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Condensed Financial Information of Parent Company (Tables) | 12 Months Ended
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Dec. 31, 2021
Condensed Financial Information Disclosure [Abstract] |
Condensed Balance Sheet | Following are the condensed balance sheets of the Company (parent company only) and the related condensed statements of income and cash flows.
| Condensed Balance Sheets December 31,
(In thousands) | 2021 |  | 2020
Assets |  |  |
Cash and due from banks | $ | 132,050 |  |  | $ | 51,714 |
Short-term investments | 585 |  |  | 235,452 |
Securities available-for-sale, at fair value | 566,835 |  |  | 357,726 |
Loans, net | 40,515 |  |  | 49,314 |
Payments in advance of funding | 291,427 |  |  | 194,563 |
Investments in subsidiaries | 164,650 |  |  | 162,341 |
Premises and equipment, net | 17,443 |  |  | 17,459 |
Other assets | 95,940 |  |  | 69,162 |
Total assets | $ | 1,309,445 |  |  | $ | 1,137,731 |
Liabilities and Shareholders’ Equity |  |  |
Liabilities: |  |  |
Accounts and drafts payable | $ | 1,041,070 |  |  | $ | 832,420 |
Other liabilities | 22,577 |  |  | 44,151 |
Total liabilities | 1,063,647 |  |  | 876,571 |
Total shareholders’ equity | 245,798 |  |  | 261,160 |
Total liabilities and shareholders’ equity | $ | 1,309,445 |  |  | $ | 1,137,731 |
Condensed Income Statement |
| Condensed Statements of Income For the Years Ended December 31,
(In thousands) | 2021 |  | 2020 |  | 2019
Income from subsidiaries – management fees | $ | 3,115 |  |  | $ | 2,854 |  |  | $ | 2,599 |
Information services revenue | 104,426 |  |  | 95,078 |  |  | 106,198 |
Net interest income after (release of) provision for credit losses | 11,316 |  |  | 10,932 |  |  | 15,713 |
Gain on sales of investment securities | 51 |  |  | 1,075 |  |  | 19 |
Other income | 919 |  |  | 458 |  |  | 518 |
Total income | 119,827 |  |  | 110,397 |  |  | 125,047 |
Expenses: |  |  |  |  |
Salaries and employee benefits | 80,434 |  |  | 77,577 |  |  | 81,432 |
Other expenses | 27,406 |  |  | 25,347 |  |  | 26,136 |
Total expenses | 107,840 |  |  | 102,924 |  |  | 107,568 |
Income before income tax and equity in undistributed income of subsidiaries | 11,987 |  |  | 7,473 |  |  | 17,479 |
Income tax expense | 635 |  |  | 340 |  |  | 2,860 |
Income before undistributed income of subsidiaries | 11,352 |  |  | 7,133 |  |  | 14,619 |
Equity in undistributed income of subsidiaries | 17,252 |  |  | 18,043 |  |  | 15,785 |
Net income | $ | 28,604 |  |  | $ | 25,176 |  |  | $ | 30,404 |
Condensed Cash Flow Statement |
| Condensed Statements of Cash Flows For the Years Ended December 31,
(In thousands) | 2021 |  | 2020 |  | 2019
Cash flows from operating activities: |  |  |  |  |
Net income | $ | 28,604 |  |  | $ | 25,176 |  |  | $ | 30,404 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: |  |  |  |  |
Equity in undistributed income of subsidiaries | (17,252) |  |  | (18,043) |  |  | (15,785) |
Net change in other assets | (212) |  |  | 6,054 |  |  | (6,289) |
Net change in other liabilities | (9,307) |  |  | (6,525) |  |  | 9,474 |
Stock-based compensation expense | 2,859 |  |  | 2,267 |  |  | 3,144 |
Other, net | 20,921 |  |  | 18,236 |  |  | 6,104 |
Net cash provided by operating activities | 25,613 |  |  | 27,165 |  |  | 27,052 |
Cash flows from investing activities: |  |  |  |  |
Net (increase) decrease in securities | (226,090) |  |  | 65,689 |  |  | 26,150 |
Net decrease (increase) in loans | 8,799 |  |  | (2,545) |  |  | (24,999) |
Net (increase) decrease in payments in advance of funding | (96,864) |  |  | 11,595 |  |  | (45,381) |
Purchase of bank-owned life insurance | (25,119) |  |  | — |  |  | — |
Purchases of premises and equipment, net | (2,233) |  |  | (1,810) |  |  | (2,637) |
Asset acquisition of Gateway Giving, LLC | — |  |  | — |  |  | (2,833) |
Net cash (used in) provided by investing activities | (341,507) |  |  | 72,929 |  |  | (49,700) |
Cash flows from financing activities: |  |  |  |  |
Net increase (decrease) in accounts and drafts payable | 208,656 |  |  | 208,339 |  |  | (21,875) |
Short-term borrowings | — |  |  | (18,000) |  |  | 18,000 |
Cash dividends paid | (15,446) |  |  | (15,599) |  |  | (15,234) |
Purchase of common shares for treasury | (30,997) |  |  | (6,825) |  |  | (7,799) |
Other financing activities, net | (850) |  |  | (1,098) |  |  | (1,125) |
Net cash provided by (used in) financing activities | 161,363 |  |  | 166,817 |  |  | (28,033) |
Net increase (decrease) in cash and cash equivalents | (154,531) |  |  | 266,911 |  |  | (50,681) |
Cash and cash equivalents at beginning of year | 287,166 |  |  | 20,255 |  |  | 70,936 |
Cash and cash equivalents at end of year | $ | 132,635 |  |  | $ | 287,166 |  |  | $ | 20,255 |

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