Condensed Financial Information (Parent Company Only)

12 Months Ended

Dec. 31, 2020

Condensed Financial Information (Parent Company Only)

Condensed Financial Information (Parent Company Only)

Note 26: Condensed Financial Information (Parent Company Only)

Presented below is condensed financial information of the Company as to financial position as of December 31, 2020 and 2019, and results of operations and cash flows for the years ended December 31, 2020, 2019 and 2018:

Condensed Balance Sheets

	December 31,
	2020		2019
	(In thousands)
Assets
Cash and cash equivalents	$	2,117	$	463
Investment in subsidiaries		823,842		664,878
Other assets		190		2,213
Total assets	$	826,149	$	667,554
Liabilities
Short-term subordinated debt	$	14,960		12,200
Other liabilities		568		1,626
Total liabilities		15,528		13,826
Shareholders’ Equity		810,621		653,728
Total liabilities and shareholders’ equity	$	826,149	$	667,554

Condensed Statements of Income and Comprehensive Income

	Year Ended
	December 31,
	2020		2019		2018
	(In thousands)
Income
Dividends and return of capital from subsidiaries		29,773		43,903		37,816
Other Income		27		—		195
Total income		29,800		43,903		38,011
Expenses
Interest expense		3,972		3,641		8,055
Salaries and employee benefits		2,726		1,611		1,216
Professional fees		386		335		707
Other		383		423		420
Total expense		7,467		6,010		10,398
Income Before Income Tax and Equity in Undistributed Income of Subsidiaries		22,333		37,893		27,613
Income Tax Benefit		(1,911)		(1,433)		(2,542)
Income Before Equity in Undistributed Income of Subsidiaries		24,244		39,326		30,155
Equity in Undistributed Income of Subsidiaries		156,289		38,003		32,719
Net Income	$	180,533	$	77,329	$	62,874
Comprehensive Income	$	180,449	$	78,097	$	63,813

Condensed Statements of Cash Flows

	Year Ended
	December 31,
	2020		2019			2018
	(In thousands)
Operating Activities
Net income	$	180,533	$	77,329	$	62,874
Adjustments to reconcile net income to net cash used in operating activities		(155,442)		(36,567)		(30,522)
Net cash provided by operating activities		25,091		40,762		32,352
Investing Activities
Return of capital from/(contributed capital to) subsidiaries		(2,760)		(173,078)		19,368
Net cash paid for acquisitions		—		—		(27,209)
Proceeds from sale of limited partnership interests		266
Other investing activity		(32)		126		74
Net cash used in investing activities		(2,526)		(172,952)		(7,767)
Financing Activities
Net change in lines of credit and subordinated debt		2,760		(23,382)		(19,418)
Dividends paid		(23,671)		(17,254)		(10,216)
Proceeds from issuance of preferred stock		—		192,915		—
Repurchase of preferred stock		—		(21,850)		—
Net cash provided by (used in) financing activities		(20,911)		130,429		(29,634)
Net Change in Cash and Due From Banks		1,654		(1,761)		(5,049)
Cash and Due From Banks at Beginning of Year		463		2,224		7,273
Cash and Due From Banks at End of Year	$	2,117	$	463	$	2,224
Additional Cash Flows Information:
Redemption of common shares related to sale of limited partnership interests	$	(150)	$	—	$	—