XML 67 R32.htm IDEA: XBRL DOCUMENT

Parent Company Only Financial Information

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Condensed Financial Statements [Text Block]

23. Parent Company Only Financial Information

Earnings of the Bank are recognized by the Holding Company using the equity method of accounting. Accordingly, earnings of the Bank are recorded as increases in the Holding Company’s investment, any dividends would reduce the Holding Company’s investment in the Bank, and any changes in the Bank’s unrealized gain or loss on securities available for sale, net of taxes, would increase or decrease, respectively, the Holding Company’s investment in the Bank.

The condensed financial statements for the Holding Company are presented below:


		December 31,			December 31,
Condensed Statements of Financial Condition		2019			2018
		(Dollars in thousands)
Assets:
Cash and due from banks		$	14,401		$	4,351
Securities available for sale:
Other securities			1,332			1,256
Investment in Bank			684,643			661,044
Goodwill			2,185			2,185
Other assets			1,897			2,929
Total assets		$	704,458		$	671,765

Liabilities:
Subordinated debentures		$	74,319		$	74,001
Junior subordinated debentures, at fair value			44,384			41,849
Other liabilities			6,083			6,451
Total liabilities			124,786			122,301

Stockholders' Equity:
Common stock			315			315
Additional paid-in capital			226,691			222,720
Treasury stock, at average cost (3,373,389 shares and 3,546,958 at December 31, 2019 and 2018, respectively)			(71,487)			(75,146)
Retained earnings			433,960			414,327
Accumulated other comprehensive loss, net of taxes			(9,807)			(12,752)
Total equity			579,672			549,464

Total liabilities and equity		$	704,458		$	671,765


		For the years ended December 31,
Condensed Statements of Income		2019			2018			2017
		(In thousands)
Dividends from the Bank		$	32,000		$	34,000		$	21,500
Interest income			250			275			505
Interest expense			(6,677)			(6,479)			(5,860)
Net loss from fair value adjustments			(2,725)			(4,769)			(2,903)
Other operating expenses			(2,833)			(1,391)			(1,354)
Income before taxes and equity in undistributed earnings of subsidiary			20,015			21,636			11,888
Income tax benefit			3,173			3,907			6,926
Income before equity in undistributed earnings of subsidiary			23,188			25,543			18,814
Equity in undistributed earnings of the Bank			18,091			29,547			22,307
Net income			41,279			55,090			41,121
Other comprehensive gain (loss), net of tax			2,945			(2,472)			(624)
Comprehensive net income		$	44,224		$	52,618		$	40,497


		For the years ended December 31,
Condensed Statements of Cash Flows		2019			2018			2017
		(In thousands)
Operating activities:
Net income		$	41,279		$	55,090		$	41,121
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed earnings of the Bank			(18,091)			(29,547)			(22,307)
Deferred income tax benefit			(769)			(1,915)			(3,990)
Fair value adjustments for financial assets and financial liabilities			2,725			4,769			2,903
Stock-based compensation expense			7,763			7,016			5,990
Net change in operating assets and liabilities			3,945			4,246			2,453
Net cash provided by operating activities			36,852			39,659			26,170

Investing activities:
Proceeds from sales and calls of securities available for sale			—			—			300
Net cash provided by investing activities			—			—			300

Financing activities:
Purchase of treasury stock			(2,656)			(22,585)			(9,290)
Cash dividends paid			(24,149)			(22,927)			(20,954)
Stock options exercised			3			6			—
Net cash used in financing activities			(26,802)			(45,506)			(30,244)

Net (decrease) increase in cash and cash equivalents			10,050			(5,847)			(3,774)
Cash and cash equivalents, beginning of year			4,351			10,198			13,972
Cash and cash equivalents, end of year		$	14,401		$	4,351		$	10,198