Parent Company Financial Information

12 Months Ended

Dec. 31, 2020

Condensed Financial Information Disclosure [Abstract]

Parent Company Financial Information

Parent Company Financial Information

Condensed Balance Sheets—Parent Company Only

	December 31,
	2020		2019
	(in thousands)
Assets
Cash	$	2,301	$	6,088
Interest-earning deposits	4,933		21,717
Total cash and cash equivalents	7,234		27,805
Investment in banking subsidiary	2,363,692		2,156,039
Investment in other subsidiaries	6,215		5,671
Goodwill	4,729		4,729
Other assets	1,668		1,675
Total assets	$	2,383,538	$	2,195,919
Liabilities and Shareholders’ Equity
Subordinated debentures	$	35,092	$	35,277
Other liabilities	839		680
Total liabilities	35,931		35,957
Shareholders’ equity	2,347,607		2,159,962
Total liabilities and shareholders’ equity	$	2,383,538	$	2,195,919

Condensed Statements of Income—Parent Company Only

	Years Ended December 31,
	2020		2019		2018
	(in thousands)
Income
Dividend from banking subsidiary	$	89,000	$	168,000	$	85,250
Interest-earning deposits	13		100		12
Other income	37		68		56
Total income	89,050		168,168		85,318
Expense
Compensation and employee benefits	758		791		978
Subordinated debentures interest expense	1,871		1,871		1,871
Other borrowings interest expense	12		—		4
Other expense	1,943		2,111		2,058
Total expenses	4,584		4,773		4,911
Income before income tax benefit and equity in undistributed earnings of subsidiaries	84,466		163,395		80,407
Income tax benefit	(952)		(967)		(1,017)
Income before equity in undistributed earnings of subsidiaries	85,418		164,362		81,424
Equity in undistributed earnings of subsidiaries	68,826		30,089		91,458
Net income	$	154,244	$	194,451	$	172,882

Condensed Statements of Cash Flows—Parent Company Only

	Years Ended December 31,
	2020		2019		2018
	(in thousands)
Operating Activities
Net income	$	154,244	$	194,451	$	172,882
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed earnings of subsidiaries	(68,826)		(30,089)		(91,458)
Stock-based compensation expense	10,737		9,271		8,354
Net changes in other assets and liabilities	(17)		(133)		1,622
Net cash provided by operating activities	96,138		173,500		91,400
Financing Activities
Common stock dividends	(96,215)		(102,265)		(83,459)
Repayment of junior subordinated debentures	—		—		(8,248)
Purchase and retirement of common stock	(2,522)		(2,792)		(2,677)
Purchase of treasury shares	(20,000)		(50,834)		—
Proceeds from exercise of stock options	2,028		2,025		1,857
Net cash used in financing activities	(116,709)		(153,866)		(92,527)
Increase (decrease) in cash and cash equivalents	(20,571)		19,634		(1,127)
Cash and cash equivalents at beginning of year	27,805		8,171		9,298
Cash and cash equivalents at end of year	$	7,234	$	27,805	$	8,171