Parent Company Financial Information

12 Months Ended

Dec. 31, 2021

Condensed Financial Information Disclosure [Abstract]

Parent Company Financial Information [Text Block]

Parent Company Financial Information

Condensed Balance Sheets—Parent Company Only

	December 31,
	2021		2020
	(in thousands)
Assets
Cash	$	1,979	$	2,301
Interest-earning deposits	3,786		4,933
Total cash and cash equivalents	5,765		7,234
Investment in banking subsidiary	2,589,218		2,363,692
Investment in other subsidiaries	7,175		6,215
Goodwill	4,729		4,729
Other assets	2,525		1,668
Total assets	$	2,609,412	$	2,383,538
Liabilities and Shareholders’ Equity
Subordinated debentures	$	10,000	$	35,092
Junior subordinated debentures	10,310		—
Other liabilities	360		839
Total liabilities	20,670		35,931
Shareholders’ equity	2,588,742		2,347,607
Total liabilities and shareholders’ equity	$	2,609,412	$	2,383,538

Condensed Statements of Income—Parent Company Only

	Years Ended December 31,
	2021		2020		2019
	(in thousands)
Income
Dividend from banking subsidiary	$	108,000	$	89,000	$	168,000
Dividend from other subsidiaries	500		—		—
Interest-earning deposits	16		13		100
Other income	36		37		68
Total income	108,552		89,050		168,168
Expense
Compensation and employee benefits	856		758		791
Subordinated debentures interest expense	1,932		1,871		1,871
Other borrowings interest expense	52		12		—
Other expense	3,542		1,943		2,111
Total expenses	6,382		4,584		4,773
Income before income tax benefit and equity in undistributed earnings of subsidiaries	102,170		84,466		163,395
Income tax benefit	(1,329)		(952)		(967)
Income before equity in undistributed earnings of subsidiaries	103,499		85,418		164,362
Equity in undistributed earnings of subsidiaries	99,321		68,826		30,089
Net income	$	202,820	$	154,244	$	194,451

Condensed Statements of Cash Flows—Parent Company Only

	Years Ended December 31,
	2021		2020		2019
	(in thousands)
Operating Activities
Net income	$	202,820	$	154,244	$	194,451
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed earnings of subsidiaries	(99,321)		(68,826)		(30,089)
Stock-based compensation expense	14,926		10,737		9,271
Net changes in other assets and liabilities	(1,436)		(17)		(133)
Net cash provided by operating activities	116,989		96,138		173,500
Investing Activities
Net cash received in business combinations	2,173		—		—
Net cash provided by investing activities	2,173		—		—
Financing Activities
Common stock dividends	(83,841)		(96,215)		(102,265)
Repayment of subordinated debentures	(35,000)		—		—
Purchase and retirement of common stock	(4,140)		(2,522)		(2,792)
Purchase of treasury shares	—		(20,000)		(50,834)
Proceeds from exercise of stock options	2,350		2,028		2,025
Net cash used in financing activities	(120,631)		(116,709)		(153,866)
Increase (decrease) in cash and cash equivalents	(1,469)		(20,571)		19,634
Cash and cash equivalents at beginning of year	7,234		27,805		8,171
Cash and cash equivalents at end of year	$	5,765	$	7,234	$	27,805
Supplemental disclosure of noncash investing and financing activities:
Common stock issued in connection with acquisition	$	256,061	$	—	$	—