Parent Company Condensed Financial Statements (Tables)

12 Months Ended

Dec. 31, 2023

Condensed Financial Information Disclosure [Abstract]

Condensed Balance Sheets

Condensed Balance Sheets
	December 31
(In thousands)	2023		2022
Assets
Investment in consolidated subsidiaries:
Bank	$	2,390,595	$	2,008,454
Non-banks	160,244		138,501
Cash	322,573		233,261
Investment securities:
Available for sale debt	5,081		5,207
Equity	11,396		11,129
Note receivable due from bank subsidiary	50,000		50,000
Advances to subsidiaries, net of borrowings	1,800		20,529
Income tax receivable and deferred tax assets	10,263		11,987
Other assets	30,486		26,539
Total assets	$	2,982,438	$	2,505,607
Liabilities and stockholders’ equity
Pension obligation	$	4,107	$	7,446
Other liabilities	34,215		32,870
Total liabilities	38,322		40,316
Stockholders’ equity	2,944,116		2,465,291
Total liabilities and stockholders’ equity	$	2,982,438	$	2,505,607

Condensed Statements Of Income

Condensed Statements of Income
	For the Years Ended December 31
(In thousands)	2023		2022		2021
Income
Dividends received from consolidated bank subsidiary	$	280,000	$	300,001	$	340,001
Earnings of consolidated subsidiaries, net of dividends	203,570		203,965		200,461
Interest and dividends on investment securities	2,905		2,480		2,162
Management fees charged to subsidiaries	47,773		38,632		36,310
Investment securities gains (losses)	(621)		(872)		79
Net interest income on advances and note to subsidiaries	2,636		1,403		51
Other	2,842		3,709		2,927
Total income	539,105		549,318		581,991
Expense
Salaries and employee benefits	41,549		44,352		37,362
Professional fees	3,580		2,740		2,006
Data processing fees paid to affiliates	3,347		3,173		2,834
Other	16,264		15,595		12,973
Total expense	64,740		65,860		55,175
Income tax benefit	(2,695)		(4,941)		(3,949)
Net income	$	477,060	$	488,399	$	530,765

Condensed Statements Of Cash Flows

Condensed Statements of Cash Flows
	For the Years Ended December 31
(In thousands)	2023		2022		2021
Operating Activities
Net income	$	477,060	$	488,399	$	530,765
Adjustments to reconcile net income to net cash provided by operating activities:
Earnings of consolidated subsidiaries, net of dividends	(203,570)		(203,965)		(200,461)
Other adjustments, net	5,749		2,557		8,842
Net cash provided by operating activities	279,239		286,991		339,146
Investing Activities
(Increase) decrease in investment in subsidiaries, net	4,348		(9)		6
Proceeds from maturities/pay downs of investment securities	15		38		22
Purchases of investment securities	(902)		(4,534)		(4,786)
(Increase) decrease in advances to subsidiaries, net	18,729		19,996		(8,618)
Net purchases of building improvements and equipment	(490)		(741)		(28)
Net cash provided by (used in) investing activities	21,700		14,750		(13,404)
Financing Activities
Purchases of treasury stock	(76,890)		(186,622)		(129,361)
Issuance of stock under equity compensation plans	(3)		(8)		(15)
Cash dividends paid on common stock	(134,734)		(127,466)		(122,693)
Net cash used in financing activities	(211,627)		(314,096)		(252,069)
Increase (decrease) in cash	89,312		(12,355)		73,673
Cash at beginning of year	233,261		245,616		171,943
Cash at end of year	$	322,573	$	233,261	$	245,616
Income tax receipts, net	$	(3,254)	$	(587)	$	(4,808)