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Parent Corporation Only Financial Statements | 12 Months Ended
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Dec. 31, 2021
Condensed Financial Information Disclosure [Abstract] |
Parent Corporation Only Financial Statements | Note 21 – Parent Corporation Only Financial Statements The Parent Corporation operates its wholly-owned subsidiary, the Bank. The earnings of this subsidiary are recognized by the Parent Corporation using the equity method of accounting. Accordingly, earnings are recorded as increases in the Parent Corporation’s investment in the subsidiaries and dividends paid reduce the investment in the subsidiaries. The ability of the Parent Corporation to pay dividends will largely depend upon the dividends paid to it by the Bank. Dividends payable by the Bank to the Parent Corporation are restricted under supervisory regulations (see Note 18 of the Notes to Consolidated Financial Statements). Condensed financial statements of the Parent Corporation only are as follows: Condensed Statements of Condition
|  | As of December 31, |
|  | 2021 |  |  | 2020 |
|  | (dollars in thousands) |
ASSETS |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 133,648 |  |  | $ | 34,388 |
Investment in subsidiaries |  |  | 1,111,520 |  |  |  | 1,001,998 |
Investment securities |  |  | 32,405 |  |  |  | 32,405 |
Equity securities |  |  | 725 |  |  |  | - |
Other assets |  |  | 699 |  |  |  | 51,288 |
Total assets |  | $ | 1,278,997 |  |  | $ | 1,120,079 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |  |
Other liabilities |  | $ | 1,834 |  |  | $ | 2,121 |
Subordinated debentures, net |  |  | 152,951 |  |  |  | 202,648 |
Stockholders’ equity |  |  | 1,124,212 |  |  |  | 915,310 |
Total liabilities and stockholders’ equity |  | $ | 1,278,997 |  |  | $ | 1,120,079 |
- 107 - Table of Contents CONNECTONE BANCORP, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Note 21 – Parent Corporation Only Financial Statements – (continued) Condensed Statements of Income
|  | For Years Ended December 31, |
|  | 2021 |  |  | 2020 |  |  | 2019 |
|  | (dollars in thousands) |
Income: |  |  |  |  |  |  |  |  |  |  |  |
Dividend income from subsidiaries |  | $ | 24,071 |  |  | $ | 15,200 |  |  | $ | 30,050 |
Other income |  |  | 1,627 |  |  |  | 1,683 |  |  |  | 1,652 |
Total Income |  |  | 25,698 |  |  |  | 16,883 |  |  |  | 31,702 |
Expenses |  |  | (8,741 | ) |  |  | (9,263 | ) |  |  | (7,386 | )
Income before equity in undistributed earnings of subsidiaries |  |  | 16,957 |  |  |  | 7,620 |  |  |  | 24,316 |
Equity in undistributed earnings of subsidiaries |  |  | 113,396 |  |  |  | 63,669 |  |  |  | 49,079 |
Net Income |  |  | 130,353 |  |  |  | 71,289 |  |  |  | 73,395 |
Preferred dividends |  |  | 1,717 |  |  |  | - |  |  |  | - |
Net income available to common stockholders |  | $ | 128,636 |  |  | $ | 71,289 |  |  | $ | 73,395 |
Condensed Statements of Cash Flows
|  | For Years Ended December 31 |
|  | 2021 |  |  | 2020 |  |  | 2019 |
|  | (dollars in thousands) |
Cash flows from operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 130,353 |  |  | $ | 71,289 |  |  | $ | 73,395 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Equity in undistributed earnings of subsidiary |  |  | (113,396 | ) |  |  | (63,669 | ) |  |  | (49,079 | )
Loss on equity securities, net |  |  | 55 |  |  |  | - |  |  |  | 38 |
Amortization of subordinated debt issuance costs |  |  | 303 |  |  |  | 323 |  |  |  | 329 |
Decrease (increase) in other assets |  |  | 50,590 |  |  |  | (50,001 | ) |  |  | - |
(Decrease) increase in other liabilities |  |  | (287 | ) |  |  | (391 | ) |  |  | (1,509 | )
Net cash provided by (used in) operating activities |  |  | 67,618 |  |  |  | (42,449 | ) |  |  | 23,174 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |  |
Purchase of available-for-sale securities |  |  | - |  |  |  | - |  |  |  | (2 | )
Sales of available-for-sale securities |  |  | - |  |  |  | - |  |  |  | 23 |
Purchase of equity securities |  |  | (780 | ) |  |  | - |  |  |  | - |
Sale of equity securities |  |  | - |  |  |  | - |  |  |  | 569 |
Repayment of short-term borrowing |  |  | - |  |  |  | (3,000 | ) |  |  | - |
Capital infusion to subsidiary |  |  | - |  |  |  | - |  |  |  | - |
Net cash (used in) provided by investing activities |  |  | (780 | ) |  |  | (3,000 | ) |  |  | 590 |
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |  |  |
(Repayment of) proceeds from subordinated debt |  |  | (50,000 | ) |  |  | 73,440 |  |  |  | - |
Cash dividends paid on preferred stock |  |  | (1,717 | ) |  |  | - |  |  |  | - |
Cash dividends paid on common stock |  |  | (17,493 | ) |  |  | (14,317 | ) |  |  | (12,160 | )
Purchase of treasury stock |  |  | (9,401 | ) |  |  | (911 | ) |  |  | (12,643 | )
Proceeds from preferred stock offering |  |  | 110,927 |  |  |  | - |  |  |  | - |
Proceeds from exercise of stock options |  |  | 106 |  |  |  | 233 |  |  |  | 360 |
Net cash provided by (used in) financing activities |  |  | 32,422 |  |  |  | 58,445 |  |  |  | (24,443 | )
Increase (decrease) in cash and cash equivalents |  |  | 99,260 |  |  |  | 12,996 |  |  |  | (679 | )
Cash and cash equivalents as of January 1, |  |  | 34,388 |  |  |  | 21,392 |  |  |  | 22,071 |
Cash and cash equivalents as of December 31, |  | $ | 133,648 |  |  | $ | 34,388 |  |  | $ | 21,392 |

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 10 -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(Schedule I)) -URI http://asc.fasb.org/extlink&oid=120391182&loc=d3e5864-122674 Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=123454820&loc=d3e5283-111683 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690 + Details
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