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Condensed Financial Information of Parent Company | 12 Months Ended
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Dec. 31, 2021
Condensed Financial Information Disclosure [Abstract] |
Condensed Financial Information of Parent Company | Condensed Financial Information of Parent Company 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 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 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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- 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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