Parent Company Financial Statements

12 Months Ended

Dec. 31, 2022

Parent Company Financial Statements [Abstract]

Parent Company Financial Statements

21.  Parent Company Financial Statements

Condensed Balance Sheets

(in thousands) December 31	2022		2021
Assets:
Cash on deposit	$	2,933	$	3,263
Investment in and advances to subsidiaries		679,425		749,002
Goodwill		4,973		4,973
Premises and equipment, net		133		114
Deferred tax asset		260		890
Other assets		4,808		5,427
Total assets	$	692,532	$	763,669
Liabilities and shareholders’ equity:
Long-term debt	$	61,341	$	61,341
Other liabilities		3,144		4,126
Total liabilities		64,485		65,467
Shareholders’ equity		628,047		698,202
Total liabilities and shareholders’ equity	$	692,532	$	763,669

Condensed Statements of Income and Comprehensive Income (Loss)

(in thousands) Year Ended December 31	2022			2021			2020
Income:
Dividends from subsidiaries	$	31,544		$	33,319		$	29,593
Other income		710			482			476
Total income		32,254			33,801			30,069
Expenses:
Interest expense		2,060			1,090			1,519
Depreciation expense		75			70			112
Other expenses		4,833			5,878			3,302
Total expenses		6,968			7,038			4,933
Income before income taxes and equity in undistributed income of subsidiaries		25,286			26,763			25,136
Income tax benefit		(1,808	)		(1,700	)		(576	)
Income before equity in undistributed income of subsidiaries		27,094			28,463			25,712
Equity in undistributed income of subsidiaries		54,720			59,476			33,792
Net income	$	81,814		$	87,939		$	59,504
Other comprehensive income (loss):
Unrealized holding gains (losses) on debt securities available-for-sale:
Unrealized holding gains (losses) arising during the period		(168,060	)		(24,827	)		13,839
Less: Reclassification adjustments for realized gains (losses) included in net income		(81	)		60			1,251
Tax expense (benefit)		(43,675	)		(6,471	)		3,273
Other comprehensive income (loss), net of tax		(124,304	)		(18,416	)		9,315
Comprehensive income (loss)	$	(42,490	)	$	69,523		$	68,819

Condensed Statements of Cash Flows

(in thousands) Year Ended December 31	2022			2021			2020
Cash flows from operating activities:
Net income	$	81,814		$	87,939		$	59,504
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation		76			69			112
Equity in undistributed earnings of subsidiaries		(54,720	)		(59,476	)		(33,792	)
Deferred taxes		630			3,759			451
Stock-based compensation		1,366			850			944
Changes in:
Other assets		611			(5,403	)		(115	)
Other liabilities		(1,115	)		1,037			(318	)
Net cash provided by operating activities		28,662			28,775			26,786
Cash flows from investing activities:
Net purchases of premises and equipment		(95	)		(66	)		(55	)
Net cash used in investing activities		(95	)		(66	)		(55	)
Cash flows from financing activities:
Issuance of common stock		1,041			965			926
Repurchase of common stock		0			0			(1,099	)
Dividends paid		(29,938	)		(27,916	)		(27,142	)
Net cash used in financing activities		(28,897	)		(26,951	)		(27,315	)
Net increase (decrease) in cash and cash equivalents		(330	)		1,758			(584	)
Cash and cash equivalents at beginning of year		3,263			1,505			2,089
Cash and cash equivalents at end of year	$	2,933		$	3,263		$	1,505