Condensed Financial Information of Parent Company (Tables)

12 Months Ended

Dec. 31, 2021

(in thousands)

December 31,	2021		2020
Assets
Investment in subsidiaries/affiliates (equity method)	$	554,804	$	540,665
Short-term investments		9		9
Cash		14,375		15,321
Property and equipment		716		833
Other		2,455		1,721
Total assets	$	572,359	$	558,549

Liabilities and Stockholders’ Equity
Liabilities
Cash dividends declared to stockholders	$	4,915	$	4,436
Notes payable to subsidiary		35,000		35,000
Other		1,408		1,339
Total liabilities		41,323		40,775
Stockholders’ equity		531,036		517,774
Total liabilities and stockholders’ equity	$	572,359	$	558,549

Condensed Statements of Income and Comprehensive Income

(in thousands)

Year Ended December 31,	2021			2020			2019
Statements of Income
Revenues
Dividends from subsidiaries	$	5,000		$	14,000		$	4,000
Realized investment gains		—			—			12,378
Other		481			463			1,009
Total revenues		5,481			14,463			17,387
Expenses
Operating expenses		1,223			1,258			1,420
Interest		787			794			1,327
Total expenses		2,010			2,052			2,747
Income before income tax (benefit) expense and equity in undistributed net income of subsidiaries		3,471			12,411			14,640
Income tax (benefit) expense		(714	)		(1,059	)		636
Income before equity in undistributed net income of subsidiaries		4,185			13,470			14,004
Equity in undistributed net income of subsidiaries		21,069			39,345			33,148
Net income	$	25,254		$	52,815		$	47,152
Statements of Comprehensive Income
Net income	$	25,254		$	52,815		$	47,152
Other comprehensive (loss) income, net of tax
Unrealized (loss) gain - subsidiaries		(7,847	)		10,627			14,732
Other comprehensive (loss) income, net of tax		(7,847	)		10,627			14,732
Comprehensive income	$	17,407		$	63,442		$	61,884

(in thousands)

Year Ended December 31,	2021			2020			2019
Cash flows from operating activities:
Net income	$	25,254		$	52,815		$	47,152
Adjustments:
Equity in undistributed net income of subsidiaries		(21,069	)		(39,345	)		(33,148	)
Realized investment gains		—			—			(12,378	)
Other		(536	)		(5,615	)		490
Net adjustments		(21,605	)		(44,960	)		(45,036	)
Net cash provided		3,649			7,855			2,116
Cash flows from investing activities:
Net sale (purchases) of short-term investments		—			2,493			(2,473	)
Net purchase of property and equipment		(13	)		(18	)		(150	)
Sale of DFSC		—			—			33,923
Sale of equity securities - available for sale		—			—			20,287
Investment in subsidiaries		(916	)		(1,037	)		(18,283	)
Net cash (used) received		(929	)		1,438			33,304
Cash flows from financing activities:
Cash dividends paid		(19,099	)		(16,976	)		(16,093	)
Issuance of common stock		15,433			20,654			6,481
Payments on lines of credit		—			—			(25,000	)
Net cash (used) received		(3,666	)		3,678			(34,612	)
Net change in cash		(946	)		12,971			808
Cash at beginning of year		15,321			2,350			1,542
Cash at end of year	$	14,375		$	15,321		$	2,350