XML 71 R55.htm IDEA: XBRL DOCUMENT
v3.22.0.1

Parent Company Financial Information (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2021
Parent Company Financial Information [Abstract] |
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 |

X
- References No definition available. + Details
Name: | srt_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract
Namespace Prefix: | srt_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of condensed financial statements, including, but not limited to, the balance sheet, income statement, and statement of cash flows. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 3 -Paragraph i -Subsection 10 + Details
Name: | srt_ScheduleOfCondensedFinancialStatementsTableTextBlock
Namespace Prefix: | srt_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration