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Condensed Financial Information (Parent Company Only) | 12 Months Ended
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Dec. 31, 2022
Condensed Financial Information Disclosure [Abstract] |
Condensed Financial Information (Parent Company Only) | CONDENSED FINANCIAL INFORMATION (PARENT COMPANY ONLY) Condensed Balance Sheets December 31, 2022 and 2021
(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 Statements of Income Years Ended December 31, 2022, 2021 and 2020
(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 Statements of Comprehensive Income Years Ended December 31, 2022, 2021 and 2020
(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 Statements of Cash Flows Years Ended December 31, 2022, 2021 and 2020
(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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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 10 -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(Schedule I)) -URI https://asc.fasb.org/extlink&oid=126898705&loc=d3e5864-122674 Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI https://asc.fasb.org/extlink&oid=126929396&loc=d3e5283-111683 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690 + Details
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