Condensed Financial Information (Parent Company Only)

12 Months Ended

Dec. 31, 2023

CONDENSED FINANCIAL INFORMATION (PARENT COMPANY ONLY)

Condensed Balance Sheets

December 31, 2023 and 2022


(In thousands)	2023		2022
ASSETS
Cash and cash equivalents	$	164,439	$	116,915
Investments in wholly-owned subsidiaries	3,603,066		3,453,961
Loans	102		1,412
Intangible assets, net	133		133
Premises and equipment	20,498		22,083
Other assets	50,642		86,622
TOTAL ASSETS	$	3,838,880	$	3,681,126

LIABILITIES
Long-term debt	$	385,285	$	386,798
Other liabilities	27,107		24,966
Total liabilities	412,392		411,764

STOCKHOLDERS’ EQUITY
Common stock	1,252		1,270
Surplus	2,499,930		2,530,066
Undivided profits	1,329,681		1,255,586
Accumulated other comprehensive loss:
Unrealized depreciation on available-for-sale securities, net of income taxes of $(143,076) and $(183,124) at December 31, 2023 and 2022, respectively	(404,375)		(517,560)
Total stockholders’ equity	3,426,488		3,269,362
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	3,838,880	$	3,681,126

Condensed Statements of Income

Years Ended December 31, 2023, 2022 and 2021


(In thousands)	2023		2022		2021
INCOME
Dividends from subsidiaries	$	166,874	$	219,868	$	227,310
Other income	303		508		1,080
Income	167,177		220,376		228,390
EXPENSE	44,685		46,133		44,847
Income before income taxes and equity in undistributed net income of subsidiaries	122,492		174,243		183,543
Provision for income taxes	(10,790)		(9,391)		(11,314)

Income before equity in undistributed net income of subsidiaries	133,282		183,634		194,857
Equity in undistributed net income (loss) of subsidiaries	41,775		72,778		76,299

NET INCOME	175,057		256,412		271,156
Preferred stock dividends	—		—		47

NET INCOME AVAILABLE TO COMMON STOCKHOLDERS	$	175,057	$	256,412	$	271,109

Condensed Statements of Comprehensive Income

Years Ended December 31, 2023, 2022 and 2021


(In thousands)	2023		2022		2021
NET INCOME	$	175,057	$	256,412	$	271,156

OTHER COMPREHENSIVE INCOME (LOSS)
Equity in other comprehensive income (loss) of subsidiaries	113,185		(507,015)		(70,271)

COMPREHENSIVE INCOME (LOSS)	$	288,242	$	(250,603)	$	200,885

Condensed Statements of Cash Flows

Years Ended December 31, 2023, 2022 and 2021


(In thousands)	2023		2022		2021
CASH FLOWS FROM OPERATING ACTIVITIES

Net income	$	175,057	$	256,412	$	271,156
Items not requiring (providing) cash
Stock-based compensation expense	12,189		15,317		15,868
Depreciation and amortization	1,637		1,981		1,805
Deferred income taxes	(1,742)		(652)		3,347
Equity in undistributed net income (loss) of bank subsidiaries	(41,775)		(72,778)		(76,299)

Changes in:
Other assets	37,720		(26,775)		(2,099)
Other liabilities	2,293		(28,745)		11,109
Net cash provided by operating activities	185,379		144,760		224,887

CASH FLOWS FROM INVESTING ACTIVITIES

Net collections (originations) of loans	1,310		1,198		(2,139)
Net purchases of premises and equipment	(52)		(21)		(83)
Cash acquired (paid) in business combinations	—		60,126		(6,818)
Other, net	5,856		1,688		2
Net cash provided by (used in) investing activities	7,114		62,991		(9,038)

CASH FLOWS FROM FINANCING ACTIVITIES

Repayment of long-term debt, net	(1,664)		(57,436)		(1,563)
(Cancellation) issuance of common stock, net	(2,021)		(3,882)		1,460
Stock repurchases	(40,322)		(111,133)		(132,459)
Dividends paid on preferred stock	—		—		(47)
Dividends paid on common stock	(100,962)		(94,096)		(78,845)
Preferred stock retirement	—		—		(767)
Net cash used in financing activities	(144,969)		(266,547)		(212,221)

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	47,524		(58,796)		3,628

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

CASH AND CASH EQUIVALENTS, END OF YEAR	$	164,439	$	116,915	$	175,711