Condensed Financial Information (Parent Company Only) (Tables)

12 Months Ended

Dec. 31, 2021

Condensed Financial Information Disclosure [Abstract]

Condensed Balance Sheet

(In thousands)	2021		2020
ASSETS
Cash and cash equivalents	$	175,711	$	172,083
Investment securities	2,932		1,648
Investments in wholly-owned subsidiaries	3,444,624		3,165,791
Loans	2610		471
Intangible assets, net	133		133
Premises and equipment	23,861		25,606
Other assets	53,877		56,257
TOTAL ASSETS	$	3,703,748	$	3,421,989
LIABILITIES
Long-term debt	$	406,552	$	406,859
Other liabilities	48,355		38,474
Total liabilities	454,907		445,333
STOCKHOLDERS’ EQUITY
Preferred stock	—		767
Common stock	1,127		1,081
Surplus	2,164,989		2,014,076
Undivided profits	1,093,270		901,006
Accumulated other comprehensive gain (loss):
Unrealized appreciation on available-for-sale securities, net of income taxes of $(3,731) and $21,132 at December 31, 2020 and 2019 respectively	(10,545)		59,726
Total stockholders’ equity	3,248,841		2,976,656
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	3,703,748	$	3,421,989

Condensed Income Statement

(In thousands)	2021		2020		2019
INCOME
Dividends from subsidiaries	$	227,310	$	311,253	$	67,893
Other income	1,080		762		13,658
Income	228,390		312,015		81,551
EXPENSE	44,847		37,204		40,594
Income before income taxes and equity in undistributed net income of subsidiaries	183,543		274,811		40,957
Provision for income taxes	(11,314)		(9,438)		(5,680)
Income before equity in undistributed net income of subsidiaries	194,857		284,249		46,637
Equity in undistributed net income of subsidiaries	76,299		(29,345)		191,530
NET INCOME	271,156		254,904		238,167
Preferred stock dividends	47		52		339
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS	$	271,109	$	254,852	$	237,828

Condensed Statement of Comprehensive Income

(In thousands)	2021		2020		2019
NET INCOME	$	271,156	$	254,904	$	238,167
OTHER COMPREHENSIVE INCOME (LOSS)
Equity in other comprehensive income (loss) of subsidiaries	(70,271)		38,835		48,265
COMPREHENSIVE INCOME	$	200,885	$	293,739	$	286,432

Condensed Cash Flow Statement

(In thousands)	2021		2020		2019
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	271,156	$	254,904	$	238,167
Items not requiring (providing) cash
Stock-based compensation expense	15,868		13,197		12,921
Depreciation and amortization	1,805		1,796		1,637
Deferred income taxes	3,347		1,583		(3,632)
Equity in undistributed net income of bank subsidiaries	(76,299)		29,345		(191,530)
Changes in:
Other assets	(2,099)		(27,056)		3,299
Other liabilities	11,109		7,790		(2,648)
Net cash provided by operating activities	224,887		281,559		58,214
CASH FLOWS FROM INVESTING ACTIVITIES
Net collections of loans	(2,139)		186		117
Net (purchases of) proceeds from premises and equipment	(83)		(7)		(23,184)
(Advances to) repayment for subsidiaries	—		(15,363)		—
Proceeds from maturities of available-for-sale securities	—		—		2,544
Purchases of available-for-sale securities	—		—		(439)
Cash paid in business combinations	(6,818)		—		(36,811)
Other, net	2		185		29
Net cash used in investing activities	(9,038)		(14,999)		(57,744)
CASH FLOWS FROM FINANCING ACTIVITIES
(Repayment) issuance of long-term debt, net	(1,563)		(7,442)		2,000
(Cancellation) issuance of common stock, net	1,460		(3,131)		(1,077)
Stock repurchases	(132,459)		(113,327)		(10,128)
Dividends paid on preferred stock	(47)		(52)		(339)
Dividends paid on common stock	(78,845)		(74,593)		(63,921)
Preferred stock retirement	(767)		—		(42,000)
Net cash used in financing activities	(212,221)		(198,545)		(115,465)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	3,628		68,015		(114,995)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR	172,083		104,068		219,063
CASH AND CASH EQUIVALENTS, END OF YEAR	$	175,711	$	172,083	$	104,068