PARENT COMPANY CONDENSED FINANCIAL INFORMATION

12 Months Ended

Dec. 31, 2021

PARENT COMPANY CONDENSED FINANCIAL INFORMATION

PARENT COMPANY CONDENSED FINANCIAL INFORMATION

23. PARENT COMPANY CONDENSED FINANCIAL INFORMATION

BALANCE SHEETS

December 31, (in thousands)	2021		2020
Assets:
Cash and cash equivalents	$	16,881	$	100,524
Security available for sale		3,847		3,800
Investment in bank subsidiary		817,270		761,929
Investment in non-bank subsidiaries		2,409		3,518
Other assets		3,966		3,203
Total assets	$	844,373	$	872,974
Liabilities and Stockholders’ Equity:
Subordinated note	$	—	$	41,240
Other liabilities		10,141		8,411
Stockholders’ equity		834,232		823,323
Total liabilities and stockholders’ equity	$	844,373	$	872,974

STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

Years Ended December 31, (in thousands)	2021		2020		2019
Income and expenses:
Dividends from subsidiary	$	28,300	$	25,980	$	24,249
Interest income		143		182		250
Other income		53		57		54
Less: Interest expense		507		1,000		1,620
Less: Other expenses		760		691		511
Income before income tax benefit		27,229		24,528		22,422
Income tax benefit		245		344		1,213
Income before equity in undistributed net income of subsidiaries		27,474		24,872		23,635
Equity in undistributed net income of subsidiaries		59,315		58,374		68,064
Net income	$	86,789	$	83,246	$	91,699
Comprehensive income	$	80,154	$	88,657	$	95,794

STATEMENTS OF CASH FLOWS

Years Ended December 31, (in thousands)	2021		2020		2019
Operating activities:
Net income	$	86,789	$	83,246	$	91,699
Adjustments to reconcile net income to net cash provided by operating activities:
Accretion of investment security		(53)		(56)		(42)
Equity in undistributed net income of subsidiaries		(59,315)		(58,374)		(68,064)
Director deferred compensation - Parent Company		347		181		139
Change in other assets		(736)		1,609		(25)
Change in other liabilities		1,694		54		842
Net cash provided by operating activities		28,726		26,660		24,549
Investing activities:
Investment in subsidiary bank		(591)		(533)		(494)
Net cash used in investing activities		(591)		(533)		(494)
Financing activities:
Common Stock repurchases		(47,528)		(3,935)		(1,418)
Net proceeds from Class A Common Stock purchased through employee stock purchase plan		591		533		494
Net proceeds from Common Stock options exercised		(142)		—		(191)
Payoff of subordinated note, net of common security interest		(40,000)		—		—
Cash dividends paid		(24,699)		(23,204)		(21,377)
Net cash used in financing activities		(111,778)		(26,606)		(22,492)
Net change in cash and cash equivalents		(83,643)		(479)		1,563
Cash and cash equivalents at beginning of period		100,524		101,003		99,440
Cash and cash equivalents at end of period	$	16,881	$	100,524	$	101,003