Condensed Financial Information (Parent Company Only)

12 Months Ended

Dec. 31, 2022

CONDENSED FINANCIAL INFORMATION (PARENT COMPANY ONLY)

Condensed Balance Sheets

December 31, 2022 and 2021


(In thousands)	2022		2021
ASSETS
Cash and cash equivalents	$	116,915	$	175,711
Investment securities	6,109		2,932
Investments in wholly-owned subsidiaries	3,453,961		3,444,624
Loans	1,412		2,610
Intangible assets, net	133		133
Premises and equipment	22,083		23,861
Other assets	80,513		53,877
TOTAL ASSETS	$	3,681,126	$	3,703,748

LIABILITIES
Long-term debt	$	386,798	$	406,552
Other liabilities	24,966		48,355
Total liabilities	411,764		454,907

STOCKHOLDERS’ EQUITY
Preferred stock	—		—
Common stock	1,270		1,127
Surplus	2,530,066		2,164,989
Undivided profits	1,255,586		1,093,270
Accumulated other comprehensive loss:
Unrealized depreciation on available-for-sale securities, net of income taxes of $(183,124) and $(3,731) at December 31, 2022 and 2021 respectively	(517,560)		(10,545)
Total stockholders’ equity	3,269,362		3,248,841
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	3,681,126	$	3,703,748

Condensed Statements of Income

Years Ended December 31, 2022, 2021 and 2020


(In thousands)	2022		2021		2020
INCOME
Dividends from subsidiaries	$	219,868	$	227,310	$	311,253
Other income	508		1,080		762
Income	220,376		228,390		312,015
EXPENSE	46,133		44,847		37,204
Income before income taxes and equity in undistributed net income of subsidiaries	174,243		183,543		274,811
Provision for income taxes	(9,391)		(11,314)		(9,438)

Income before equity in undistributed net income of subsidiaries	183,634		194,857		284,249
Equity in undistributed net income (loss) of subsidiaries	72,778		76,299		(29,345)

NET INCOME	256,412		271,156		254,904
Preferred stock dividends	—		47		52

NET INCOME AVAILABLE TO COMMON STOCKHOLDERS	$	256,412	$	271,109	$	254,852

Condensed Statements of Comprehensive Income

Years Ended December 31, 2022, 2021 and 2020


(In thousands)	2022		2021		2020
NET INCOME	$	256,412	$	271,156	$	254,904

OTHER COMPREHENSIVE INCOME (LOSS)
Equity in other comprehensive income (loss) of subsidiaries	(507,015)		(70,271)		38,835

COMPREHENSIVE INCOME (LOSS)	$	(250,603)	$	200,885	$	293,739

Condensed Statements of Cash Flows

Years Ended December 31, 2022, 2021 and 2020


(In thousands)	2022		2021		2020
CASH FLOWS FROM OPERATING ACTIVITIES

Net income	$	256,412	$	271,156	$	254,904
Items not requiring (providing) cash
Stock-based compensation expense	15,317		15,868		13,197
Depreciation and amortization	1,981		1,805		1,796
Deferred income taxes	(652)		3,347		1,583
Equity in undistributed net income (loss) of bank subsidiaries	(72,778)		(76,299)		29,345

Changes in:
Other assets	(26,775)		(2,099)		(27,056)
Other liabilities	(28,745)		11,109		7,790
Net cash provided by operating activities	144,760		224,887		281,559

CASH FLOWS FROM INVESTING ACTIVITIES

Net collections (originations) of loans	1,198		(2,139)		186
Net (purchases of) proceeds from premises and equipment	(21)		(83)		(7)
(Advances to) repayment for subsidiaries	—		—		(15,363)
Cash acquired (paid) in business combinations	60,126		(6,818)		—
Other, net	1,688		2		185
Net cash provided by (used in) investing activities	62,991		(9,038)		(14,999)

CASH FLOWS FROM FINANCING ACTIVITIES

(Repayment) issuance of long-term debt, net	(57,436)		(1,563)		(7,442)
(Cancellation) issuance of common stock, net	(3,882)		1,460		(3,131)
Stock repurchases	(111,133)		(132,459)		(113,327)
Dividends paid on preferred stock	—		(47)		(52)
Dividends paid on common stock	(94,096)		(78,845)		(74,593)
Preferred stock retirement	—		(767)		—
Net cash used in financing activities	(266,547)		(212,221)		(198,545)

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(58,796)		3,628		68,015

CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR	175,711		172,083		104,068

CASH AND CASH EQUIVALENTS, END OF YEAR	$	116,915	$	175,711	$	172,083