Condensed Financial Information (parent company only)

12 Months Ended

Dec. 31, 2022

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, 2022		December 31, 2021
Assets
Cash and due from banks	$	56,739	$	127,501
Investment in subsidiaries	2,124,104		1,900,787
Premises and equipment	119		274
Interest receivable	6		2
Goodwill	448		448
Cash surrender value of life insurance	736		716
Other assets	6,851		10,281
Total assets	$	2,189,003	$	2,040,009
Liabilities
Subordinated debentures and other borrowings	$	150,115	$	118,618
Interest payable	979		864
Other liabilities	3,139		7,956
Total liabilities	154,233		127,438
Stockholders' equity	2,034,770		1,912,571
Total liabilities and stockholders' equity	$	2,189,003	$	2,040,009

Condensed Statements of Income and Comprehensive Income (Loss)

	December 31, 2022		December 31, 2021		December 31, 2020
Income
Dividends from subsidiaries	$	90,500	$	161,825	$	70,100
Other income	(1,693)		(50)		(62)
Total income	88,807		161,775		70,038
Expenses
Interest expense	8,005		6,642		6,777
Salaries and employee benefits	3,786		3,917		3,426
Net occupancy and equipment expenses	46		825		745
Professional and other outside services	2,187		1,264		949
Other expenses	1,396		1,687		1,266
Total expenses	15,420		14,335		13,163
Income before income tax benefit and equity in undistributed income of subsidiaries	73,387		147,440		56,875
Income tax benefit	3,645		2,929		2,260
Income before equity in undistributed income of subsidiaries	77,032		150,369		59,135
Equity in undistributed income of subsidiaries	145,057		55,162		89,465
Net income	222,089		205,531		148,600
Preferred stock dividends	1,406		—		—
Net income available to common stockholders	$	220,683	$	205,531	$	148,600
Net income	$	222,089	$	205,531	$	148,600
Other comprehensive income (loss)	(294,264)		(19,723)		46,962
Comprehensive income (loss)	$	(72,175)	$	185,808	$	195,562

Condensed Statements of Cash Flows

	December 31, 2022		December 31, 2021		December 31, 2020
Cash Flow From Operating Activities:
Net income	$	222,089	$	205,531	$	148,600
Adjustments to reconcile net income to net cash provided by operating activities
Share-based compensation	1,659		1,563		1,502
Distributions in excess of (equity in undistributed) income of subsidiaries	(145,057)		(55,162)		(89,465)
Other adjustments	(6,258)		(1,173)		1,537
Investment in subsidiaries - operating activities	333		885		235
Net cash provided by operating activities	72,766		151,644		62,409
Cash Flow From Investing Activities:
Net cash and cash equivalents paid in acquisition	(72,494)		—		—
Net cash used by investing activities	(72,494)		—		—
Cash Flow From Financing Activities:
Cash dividends on common stock	(72,748)		(61,230)		(56,542)
Cash dividends on preferred stock	(1,406)		—		—
Repayment of borrowings	—		—		(20,310)
Stock issued under employee benefit plans	706		605		639
Stock issued under dividend reinvestment and stock purchase plan	2,056		1,880		1,726
Stock options exercised	358		198		115
Repurchases of common stock	—		(25,444)		(55,912)
Net cash used by financing activities	(71,034)		(83,991)		(130,284)
Net change in cash and cash equivalents	(70,762)		67,653		(67,875)
Cash and cash equivalents, beginning of the year	127,501		59,848		127,723
Cash and cash equivalents, end of year	$	56,739	$	127,501	$	59,848