows provided by investing activities |  |  |  |  |
Net cash acquired in business combinations | — |  |  | 119,816 |  |  | — |
Net cash provided by in investing activities | — |  |  | 119,816 |  |  | — |
Cash flows used in financing activities |  |  |  |  |
Repayments of long-term debt, net of issuance costs | (14,063) |  |  | (18,750) |  |  | (42,187) |
Restricted stock awards issued, net of awards surrendered | (1,084) |  |  | (1,249) |  |  | (1,187) |
Net proceeds from exercise of stock options | — |  |  | (57) |  |  | 197 |
Proceeds from shares issued under the direct stock purchase plan | 2,359 |  |  | 2,023 |  |  | 2,132 |
Payments for shares repurchased under share repurchase program | (139,946) |  |  | — |  |  | (95,091) |
Common dividends paid | (93,734) |  |  | (62,736) |  |  | (60,840) |
Net cash used in financing activities | (246,468) |  |  | (80,769) |  |  | (196,976) |
Net (decrease) increase in cash and cash equivalents | (42,142) |  |  | 111,515 |  |  | (35,084) |
Cash and cash equivalents at the beginning of the year | 212,119 |  |  | 100,604 |  |  | 135,688 |
Cash and cash equivalents at the end of the year | $ | 169,977 |  |  | $ | 212,119 |  |  | $ | 100,604 |

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