Parent Company - Only Financial Statements

12 Months Ended

Dec. 31, 2020

Condensed Financial Information Disclosure [Abstract]

Parent Company - Only Financial Statements

Parent Company-Only Financial Statements

The condensed financial statements of BMBC (parent company only) are presented below. These statements should be read in conjunction with the Notes to the Consolidated Financial Statements.

A. Condensed Balance Sheets

	December 31,
(dollars in thousands)	2020		2019
Assets:
Cash and cash equivalents	$	109,855	$	93,250
Investment securities	676		543
Investments in subsidiaries, as equity in net assets	633,694		638,770
Premises and equipment, net	996		1,993
Goodwill	245		245
Other assets	1,179		1,184
Total assets	746,645		735,985
Liabilities and shareholders’ equity:
Subordinated notes	98,883		98,705
Junior subordinated debentures	21,935		21,753
Other liabilities	2,735		2,605
Total liabilities	123,553		123,063
Common stock, par value $1; authorized 100,000,000 shares; issued 24,713,968 and 24,650,051 shares as of December 31, 2020 and December 31, 2019, respectively, and outstanding of 19,960,294 and 20,126,296 as of December 31, 2020 and December 31, 2019, respectively	24,714		24,650
Paid-in capital in excess of par value	381,653		378,606
Less: Common stock in treasury at cost - 4,753,674 and 4,523,755 shares as of December 31, 2020 and December 31, 2019, respectively	(89,164)		(81,174)
Accumulated other comprehensive income, net of deferred income taxes	8,948		2,187
Retained earnings	296,941		288,653
Total shareholders’ equity	623,092		612,922
Total liabilities and shareholders’ equity	$	746,645	$	735,985

B. Condensed Statements of Income

	Year Ended December 31,
(dollars in thousands)	2020		2019		2018
Dividends from subsidiaries	$	40,223	$	35,731	$	30,900
Net interest and other income	8,311		10,962		2,615
Total operating income	48,534		46,693		33,515
Expenses	6,210		10,517		3,527
Income before equity in undistributed income of subsidiaries	42,324		36,176		29,988
Equity in undistributed income of subsidiaries	(9,144)		23,048		32,779
Income before income taxes	33,180		59,224		62,767
Income tax expense (benefit)	607		18		(1,025)
Net income	$	32,573	$	59,206	$	63,792

C. Condensed Statements of Cash Flows

	Year Ended December 31,
(dollars in thousands)	2020		2019		2018
Operating activities:
Net income	$	32,573	$	59,206	$	63,792
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed income of subsidiaries	9,144		(23,048)		(32,779)
Net gain on sale of long-lived assets	(2,295)		—		—
Depreciation and amortization	95		98		98
Stock-based compensation cost	3,144		3,725		2,750
Other, net	126		225		2,860
Net cash provided by operating activities	42,787		40,206		36,721
Investing Activities:
Net change in trading securities	—		—		40
Proceeds from the sale of long-lived assets	3,197		—		—
Net cash provided by investing activities	3,197		—		40
Financing activities:
Dividends paid	(21,356)		(20,685)		(19,289)
Net (purchase of) proceeds from sale of treasury stock for deferred compensation plans	(153)		(172)		2
Net purchase of treasury stock through publicly announced plans	(7,249)		(4,524)		(5,936)
Cash payments to taxing authorities on employees' behalf from shares withheld from stock-based compensation	(633)		(625)		(1,639)
Proceeds from exercise of stock options	12		907		1,464
Repurchase of treasury warrants	—		—		(1,755)
Net cash (used in) provided by financing activities	(29,379)		(25,099)		(27,153)
Change in cash and cash equivalents	16,605		15,107		9,608
Cash and cash equivalents at beginning of period	93,250		78,143		68,535
Cash and cash equivalents at end of period	$	109,855	$	93,250	$	78,143