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Condensed Financial Information (Parent Company Only) (Tables) | 12 Months Ended
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Dec. 31, 2022
Condensed Financial Information Disclosure [Abstract] |
Condensed Balance Sheet |
(In thousands) | 2022 |  | 2021
ASSETS |  |  |
Cash and cash equivalents | $ | 116,915 |  |  | $ | 175,711 |
Investment securities | 6,109 |  |  | 2,932 |
Investments in wholly-owned subsidiaries | 3,453,961 |  |  | 3,444,624 |
Loans | 1,412 |  |  | 2,610 |
Intangible assets, net | 133 |  |  | 133 |
Premises and equipment | 22,083 |  |  | 23,861 |
Other assets | 80,513 |  |  | 53,877 |
TOTAL ASSETS | $ | 3,681,126 |  |  | $ | 3,703,748 |
LIABILITIES |  |  |
Long-term debt | $ | 386,798 |  |  | $ | 406,552 |
Other liabilities | 24,966 |  |  | 48,355 |
Total liabilities | 411,764 |  |  | 454,907 |
STOCKHOLDERS’ EQUITY |  |  |
Preferred stock | — |  |  | — |
Common stock | 1,270 |  |  | 1,127 |
Surplus | 2,530,066 |  |  | 2,164,989 |
Undivided profits | 1,255,586 |  |  | 1,093,270 |
Accumulated other comprehensive loss: |  |  |
Unrealized depreciation on available-for-sale securities, net of income taxes of $(183,124) and $(3,731) at December 31, 2022 and 2021 respectively | (517,560) |  |  | (10,545) |
Total stockholders’ equity | 3,269,362 |  |  | 3,248,841 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 3,681,126 |  |  | $ | 3,703,748 |
Condensed Income Statement |
(In thousands) | 2022 |  | 2021 |  | 2020
INCOME |  |  |  |  |
Dividends from subsidiaries | $ | 219,868 |  |  | $ | 227,310 |  |  | $ | 311,253 |
Other income | 508 |  |  | 1,080 |  |  | 762 |
Income | 220,376 |  |  | 228,390 |  |  | 312,015 |
EXPENSE | 46,133 |  |  | 44,847 |  |  | 37,204 |
Income before income taxes and equity in undistributed net income of subsidiaries | 174,243 |  |  | 183,543 |  |  | 274,811 |
Provision for income taxes | (9,391) |  |  | (11,314) |  |  | (9,438) |
Income before equity in undistributed net income of subsidiaries | 183,634 |  |  | 194,857 |  |  | 284,249 |
Equity in undistributed net income (loss) of subsidiaries | 72,778 |  |  | 76,299 |  |  | (29,345) |
NET INCOME | 256,412 |  |  | 271,156 |  |  | 254,904 |
Preferred stock dividends | — |  |  | 47 |  |  | 52 |
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS | $ | 256,412 |  |  | $ | 271,109 |  |  | $ | 254,852 |
Condensed Statement of Comprehensive Income |
(In thousands) | 2022 |  | 2021 |  | 2020
NET INCOME | $ | 256,412 |  |  | $ | 271,156 |  |  | $ | 254,904 |
OTHER COMPREHENSIVE INCOME (LOSS) |  |  |  |  |
Equity in other comprehensive income (loss) of subsidiaries | (507,015) |  |  | (70,271) |  |  | 38,835 |
COMPREHENSIVE INCOME (LOSS) | $ | (250,603) |  |  | $ | 200,885 |  |  | $ | 293,739 |
Condensed Cash Flow Statement |
(In thousands) | 2022 |  | 2021 |  | 2020
CASH FLOWS FROM OPERATING ACTIVITIES |  |  |  |  |
Net income | $ | 256,412 |  |  | $ | 271,156 |  |  | $ | 254,904 |
Items not requiring (providing) cash |  |  |  |  |
Stock-based compensation expense | 15,317 |  |  | 15,868 |  |  | 13,197 |
Depreciation and amortization | 1,981 |  |  | 1,805 |  |  | 1,796 |
Deferred income taxes | (652) |  |  | 3,347 |  |  | 1,583 |
Equity in undistributed net income (loss) of bank subsidiaries | (72,778) |  |  | (76,299) |  |  | 29,345 |
Changes in: |  |  |  |  |
Other assets | (26,775) |  |  | (2,099) |  |  | (27,056) |
Other liabilities | (28,745) |  |  | 11,109 |  |  | 7,790 |
Net cash provided by operating activities | 144,760 |  |  | 224,887 |  |  | 281,559 |
CASH FLOWS FROM INVESTING ACTIVITIES |  |  |  |  |
Net collections (originations) of loans | 1,198 |  |  | (2,139) |  |  | 186 |
Net (purchases of) proceeds from premises and equipment | (21) |  |  | (83) |  |  | (7) |
(Advances to) repayment for subsidiaries | — |  |  | — |  |  | (15,363) |
Cash acquired (paid) in business combinations | 60,126 |  |  | (6,818) |  |  | — |
Other, net | 1,688 |  |  | 2 |  |  | 185 |
Net cash provided by (used in) investing activities | 62,991 |  |  | (9,038) |  |  | (14,999) |
CASH FLOWS FROM FINANCING ACTIVITIES |  |  |  |  |
(Repayment) issuance of long-term debt, net | (57,436) |  |  | (1,563) |  |  | (7,442) |
(Cancellation) issuance of common stock, net | (3,882) |  |  | 1,460 |  |  | (3,131) |
Stock repurchases | (111,133) |  |  | (132,459) |  |  | (113,327) |
Dividends paid on preferred stock | — |  |  | (47) |  |  | (52) |
Dividends paid on common stock | (94,096) |  |  | (78,845) |  |  | (74,593) |
Preferred stock retirement | — |  |  | (767) |  |  | — |
Net cash used in financing activities | (266,547) |  |  | (212,221) |  |  | (198,545) |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (58,796) |  |  | 3,628 |  |  | 68,015 |
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 175,711 |  |  | 172,083 |  |  | 104,068 |
CASH AND CASH EQUIVALENTS, END OF YEAR | $ | 116,915 |  |  | $ | 175,711 |  |  | $ | 172,083 |

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