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Condensed Financial Information (Parent Company Only) (Tables) | 12 Months Ended
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Dec. 31, 2023
Condensed Financial Information Disclosure [Abstract] |
Condensed Balance Sheet |
(In thousands) | 2023 |  | 2022
ASSETS |  |  |
Cash and cash equivalents | $ | 164,439 |  |  | $ | 116,915 |
Investments in wholly-owned subsidiaries | 3,603,066 |  |  | 3,453,961 |
Loans | 102 |  |  | 1,412 |
Intangible assets, net | 133 |  |  | 133 |
Premises and equipment | 20,498 |  |  | 22,083 |
Other assets | 50,642 |  |  | 86,622 |
TOTAL ASSETS | $ | 3,838,880 |  |  | $ | 3,681,126 |
LIABILITIES |  |  |
Long-term debt | $ | 385,285 |  |  | $ | 386,798 |
Other liabilities | 27,107 |  |  | 24,966 |
Total liabilities | 412,392 |  |  | 411,764 |
STOCKHOLDERS’ EQUITY |  |  |
Common stock | 1,252 |  |  | 1,270 |
Surplus | 2,499,930 |  |  | 2,530,066 |
Undivided profits | 1,329,681 |  |  | 1,255,586 |
Accumulated other comprehensive loss: |  |  |
Unrealized depreciation on available-for-sale securities, net of income taxes of $(143,076) and $(183,124) at December 31, 2023 and 2022, respectively | (404,375) |  |  | (517,560) |
Total stockholders’ equity | 3,426,488 |  |  | 3,269,362 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 3,838,880 |  |  | $ | 3,681,126 |
Condensed Income Statement |
(In thousands) | 2023 |  | 2022 |  | 2021
INCOME |  |  |  |  |
Dividends from subsidiaries | $ | 166,874 |  |  | $ | 219,868 |  |  | $ | 227,310 |
Other income | 303 |  |  | 508 |  |  | 1,080 |
Income | 167,177 |  |  | 220,376 |  |  | 228,390 |
EXPENSE | 44,685 |  |  | 46,133 |  |  | 44,847 |
Income before income taxes and equity in undistributed net income of subsidiaries | 122,492 |  |  | 174,243 |  |  | 183,543 |
Provision for income taxes | (10,790) |  |  | (9,391) |  |  | (11,314) |
Income before equity in undistributed net income of subsidiaries | 133,282 |  |  | 183,634 |  |  | 194,857 |
Equity in undistributed net income (loss) of subsidiaries | 41,775 |  |  | 72,778 |  |  | 76,299 |
NET INCOME | 175,057 |  |  | 256,412 |  |  | 271,156 |
Preferred stock dividends | — |  |  | — |  |  | 47 |
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS | $ | 175,057 |  |  | $ | 256,412 |  |  | $ | 271,109 |
Condensed Statement of Comprehensive Income |
(In thousands) | 2023 |  | 2022 |  | 2021
NET INCOME | $ | 175,057 |  |  | $ | 256,412 |  |  | $ | 271,156 |
OTHER COMPREHENSIVE INCOME (LOSS) |  |  |  |  |
Equity in other comprehensive income (loss) of subsidiaries | 113,185 |  |  | (507,015) |  |  | (70,271) |
COMPREHENSIVE INCOME (LOSS) | $ | 288,242 |  |  | $ | (250,603) |  |  | $ | 200,885 |
Condensed Cash Flow Statement |
(In thousands) | 2023 |  | 2022 |  | 2021
CASH FLOWS FROM OPERATING ACTIVITIES |  |  |  |  |
Net income | $ | 175,057 |  |  | $ | 256,412 |  |  | $ | 271,156 |
Items not requiring (providing) cash |  |  |  |  |
Stock-based compensation expense | 12,189 |  |  | 15,317 |  |  | 15,868 |
Depreciation and amortization | 1,637 |  |  | 1,981 |  |  | 1,805 |
Deferred income taxes | (1,742) |  |  | (652) |  |  | 3,347 |
Equity in undistributed net income (loss) of bank subsidiaries | (41,775) |  |  | (72,778) |  |  | (76,299) |
Changes in: |  |  |  |  |
Other assets | 37,720 |  |  | (26,775) |  |  | (2,099) |
Other liabilities | 2,293 |  |  | (28,745) |  |  | 11,109 |
Net cash provided by operating activities | 185,379 |  |  | 144,760 |  |  | 224,887 |
CASH FLOWS FROM INVESTING ACTIVITIES |  |  |  |  |
Net collections (originations) of loans | 1,310 |  |  | 1,198 |  |  | (2,139) |
Net purchases of premises and equipment | (52) |  |  | (21) |  |  | (83) |
Cash acquired (paid) in business combinations | — |  |  | 60,126 |  |  | (6,818) |
Other, net | 5,856 |  |  | 1,688 |  |  | 2 |
Net cash provided by (used in) investing activities | 7,114 |  |  | 62,991 |  |  | (9,038) |
CASH FLOWS FROM FINANCING ACTIVITIES |  |  |  |  |
Repayment of long-term debt, net | (1,664) |  |  | (57,436) |  |  | (1,563) |
(Cancellation) issuance of common stock, net | (2,021) |  |  | (3,882) |  |  | 1,460 |
Stock repurchases | (40,322) |  |  | (111,133) |  |  | (132,459) |
Dividends paid on preferred stock | — |  |  | — |  |  | (47) |
Dividends paid on common stock | (100,962) |  |  | (94,096) |  |  | (78,845) |
Preferred stock retirement | — |  |  | — |  |  | (767) |
Net cash used in financing activities | (144,969) |  |  | (266,547) |  |  | (212,221) |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 47,524 |  |  | (58,796) |  |  | 3,628 |
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 116,915 |  |  | 175,711 |  |  | 172,083 |
CASH AND CASH EQUIVALENTS, END OF YEAR | $ | 164,439 |  |  | $ | 116,915 |  |  | $ | 175,711 |

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