Condensed Financial Information (parent company only)

12 Months Ended

Dec. 31, 2020

Condensed Financial Information Disclosure [Abstract]

Condensed Financial Information (parent company only)

CONDENSED FINANCIAL INFORMATION (parent company only)

Presented below is condensed financial information as to financial position, results of operations, and cash flows of the Corporation.

Condensed Balance Sheets

	December 31, 2020		December 31, 2019
Assets
Cash	$	59,848	$	127,723
Investment in subsidiaries	1,930,852		1,791,070
Premises and equipment	195		153
Interest receivable	2		6
Goodwill	448		448
Cash surrender value of life insurance	861		837
Other assets	12,211		16,803
Total assets	$	2,004,417	$	1,937,040
Liabilities
Subordinated debentures and term loans	$	118,380	$	138,685
Interest payable	860		977
Other liabilities	9,532		10,941
Total liabilities	128,772		150,603
Stockholders' equity	1,875,645		1,786,437
Total liabilities and stockholders' equity	$	2,004,417	$	1,937,040

Condensed Statements of Income and Comprehensive Income

	December 31, 2020		December 31, 2019		December 31, 2018
Income
Dividends from subsidiaries	$	70,100	$	125,775	$	100,954
Other income	(62)		172		572
Total income	70,038		125,947		101,526
Expenses
Interest expense	6,777		8,309		8,233
Salaries and employee benefits	3,426		3,540		3,729
Net occupancy and equipment expenses	745		802		851
Other outside services	731		1,889		489
Professional services	218		303		270
Other expenses	1,266		1,587		442
Total expenses	13,163		16,430		14,014
Income before income tax benefit and equity in undistributed income of subsidiaries	56,875		109,517		87,512
Income tax benefit	2,260		3,575		3,298
Income before equity in undistributed income of subsidiaries	59,135		113,092		90,810
Equity in undistributed income of subsidiaries	89,465		51,368		68,329
Net income available to common stockholders	$	148,600	$	164,460	$	159,139
Net income	$	148,600	$	164,460	$	159,139
Other comprehensive income (loss)	46,962		49,296		(17,888)
Comprehensive income	$	195,562	$	213,756	$	141,251

Condensed Statements of Cash Flows

	December 31, 2020		December 31, 2019		December 31, 2018
Cash Flow From Operating Activities:
Net income	$	148,600	$	164,460	$	159,139
Adjustments to Reconcile Net Income to Net Cash:
Share-based compensation	1,502		1,339		1,256
Distributions in excess of (equity in undistributed) income of subsidiaries	(89,465)		(51,368)		(68,329)
Net Change in:
Other assets	4,038		(8,944)		584
Other liabilities	(1,521)		4,611		274
Investment in subsidiaries - operating activities	235		(268)		841
Net cash provided by operating activities	63,389		109,830		93,765
Cash Flow From Investing Activities:
Net cash received in acquisition	—		78		—
Other	—		—		2,189
Net cash provided by investing activities	—		78		2,189
Cash Flow From Financing Activities:
Cash dividends	(56,542)		(51,276)		(41,660)
Repayment of borrowings	(20,310)		—		—
Stock issued under employee benefit plans	639		702		707
Stock issued under dividend reinvestment and stock purchase plan	1,726		1,531		1,211
Stock options exercised	115		144		1,598
Restricted shares withheld for taxes	(980)		(1,680)		(1,902)
Repurchases of common stock	(55,912)		(19,041)		—
Net cash used by financing activities	(131,264)		(69,620)		(40,046)
Net change in cash	(67,875)		40,288		55,908
Cash, beginning of the year	127,723		87,435		31,527
Cash, end of year	$	59,848	$	127,723	$	87,435