CONDENSED FINANCIAL INFORMATION (PARENT COMPANY ONLY)

12 Months Ended

Dec. 31, 2025

Condensed Financial Information Disclosure [Abstract]

CONDENSED FINANCIAL INFORMATION (PARENT COMPANY ONLY)

CONDENSED FINANCIAL INFORMATION (PARENT COMPANY ONLY)

Condensed Balance Sheets

December 31, 2025 and 2024

(In thousands)	2025		2024
ASSETS
Cash and cash equivalents	$	542,602	$	287,066
Investments in wholly-owned subsidiaries	3,197,586		3,570,446
Intangible assets, net	133		133
Premises and equipment	17,835		18,929
Other assets	32,504		75,707
TOTAL ASSETS	$	3,790,660	$	3,952,281
LIABILITIES
Long-term debt	$	333,370	$	383,720
Other liabilities	38,050		39,689
Total liabilities	371,420		423,409
STOCKHOLDERS’ EQUITY
Common stock	1,448		1,257
Surplus	2,846,581		2,511,590
Undivided profits	864,341		1,376,935
Unrealized depreciation on available-for-sale securities, net of income taxes of $(103,716) and $(127,698) at December 31, 2025 and 2024, respectively	(293,130)		(360,910)
Total stockholders’ equity	3,419,240		3,528,872
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	3,790,660	$	3,952,281

Condensed Statements of Income (Loss)

Years Ended December 31, 2025, 2024 and 2023

(In thousands)	2025		2024		2023
INCOME
Dividends from subsidiaries	$	79,546	$	265,965	$	166,874
Other income	987		570		303
Income	80,533		266,535		167,177
EXPENSE	47,111		50,075		44,685
Income before income taxes and equity in undistributed net income of subsidiaries	33,422		216,460		122,492
Provision for income taxes	(9,664)		(12,294)		(10,790)
Income before equity in undistributed net income of subsidiaries	43,086		228,754		133,282
Equity in undistributed net income (loss) of subsidiaries	(440,639)		(76,061)		41,775
NET INCOME (LOSS)	$	(397,553)	$	152,693	$	175,057

Condensed Statements of Comprehensive Income (Loss)

Years Ended December 31, 2025, 2024 and 2023

(In thousands)	2025		2024		2023
NET INCOME (LOSS)	$	(397,553)	$	152,693	$	175,057
OTHER COMPREHENSIVE INCOME
Equity in other comprehensive income of subsidiaries	67,780		43,465		113,185
COMPREHENSIVE INCOME (LOSS)	$	(329,773)	$	196,158	$	288,242

Condensed Statements of Cash Flows

Years Ended December 31, 2025, 2024 and 2023

(In thousands)	2025		2024		2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$	(397,553)	$	152,693	$	175,057
Items not requiring (providing) cash
Stock-based compensation expense	10,763		11,290		12,189
Depreciation and amortization	1,607		1,614		1,637
Deferred income taxes	492		(1,628)		(1,742)
Equity in undistributed net income (loss) of bank subsidiaries	440,639		76,061		(41,775)
Changes in:
Other assets	42,713		(23,437)		37,720
Other liabilities	(4,273)		12,734		2,293
Net cash provided by operating activities	94,388		229,327		185,379
CASH FLOWS FROM INVESTING ACTIVITIES
Net collections of loans	—		102		1,310
Net purchases of premises and equipment	(513)		(45)		(52)
Other, net	—		24		5,856
Net cash (used in) provided by investing activities	(513)		81		7,114
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of subordinated notes	321,054		—		—
Repayment of long-term debt, net	(368,771)		(1,717)		(1,664)
Issuance (cancellation) of common stock, net	324,419		375		(2,021)
Stock repurchases	—		—		(40,322)
Dividends paid on common stock	(115,041)		(105,439)		(100,962)
Net cash provided by (used in) financing activities	161,661		(106,781)		(144,969)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	255,536		122,627		47,524
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR	287,066		164,439		116,915
CASH AND CASH EQUIVALENTS, END OF YEAR	$	542,602	$	287,066	$	164,439