Condensed Financial Information (Parent Company Only) (Tables)

12 Months Ended

Dec. 31, 2020

Condensed Financial Information Disclosure [Abstract]

Condensed Balance Sheet

(In thousands)	2020		2019
ASSETS
Cash and cash equivalents	$	172,083	$	104,068
Investment securities	1,648		743
Investments in wholly-owned subsidiaries	3,165,791		3,269,224
Loans	471		657
Intangible assets, net	133		133
Premises and equipment	25,606		27,351
Other assets	56,257		31,738
TOTAL ASSETS	$	3,421,989	$	3,433,914
LIABILITIES
Long-term debt	$	406,859	$	413,760
Other liabilities	38,474		31,230
Total liabilities	445,333		444,990
STOCKHOLDERS’ EQUITY
Preferred stock	767		767
Common stock	1,081		1,136
Surplus	2,014,076		2,117,282
Undivided profits	901,006		848,848
Accumulated other comprehensive gain (loss):
Unrealized appreciation on available-for-sale securities, net of income taxes of $21,132 and $7,392 at December 31, 2020 and 2019 respectively	59,726		20,891
Total stockholders’ equity	2,976,656		2,988,924
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	3,421,989	$	3,433,914

Condensed Income Statement

(In thousands)	2020		2019		2018
INCOME
Dividends from subsidiaries	$	311,253	$	67,893	$	145,980
Other income	762		13,658		658
Income	312,015		81,551		146,638
EXPENSE	37,204		40,594		32,714
Income before income taxes and equity in undistributed net income of subsidiaries	274,811		40,957		113,924
Provision for income taxes	(9,438)		(5,680)		(10,732)
Income before equity in undistributed net income of subsidiaries	284,249		46,637		124,656
Equity in undistributed net income of subsidiaries	(29,345)		191,530		91,057
NET INCOME	254,904		238,167		215,713
Preferred stock dividends	52		339		—
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS	$	254,852	$	237,828	$	215,713

Condensed Statement of Comprehensive Income

(In thousands)	2020		2019		2018
NET INCOME	$	254,904	$	238,167	$	215,713
OTHER COMPREHENSIVE INCOME (LOSS)
Equity in other comprehensive income (loss) of subsidiaries	38,835		48,265		(10,110)
COMPREHENSIVE INCOME	$	293,739	$	286,432	$	205,603

Condensed Cash Flow Statement

(In thousands)	2020		2019		2018
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	254,904	$	238,167	$	215,713
Items not requiring (providing) cash
Stock-based compensation expense	13,197		12,921		9,725
Depreciation and amortization	1,796		1,637		880
Deferred income taxes	1,583		(3,632)		26
Equity in undistributed net income of bank subsidiaries	29,345		(191,530)		(91,057)
Changes in:
Other assets	(27,056)		3,299		1,524
Other liabilities	7,790		(2,648)		17,340
Net cash provided by operating activities	281,559		58,214		154,151
CASH FLOWS FROM INVESTING ACTIVITIES
Net collections of loans	186		117		219
Net (purchases of) proceeds from premises and equipment	(7)		(23,184)		3,342
(Advances to) repayment for subsidiaries	(15,363)		—		2,667
Proceeds from maturities of available-for-sale securities	—		2,544		152
Purchases of available-for-sale securities	—		(439)		(211)
Cash paid in business combinations	—		(36,811)		—
Other, net	185		29		(1,903)
Net cash (used in) provided by investing activities	(14,999)		(57,744)		4,266
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of subordinated notes	—		—		326,355
(Repayment ) issuance of long-term debt, net	(7,442)		2,000		(231,352)
(Cancellation) issuance of common stock, net	(3,131)		(1,077)		2,188
Stock repurchases	(113,327)		(10,128)		—
Dividends paid on preferred stock	(52)		(339)		—
Dividends paid on common stock	(74,593)		(63,921)		(55,646)
Preferred stock retirement	—		(42,000)		—
Net cash (used in) provided by financing activities	(198,545)		(115,465)		41,545
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	68,015		(114,995)		199,962
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR	104,068		219,063		19,101
CASH AND CASH EQUIVALENTS, END OF YEAR	$	172,083	$	104,068	$	219,063