Condensed Financial Information (Parent Company Only)

12 Months Ended

Dec. 31, 2022

Condensed Financial Information (Parent Company Only)

Condensed Financial Information (Parent Company Only)

Note 27: Condensed Financial Information (Parent Company Only)

Presented below is condensed financial information of the Company as to financial position as of December 31, 2022 and 2021, and results of operations and cash flows for the years ended December 31, 2022, 2021 and 2020:

Condensed Balance Sheets

	December 31,
	2022		2021
	(In thousands)
Assets
Cash and cash equivalents	$	41,725	$	22,556
Investment in joint ventures		27,490		25,573
Investment in subsidiaries		1,415,173		1,134,898
Other assets		217		101
Total assets	$	1,484,605	$	1,183,128
Liabilities
Short-term subordinated debt	$	21,000		17,000
Unfunded commitments to joint ventures		3,521		10,350
Other liabilities		345		369
Total liabilities		24,866		27,719
Shareholders’ Equity		1,459,739		1,155,409
Total liabilities and shareholders’ equity	$	1,484,605	$	1,183,128

Condensed Statements of Income and Comprehensive Income

	Year Ended
	December 31,
	2022		2021		2020
	(In thousands)
Income
Dividends and return of capital from subsidiaries		39,775		33,447		29,773
Other Income		2,523		509		27
Total income		42,298		33,956		29,800
Expenses
Interest expense		4,333		3,797		3,972
Salaries and employee benefits		690		493		2,726
Professional fees		423		236		386
Other		829		627		383
Total expense		6,275		5,153		7,467
Income Before Income Tax and Equity in Undistributed Income of Subsidiaries		36,023		28,803		22,333
Income Tax Benefit		(698)		(1,174)		(1,911)
Income Before Equity in Undistributed Income of Subsidiaries		36,721		29,977		24,244
Equity in Undistributed Income of Subsidiaries		183,000		197,127		156,289
Net Income	$	219,721	$	227,104	$	180,533
Comprehensive Income	$	210,654	$	225,276	$	180,449

Condensed Statements of Cash Flows

	Year Ended
	December 31,
	2022		2021			2020
	(In thousands)
Operating Activities
Net income	$	219,721	$	227,104	$	180,533
Adjustments to reconcile net income to net cash used in operating activities		(181,263)		(195,530)		(155,442)
Net cash provided by operating activities		38,458		31,574		25,091
Investing Activities
Contributed capital to subsidiaries		(110,000)		(116,176)		(2,760)
Purchase of limited partnership interests		(8,746)		(15,223)		—
Proceeds from sale of limited partnership interests		—		—		266
Other investing activity		—		—		(32)
Net cash used in investing activities		(118,746)		(131,399)		(2,526)
Financing Activities
Net change in lines of credit and subordinated debt		4,000		2,040		2,760
Dividends paid		(38,067)		(31,235)		(23,671)
Proceeds from issuance of preferred stock		137,459		191,084		—
Redemption of preferred stock		—		(41,625)		—
Repurchase of common stock		(3,935)		—		—
Net cash provided by (used in) financing activities		99,457		120,264		(20,911)
Net Change in Cash and Due From Banks		19,169		20,439		1,654
Cash and Due From Banks at Beginning of Year		22,556		2,117		463
Cash and Due From Banks at End of Year	$	41,725	$	22,556	$	2,117
Additional Cash Flows Information:
Payable for limited partnership interest	$	3,521	$	10,350	$	—
Redemption of common shares related to sale of limited partnership interests	$	—	$	—	$	(150)