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Condensed Financial Information (Parent Company Only) (Tables) | 12 Months Ended
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Dec. 31, 2020
Condensed Financial Information Disclosure [Abstract] |
Condensed Balance Sheet |
(In thousands) | 2020 |  | 2019
ASSETS |  |  |
Cash and cash equivalents | $ | 172,083 |  |  | $ | 104,068 |
Investment securities | 1,648 |  |  | 743 |
Investments in wholly-owned subsidiaries | 3,165,791 |  |  | 3,269,224 |
Loans | 471 |  |  | 657 |
Intangible assets, net | 133 |  |  | 133 |
Premises and equipment | 25,606 |  |  | 27,351 |
Other assets | 56,257 |  |  | 31,738 |
TOTAL ASSETS | $ | 3,421,989 |  |  | $ | 3,433,914 |
LIABILITIES |  |  |
Long-term debt | $ | 406,859 |  |  | $ | 413,760 |
Other liabilities | 38,474 |  |  | 31,230 |
Total liabilities | 445,333 |  |  | 444,990 |
STOCKHOLDERS’ EQUITY |  |  |
Preferred stock | 767 |  |  | 767 |
Common stock | 1,081 |  |  | 1,136 |
Surplus | 2,014,076 |  |  | 2,117,282 |
Undivided profits | 901,006 |  |  | 848,848 |
Accumulated other comprehensive gain (loss): |  |  |
Unrealized appreciation on available-for-sale securities, net of income taxes of $21,132 and $7,392 at December 31, 2020 and 2019 respectively | 59,726 |  |  | 20,891 |
Total stockholders’ equity | 2,976,656 |  |  | 2,988,924 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 3,421,989 |  |  | $ | 3,433,914 |
Condensed Income Statement |
(In thousands) | 2020 |  | 2019 |  | 2018
INCOME |  |  |  |  |
Dividends from subsidiaries | $ | 311,253 |  |  | $ | 67,893 |  |  | $ | 145,980 |
Other income | 762 |  |  | 13,658 |  |  | 658 |
Income | 312,015 |  |  | 81,551 |  |  | 146,638 |
EXPENSE | 37,204 |  |  | 40,594 |  |  | 32,714 |
Income before income taxes and equity in undistributed net income of subsidiaries | 274,811 |  |  | 40,957 |  |  | 113,924 |
Provision for income taxes | (9,438) |  |  | (5,680) |  |  | (10,732) |
Income before equity in undistributed net income of subsidiaries | 284,249 |  |  | 46,637 |  |  | 124,656 |
Equity in undistributed net income of subsidiaries | (29,345) |  |  | 191,530 |  |  | 91,057 |
NET INCOME | 254,904 |  |  | 238,167 |  |  | 215,713 |
Preferred stock dividends | 52 |  |  | 339 |  |  | — |
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS | $ | 254,852 |  |  | $ | 237,828 |  |  | $ | 215,713 |
Condensed Statement of Comprehensive Income |
(In thousands) | 2020 |  | 2019 |  | 2018
NET INCOME | $ | 254,904 |  |  | $ | 238,167 |  |  | $ | 215,713 |
OTHER COMPREHENSIVE INCOME (LOSS) |  |  |  |  |
Equity in other comprehensive income (loss) of subsidiaries | 38,835 |  |  | 48,265 |  |  | (10,110) |
COMPREHENSIVE INCOME | $ | 293,739 |  |  | $ | 286,432 |  |  | $ | 205,603 |
Condensed Cash Flow Statement |
(In thousands) | 2020 |  | 2019 |  | 2018
CASH FLOWS FROM OPERATING ACTIVITIES |  |  |  |  |
Net income | $ | 254,904 |  |  | $ | 238,167 |  |  | $ | 215,713 |
Items not requiring (providing) cash |  |  |  |  |
Stock-based compensation expense | 13,197 |  |  | 12,921 |  |  | 9,725 |
Depreciation and amortization | 1,796 |  |  | 1,637 |  |  | 880 |
Deferred income taxes | 1,583 |  |  | (3,632) |  |  | 26 |
Equity in undistributed net income of bank subsidiaries | 29,345 |  |  | (191,530) |  |  | (91,057) |
Changes in: |  |  |  |  |
Other assets | (27,056) |  |  | 3,299 |  |  | 1,524 |
Other liabilities | 7,790 |  |  | (2,648) |  |  | 17,340 |
Net cash provided by operating activities | 281,559 |  |  | 58,214 |  |  | 154,151 |
CASH FLOWS FROM INVESTING ACTIVITIES |  |  |  |  |
Net collections of loans | 186 |  |  | 117 |  |  | 219 |
Net (purchases of) proceeds from premises and equipment | (7) |  |  | (23,184) |  |  | 3,342 |
(Advances to) repayment for subsidiaries | (15,363) |  |  | — |  |  | 2,667 |
Proceeds from maturities of available-for-sale securities | — |  |  | 2,544 |  |  | 152 |
Purchases of available-for-sale securities | — |  |  | (439) |  |  | (211) |
Cash paid in business combinations | — |  |  | (36,811) |  |  | — |
Other, net | 185 |  |  | 29 |  |  | (1,903) |
Net cash (used in) provided by investing activities | (14,999) |  |  | (57,744) |  |  | 4,266 |
CASH FLOWS FROM FINANCING ACTIVITIES |  |  |  |  |
Proceeds from issuance of subordinated notes | — |  |  | — |  |  | 326,355 |
(Repayment ) issuance of long-term debt, net | (7,442) |  |  | 2,000 |  |  | (231,352) |
(Cancellation) issuance of common stock, net | (3,131) |  |  | (1,077) |  |  | 2,188 |
Stock repurchases | (113,327) |  |  | (10,128) |  |  | — |
Dividends paid on preferred stock | (52) |  |  | (339) |  |  | — |
Dividends paid on common stock | (74,593) |  |  | (63,921) |  |  | (55,646) |
Preferred stock retirement | — |  |  | (42,000) |  |  | — |
Net cash (used in) provided by financing activities | (198,545) |  |  | (115,465) |  |  | 41,545 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 68,015 |  |  | (114,995) |  |  | 199,962 |
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 104,068 |  |  | 219,063 |  |  | 19,101 |
CASH AND CASH EQUIVALENTS, END OF YEAR | $ | 172,083 |  |  | $ | 104,068 |  |  | $ | 219,063 |

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