PARENT COMPANY CONDENSED FINANCIAL STATEMENTS

12 Months Ended

Dec. 31, 2022

PARENT COMPANY CONDENSED FINANCIAL STATEMENTS

PARENT COMPANY CONDENSED FINANCIAL STATEMENTS

21.PARENT COMPANY CONDENSED FINANCIAL STATEMENTS:

The parent company’s condensed balance sheets as of December 31, 2022 and 2021, and the related condensed statements of income and comprehensive income and cash flows for each of the three years in the period ended December 31, 2022, are as follows:

CONDENSED BALANCE SHEETS

	December 31,
(Dollar amounts in thousands)	2022		2021
ASSETS
Cash deposits in affiliated banks	$	60,692	$	13,844
Investments in subsidiaries		412,570		571,986
Land and headquarters building, net		9,116		4,423
Other		42,120		7,518
Total Assets	$	524,498	$	597,771
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Dividends payable		8,912		7,952
Other liabilities		40,293		7,243
TOTAL LIABILITIES		49,205		15,195
Shareholders' Equity		475,293		582,576
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	524,498	$	597,771

CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

	Years Ended December 31,
(Dollar amounts in thousands)	2022		2021		2020
Dividends from subsidiaries	$	94,048	$	99,231	$	31,069
Other income		1,254		746		1,054
Interest on borrowings		—		—		(374)
Other operating expenses		(3,435)		(2,611)		(3,430)
Income before income taxes and equity in undistributed earnings of subsidiaries		91,867		97,366		28,319
Income tax benefit		1,110		681		801
Income before equity in undistributed earnings of subsidiaries		92,977		98,047		29,120
Equity in undistributed earnings of subsidiaries		(21,868)		(45,060)		24,724
Net income	$	71,109	$	52,987	$	53,844
Comprehensive income (loss)	$	(66,439)	$	40,797	$	71,109

CONDENSED STATEMENTS OF CASH FLOWS

	Years Ended December 31,
(Dollar amounts in thousands)	2022		2021		2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	$	71,109	$	52,987	$	53,844
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		297		191		328
Equity in undistributed earnings		21,868		45,060		(24,724)
Contribution of shares to ESOP		1,451		1,402		1,471
Restricted stock compensation		825		807		820
Increase (decrease) in other liabilities		33,050		435		6,127
(Increase) decrease in other assets		(34,602)		(1,518)		(5,977)
NET CASH FROM OPERATING ACTIVITIES		93,998		99,364		31,889
CASH FLOWS FROM INVESTING ACTIVITIES:
(Increase) decrease in premises and equipment		(4,990)		—		—
Cash received (disbursed) from acquisitions		—		(31,348)		—
NET CASH FROM INVESTING ACTIVITIES		(4,990)		(31,348)		—
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal payments on borrowings		—		—		(10,310)
Purchase of treasury stock		(27,701)		(42,471)		(9,220)
Dividends paid		(14,459)		(14,181)		(14,273)
NET CASH FROM FINANCING ACTIVITES		(42,160)		(56,652)		(33,803)
NET (DECREASE) INCREASE IN CASH		46,848		11,364		(1,914)
CASH, BEGINNING OF YEAR		13,844		2,480		4,394
CASH, END OF YEAR	$	60,692	$	13,844	$	2,480
Supplemental disclosures of cash flow information:
Cash paid during the year for:
Interest	$	—	$	—	$	375
Income taxes	$	13,525	$	15,025	$	7,549