Condensed Financial Information (Parent Company Only)

12 Months Ended

Dec. 31, 2023

Condensed Financial Information (Parent Company Only)

Condensed Financial Information (Parent Company Only)

Note 27: Condensed Financial Information (Parent Company Only)

Presented below is condensed financial information of the Company as to financial position as of December 31, 2023 and 2022, and results of operations and cash flows for the years ended December 31, 2023, 2022, and 2021:

Condensed Balance Sheets

	December 31,
	2023		2022
	(In thousands)
Assets
Cash and cash equivalents	$	42,810	$	41,725
Investment in joint ventures		30,225		27,490
Investment in subsidiaries		1,696,000		1,415,173
Other assets		197		217
Total assets	$	1,769,232	$	1,484,605
Liabilities
Short-term subordinated debt	$	64,922	$	21,000
Unfunded commitments to joint ventures		2,752		3,521
Other liabilities		474		345
Total liabilities		68,148		24,866
Shareholders’ Equity		1,701,084		1,459,739
Total liabilities and shareholders’ equity	$	1,769,232	$	1,484,605

Condensed Statements of Income and Comprehensive Income

	Year Ended
	December 31,
	2023		2022		2021
	(In thousands)
Income
Dividends and return of capital from subsidiaries	$	53,006	$	39,775	$	33,447
Other Income		3,488		2,523		509
Total income		56,494		42,298		33,956
Expenses
Interest expense		4,323		4,333		3,797
Salaries and employee benefits		1,012		690		493
Professional fees		481		423		236
Other		898		829		627
Total expense		6,714		6,275		5,153
Income Before Income Tax and Equity in Undistributed Income of Subsidiaries		49,780		36,023		28,803
Income Tax Benefit		(582)		(698)		(1,174)
Income Before Equity in Undistributed Income of Subsidiaries		50,362		36,721		29,977
Equity in Undistributed Income of Subsidiaries		228,872		183,000		197,127
Net Income	$	279,234	$	219,721	$	227,104
Comprehensive Income	$	287,267	$	210,654	$	225,276

Condensed Statements of Cash Flows

	Year Ended
	December 31,
	2023		2022			2021
	(In thousands)
Operating Activities
Net income	$	279,234	$	219,721	$	227,104
Adjustments to reconcile net income to net cash used in operating activities		(229,428)		(181,263)		(195,530)
Net cash provided by operating activities		49,806		38,458		31,574
Investing Activities
Contributed capital to subsidiaries		(43,922)		(110,000)		(116,176)
Purchase of limited partnership interests or LLC's		(769)		(8,746)		(15,223)
Other investing activity		554		—		—
Net cash used in investing activities		(44,137)		(118,746)		(131,399)
Financing Activities
Net change in lines of credit and subordinated debt		43,922		4,000		2,040
Dividends paid		(48,506)		(38,067)		(31,235)
Proceeds from issuance of preferred stock		—		137,459		191,084
Redemption of preferred stock		—		—		(41,625)
Repurchase of common stock		—		(3,935)		—
Net cash provided by (used in) financing activities		(4,584)		99,457		120,264
Net Change in Cash and Due From Banks		1,085		19,169		20,439
Cash and Due From Banks at Beginning of Year		41,725		22,556		2,117
Cash and Due From Banks at End of Year	$	42,810	$	41,725	$	22,556
Additional Cash Flows Information:
Payable for limited partnership interest or LLC's	$	2,752	$	3,521	$	10,350