Parent Company Financial Information

12 Months Ended

Dec. 31, 2021

(23.) PARENT COMPANY FINANCIAL INFORMATION

Condensed financial statements pertaining only to the Parent are presented below (in thousands).


Condensed Statements of Financial Condition	December 31,
	2021		2020
Assets:
Cash and due from subsidiary	$	23,318	$	31,848
Investment in and receivables due from subsidiary		555,310		511,572
Other assets		5,998		4,136
Total assets	$	584,626	$	547,556
Liabilities and shareholders’ equity:
Long-term borrowings, net of issuance costs of $1,089 and $1,377, respectively	$	73,911	$	73,623
Other liabilities		5,573		5,570
Shareholders’ equity		505,142		468,363
Total liabilities and shareholders’ equity	$	584,626	$	547,556


Condensed Statements of Income	Years ended December 31,
	2021		2020		2019
Dividends from subsidiary and associated companies	$	24,000	$	23,000	$	20,000
Management and service fees from subsidiaries		147		146		146
Other income		93		121		97
Total income		24,240		23,267		20,243
Interest expense		4,237		2,888		2,471
Operating expenses		3,379		3,171		3,073
Total expense		7,616		6,059		5,544
Income before income tax benefit and equity in undistributed earnings of subsidiary		16,624		17,208		14,699
Income tax benefit		1,999		1,399		596
Income before equity in undistributed earnings of subsidiary		18,623		18,607		15,295
Equity in undistributed earnings of subsidiary		59,074		19,725		33,567
Net income	$	77,697	$	38,332	$	48,862

(23.) PARENT COMPANY FINANCIAL INFORMATION (Continued)


Condensed Statements of Cash Flows	Years ended December 31,
	2021			2020			2019
Cash flows from operating activities:
Net income	$	77,697		$	38,332		$	48,862
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed earnings of subsidiary		(59,074	)		(19,725	)		(33,567	)
Depreciation and amortization		367			209			153
Share-based compensation		1,743			1,333			1,406
(Increase) decrease in other assets		(1,448	)		(48	)		2,243
(Decrease) increase in other liabilities		(86	)		497			(1,407	)
Net cash provided by operating activities		19,199			20,598			17,690
Cash flows from investing activities:
Capital investment in subsidiaries		-			(11,966	)		(350	)
Purchase of premises and equipment		-			(11	)		8
Net cash paid for acquisition		-			-			-
Net cash used in investing activities		-			(11,977	)		(342	)
Cash flows from financing activities:
Issuance of long-term debt, net of issuance costs		-			34,221			-
Purchase of preferred and common shares		(9,235	)		(209	)		(293	)
Proceeds from issuance of preferred and common shares		(43	)		-			-
Dividends paid		(18,451	)		(17,957	)		(17,260	)
Net cash (used in) provided by financing activities		(27,729	)		16,055			(17,553	)
Net (decrease) increase in cash and cash equivalents		(8,530	)		24,676			(205	)
Cash and cash equivalents as of beginning of year		31,848			7,172			7,377
Cash and cash equivalents as of end of the year	$	23,318		$	31,848		$	7,172