Condensed Financial Information (parent company only)

12 Months Ended

Dec. 31, 2021

Condensed Financial Information Disclosure [Abstract]

Condensed Financial Information (parent company only)

CONDENSED FINANCIAL INFORMATION (parent company only)

Presented below is condensed financial information as to financial position, results of operations, and cash flows of the Corporation.

Condensed Balance Sheets

	December 31, 2021		December 31, 2020
Assets
Cash and cash equivalents	$	127,501	$	59,848
Investment in subsidiaries	1,900,787		1,930,852
Premises and equipment	274		195
Interest receivable	2		2
Goodwill	448		448
Cash surrender value of life insurance	716		861
Other assets	10,281		12,211
Total assets	$	2,040,009	$	2,004,417
Liabilities
Subordinated debentures and term loans	$	118,618	$	118,380
Interest payable	864		860
Other liabilities	7,956		9,532
Total liabilities	127,438		128,772
Stockholders' equity	1,912,571		1,875,645
Total liabilities and stockholders' equity	$	2,040,009	$	2,004,417

Condensed Statements of Income and Comprehensive Income

	December 31, 2021		December 31, 2020		December 31, 2019
Income
Dividends from subsidiaries	$	161,825	$	70,100	$	125,775
Other income	(50)		(62)		172
Total income	161,775		70,038		125,947
Expenses
Interest expense	6,642		6,777		8,309
Salaries and employee benefits	3,917		3,426		3,540
Net occupancy and equipment expenses	825		745		802
Other outside services	1,001		731		1,889
Professional services	263		218		303
Other expenses	1,687		1,266		1,587
Total expenses	14,335		13,163		16,430
Income before income tax benefit and equity in undistributed income of subsidiaries	147,440		56,875		109,517
Income tax benefit	2,929		2,260		3,575
Income before equity in undistributed income of subsidiaries	150,369		59,135		113,092
Equity in undistributed income of subsidiaries	55,162		89,465		51,368
Net income available to common stockholders	$	205,531	$	148,600	$	164,460
Net income	$	205,531	$	148,600	$	164,460
Other comprehensive income (loss)	(19,723)		46,962		49,296
Comprehensive income	$	185,808	$	195,562	$	213,756

Condensed Statements of Cash Flows

	December 31, 2021		December 31, 2020		December 31, 2019
Cash Flow From Operating Activities:
Net income	$	205,531	$	148,600	$	164,460
Adjustments to reconcile net income to net cash provided by operating activities
Share-based compensation	1,563		1,502		1,339
Distributions in excess of (equity in undistributed) income of subsidiaries	(55,162)		(89,465)		(51,368)
Other adjustments	(1,173)		1,537		(6,013)
Investment in subsidiaries - operating activities	885		235		(268)
Net cash provided by operating activities	151,644		62,409		108,150
Cash Flow From Investing Activities:
Net cash received in acquisition	—		—		78
Net cash provided by investing activities	—		—		78
Cash Flow From Financing Activities:
Cash dividends	(61,230)		(56,542)		(51,276)
Repayment of borrowings	—		(20,310)		—
Stock issued under employee benefit plans	605		639		702
Stock issued under dividend reinvestment and stock purchase plan	1,880		1,726		1,531
Stock options exercised	198		115		144
Repurchases of common stock	(25,444)		(55,912)		(19,041)
Net cash used by financing activities	(83,991)		(130,284)		(67,940)
Net change in cash	67,653		(67,875)		40,288
Cash, beginning of the year	59,848		127,723		87,435
Cash, end of year	$	127,501	$	59,848	$	127,723