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PARENT COMPANY FINANCIALS ONLY (Tables) | 12 Months Ended
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Dec. 31, 2023
Condensed Financial Information Disclosure [Abstract] |
Schedule of Condensed Balance Sheets | BALANCE SHEETS
| December 31
| 2023 |  | 2022
| (Dollars in thousands)
Assets |
Cash (1) | $ | 108,788 |  |  | $ | 169,977 |
Investments in subsidiaries (2) | 2,922,698 |  |  | 2,850,407 |
Prepaid income taxes | 2,488 |  |  | 2,299 |
Deferred tax asset | 429 |  |  | 453 |
Other assets (2) | — |  |  | 2,297 |
Total assets | $ | 3,034,403 |  |  | $ | 3,025,433 |
Liabilities and stockholders’ equity |  |  |
Dividends payable | $ | 23,580 |  |  | $ | 25,103 |
Junior subordinated debentures (less unamortized debt issuance costs of $30 and $33) | 62,858 |  |  | 62,855 |
Subordinated debentures (less unamortized debt issuance costs of $20 and $115) | 49,980 |  |  | 49,885 |
Other liabilities | 2,734 |  |  | 889 |
Total liabilities | 139,152 |  |  | 138,732 |
Stockholders’ equity | 2,895,251 |  |  | 2,886,701 |
Total liabilities and stockholders’ equity | $ | 3,034,403 |  |  | $ | 3,025,433 |
(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
| 2023 |  | 2022 |  | 2021
| (Dollars in thousands)
Income |
Dividends received from subsidiaries (1) | $ | 229,046 |  |  | $ | 209,257 |  |  | $ | 77,673 |
Total income | 229,046 |  |  | 209,257 |  |  | 77,673 |
Expenses |  |  |  |  |
Interest expense | 6,829 |  |  | 4,626 |  |  | 4,493 |
Other expenses | 3,156 |  |  | 1,680 |  |  | — |
Total expenses | 9,985 |  |  | 6,306 |  |  | 4,493 |
Income before income taxes and equity in undistributed income of subsidiaries | 219,061 |  |  | 202,951 |  |  | 73,180 |
Income tax benefit | (2,785) |  |  | (1,731) |  |  | (1,241) |
Income of parent company | 221,846 |  |  | 204,682 |  |  | 74,421 |
Equity in undistributed income of subsidiaries | 17,656 |  |  | 59,131 |  |  | 46,571 |
Net income | $ | 239,502 |  |  | $ | 263,813 |  |  | $ | 120,992 |
(1)Majority of balance eliminated in consolidation.
Schedule of Condensed Statements of Cash Flows | STATEMENTS OF CASH FLOWS
| Years Ended December 31
| 2023 |  | 2022 |  | 2021
| (Dollars in thousands)
Cash flows from operating activities |
Net income | $ | 239,502 |  |  | $ | 263,813 |  |  | $ | 120,992 |
Adjustments to reconcile net income to cash provided by operating activities |  |  |  |  |
Amortization | 98 |  |  | 96 |  |  | 137 |
Deferred income tax expense | 24 |  |  | 28 |  |  | 12 |
Change in prepaid income taxes and other assets | 2,107 |  |  | (623) |  |  | (229) |
Change in other liabilities | 52 |  |  | 143 |  |  | (1,873) |
Equity in undistributed income of subsidiaries | (17,656) |  |  | (59,131) |  |  | (46,571) |
Net cash provided by operating activities | 224,127 |  |  | 204,326 |  |  | 72,468 |
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) |
Restricted stock awards issued, net of awards surrendered | (1,142) |  |  | (1,084) |  |  | (1,249) |
Net proceeds from exercise of stock options | 80 |  |  | — |  |  | (57) |
Proceeds from shares issued under direct stock purchase plan | 2,662 |  |  | 2,359 |  |  | 2,023 |
Payments for shares repurchased under share repurchase programs | (188,910) |  |  | (139,946) |  |  | — |
Common dividends paid | (98,006) |  |  | (93,734) |  |  | (62,736) |
Net cash used in financing activities | (285,316) |  |  | (246,468) |  |  | (80,769) |
Net (decrease) increase in cash and cash equivalents | (61,189) |  |  | (42,142) |  |  | 111,515 |
Cash and cash equivalents at the beginning of the year | 169,977 |  |  | 212,119 |  |  | 100,604 |
Cash and cash equivalents at the end of the year | $ | 108,788 |  |  | $ | 169,977 |  |  | $ | 212,119 |

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