Parent Company Condensed Financial Statements (Tables)

12 Months Ended

Dec. 31, 2022

Condensed Financial Information Disclosure [Abstract]

Condensed Balance Sheets

Condensed Balance Sheets
	December 31
(In thousands)	2022		2021
Assets
Investment in consolidated subsidiaries:
Bank	$	2,008,454	$	2,997,775
Non-banks	138,501		100,347
Cash	233,261		245,616
Investment securities:
Available for sale debt	5,207		4,805
Equity	11,129		7,977
Note receivable due from bank subsidiary	50,000		50,000
Advances to subsidiaries, net of borrowings	20,529		40,525
Deferred tax assets	11,987		8,645
Other assets	26,539		29,393
Total assets	$	2,505,607	$	3,485,083
Liabilities and stockholders’ equity
Pension obligation	$	7,446	$	11,931
Other liabilities	32,870		35,854
Total liabilities	40,316		47,785
Stockholders’ equity	2,465,291		3,437,298
Total liabilities and stockholders’ equity	$	2,505,607	$	3,485,083

Condensed Statements Of Income

Condensed Statements of Income
	For the Years Ended December 31
(In thousands)	2022		2021		2020
Income
Dividends received from consolidated bank subsidiary	$	300,001	$	340,001	$	210,001
Earnings of consolidated subsidiaries, net of dividends	203,965		200,461		148,435
Interest and dividends on investment securities	2,480		2,162		1,802
Management fees charged to subsidiaries	38,632		36,310		33,472
Investment securities gains	(872)		79		53
Net interest income on advances and note to subsidiaries	1,403		51		233
Other	3,709		2,927		4,282
Total income	549,318		581,991		398,278
Expense
Salaries and employee benefits	44,352		37,362		31,277
Professional fees	2,740		2,006		1,977
Data processing fees paid to affiliates	3,173		2,834		2,765
Other	15,595		12,973		11,850
Total expense	65,860		55,175		47,869
Income tax benefit	(4,941)		(3,949)		(3,648)
Net income	$	488,399	$	530,765	$	354,057

Condensed Statements Of Cash Flows

Condensed Statements of Cash Flows
	For the Years Ended December 31
(In thousands)	2022		2021		2020
Operating Activities
Net income	$	488,399	$	530,765	$	354,057
Adjustments to reconcile net income to net cash provided by operating activities:
Earnings of consolidated subsidiaries, net of dividends	(203,965)		(200,461)		(148,435)
Other adjustments, net	2,557		8,842		5,504
Net cash provided by operating activities	286,991		339,146		211,126
Investing Activities
(Increase) decrease in investment in subsidiaries, net	(9)		6		3
Proceeds from maturities/pay downs of investment securities	38		22		1,410
Purchases of investment securities	(4,534)		(4,786)		(4,863)
(Increase) decrease in advances to subsidiaries, net	19,996		(8,618)		(5,810)
Net purchases of building improvements and equipment	(741)		(28)		(94)
Net cash provided by (used in) investing activities	14,750		(13,404)		(9,354)
Financing Activities
Preferred stock redemption	—		—		(150,000)
Purchases of treasury stock	(186,622)		(129,361)		(54,163)
Issuance of stock under equity compensation plans	(8)		(15)		(11)
Cash dividends paid on common stock	(127,466)		(122,693)		(120,818)
Cash dividends paid on preferred stock	—		—		(6,750)
Net cash used in financing activities	(314,096)		(252,069)		(331,742)
Increase (decrease) in cash	(12,355)		73,673		(129,970)
Cash at beginning of year	245,616		171,943		301,913
Cash at end of year	$	233,261	$	245,616	$	171,943
Income tax receipts, net	$	(587)	$	(4,808)	$	(3,663)