Parent Company Financial Statements

12 Months Ended

Dec. 31, 2021

Parent Company Financial Statements [Abstract]

Parent Company Financial Statements

21.  Parent Company Financial Statements

Condensed Balance Sheets

(in thousands) December 31	2021		2020
Assets:
Cash on deposit	$	3,263	$	1,505
Investment in and advances to subsidiaries		749,002		707,943
Goodwill		4,973		4,973
Premises and equipment, net		114		96
Deferred tax asset		890		4,649
Other assets		5,427		45
Total assets	$	763,669	$	719,211
Liabilities and shareholders’ equity:
Long-term debt	$	61,341	$	61,341
Other liabilities		4,126		3,005
Total liabilities		65,467		64,346
Shareholders’ equity		698,202		654,865
Total liabilities and shareholders’ equity	$	763,669	$	719,211

Condensed Statements of Income and Comprehensive Income

(in thousands) Year Ended December 31	2021			2020			2019
Income:
Dividends from subsidiaries	$	33,319		$	29,593		$	30,152
Other income		482			476			757
Total income		33,801			30,069			30,909
Expenses:
Interest expense		1,090			1,519			2,520
Depreciation expense		70			112			144
Other expenses		5,878			3,302			3,273
Total expenses		7,038			4,933			5,937
Income before income taxes and equity in undistributed income of subsidiaries		26,763			25,136			24,972
Income tax benefit		(1,700	)		(576	)		(4,947	)
Income before equity in undistributed income of subsidiaries		28,463			25,712			29,919
Equity in undistributed income of subsidiaries		59,476			33,792			34,621
Net income	$	87,939		$	59,504		$	64,540
Other comprehensive income (loss):
Unrealized holding gains (losses) on debt securities available-for-sale:
Unrealized holding gains (losses) arising during the period		(24,827	)		13,839			14,270
Less: Reclassification adjustments for realized gains included in net income		60			1,251			3
Tax expense (benefit)		(6,471	)		3,273			3,403
Other comprehensive income (loss), net of tax		(18,416	)		9,315			10,864
Comprehensive income	$	69,523		$	68,819		$	75,404

Condensed Statements of Cash Flows

(in thousands) Year Ended December 31	2021			2020			2019
Cash flows from operating activities:
Net income	$	87,939		$	59,504		$	64,540
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation		69			112			144
Equity in undistributed earnings of subsidiaries		(59,476	)		(33,792	)		(34,621	)
Deferred taxes		3,759			451			(4,907	)
Stock-based compensation		850			944			859
Gain on debt repurchase		0			0			(219	)
Changes in:
Other assets		(5,403	)		(115	)		1
Other liabilities		1,037			(318	)		683
Net cash provided by operating activities		28,775			26,786			26,480
Cash flows from investing activities:
Payment for investment in subsidiary		0			0			(1,281	)
Net sales (purchases) of premises and equipment		(66	)		(55	)		(78	)
Net cash used in investing activities		(66	)		(55	)		(1,359	)
Cash flows from financing activities:
Issuance of common stock		965			926			1,264
Repurchase of common stock		0			(1,099	)		0
Dividends paid		(27,916	)		(27,142	)		(26,235	)
Net cash used in financing activities		(26,951	)		(27,315	)		(24,971	)
Net increase (decrease) in cash and cash equivalents		1,758			(584	)		150
Cash and cash equivalents at beginning of year		1,505			2,089			1,939
Cash and cash equivalents at end of year	$	3,263		$	1,505		$	2,089