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Parent Company Financial Information
 12 Months Ended
Dec. 31, 2021
Parent Company Financial Information [Abstract]  
Parent Company Financial Information
21.          Parent Company Financial Information

Condensed Balance Sheets

 
December 31,
  
(In thousands)
  
2021
    
2020
  
Assets
            
Cash and cash equivalents
  
$
77,182
    
$
37,915
  
Equity securities, at estimated fair value
    
27,622
      
25,111
  
Investment in subsidiaries, on equity basis
    
1,359,613
      
1,345,317
  
Other assets
    
36,216
      
30,577
  
Total assets
  
$
1,500,633
    
$
1,438,920
  
Liabilities and Stockholders’ Equity
                
Total liabilities
  
$
250,180
    
$
251,302
  
Stockholders’ equity
    
1,250,453
      
1,187,618
  
Total liabilities and stockholders’ equity
  
$
1,500,633
    
$
1,438,920
  

Condensed Statements of Income

 
Years Ended December 31,
  
(In thousands)
  
2021
    
2020
    
2019
  
Dividends from subsidiaries
  
$
118,900
    
$
77,000
    
$
50,200
  
Management fee from subsidiaries
    
2,653
      
4,151
      
7,981
  
Net securities gains (losses)
    
543
      
(483
)
    
165
  
Interest, dividends and other income
    
564
      
824
      
876
  
Total revenue
  
$
122,660
    
$
81,492
    
$
59,222
  
Operating expenses
    
11,956
      
11,825
      
14,262
  
Income before income tax benefit and equity in undistributed income of subsidiaries
  
$
110,704
    
$
69,667
    
$
44,960
  
Income tax benefit
    
(2,250
)
    
(2,653
)
    
(1,588
)
Equity in undistributed income of subsidiaries
    
41,931
      
32,068
      
74,473
  
Net income
  
$
154,885
    
$
104,388
    
$
121,021
  

Condensed Statements of Cash Flows
 
 
Years Ended December 31,
  
(In thousands)
  
2021
    
2020
    
2019
  
Operating activities
                  
Net income
  
$
154,885
    
$
104,388
    
$
121,021
  
Adjustments to reconcile net income to net cash provided by operating activities
                        
Depreciation and amortization of premises and equipment
    
1,113
      
1,739
      
2,298
  
Excess tax benefit on stock-based compensation
    
(385
)
    
(181
)
    
(409
)
Stock-based compensation expense
    
4,414
      
4,581
      
4,210
  
Net securities (gains) losses
    
(543
)
    
483
      
(165
)
Equity in undistributed income of subsidiaries
    
(41,931
)
    
(32,068
)
    
(74,473
)
Bank owned life insurance income
    
(326
)
    
(391
)
    
(398
)
Amortization of subordinated debt issuance costs
    
438
      
230
      
-
  
Net change in other assets and other liabilities
    
(7,127
)
    
(3,535
)
    
(1,573
)
Net cash provided by operating activities
  
$
110,538
    
$
75,246
    
$
50,511
  
Investing activities
                        
Investment in the Bank
  
$
-
    
$
(90,000
)
  
$
-
  
Proceeds from calls of equity securities
    
1,000
      
2,000
      
-
  
Purchases of equity securities
    
-
      
-
      
(93
)
Net cash provided by (used in) investing activities
  
$
1,000
    
$
(88,000
)
  
$
(93
)
Financing activities
                        
Proceeds from issuance of subordinated debt
  
$
-
    
$
100,000
    
$
-
  
Payment of subordinated debt issuance costs
    
-
      
(2,178
)
    
-
  
Proceeds from the issuance of shares to employee and other stock plans
    
112
      
184
      
725
  
Cash paid by employer for tax-withholding on stock issuance
    
(2,931
)
    
(1,537
)
    
(1,622
)
Purchases of treasury shares
    
(21,714
)
    
(7,980
)
    
-
  
Cash dividends
    
(47,738
)
    
(47,207
)
    
(46,010
)
Net cash (used in) provided by financing activities
  
$
(72,271
)
  
$
41,282
    
$
(46,907
)
Net increase in cash and cash equivalents
  
$
39,267
    
$
28,528
    
$
3,511
  
Cash and cash equivalents at beginning of year
    
37,915
      
9,387
      
5,876
  
Cash and cash equivalents at end of year
  
$
77,182
    
$
37,915
    
$
9,387
  

A statement of changes in stockholders’ equity has not been presented since it is the same as the consolidated statement of changes in stockholders’ equity previously presented.