Parent Company Financial Statements

12 Months Ended

Dec. 31, 2020

Parent Company Financial Statements [Abstract]

Parent Company Financial Statements

21.  Parent Company Financial Statements

Condensed Balance Sheets

(in thousands) December 31	2020		2019
Assets:
Cash on deposit	$	1,505	$	2,089
Investment in and advances to subsidiaries		707,943		667,206
Goodwill		4,973		4,973
Premises and equipment, net		96		153
Deferred tax asset		4,649		5,100
Other assets		45		44
Total assets	$	719,211	$	679,565
Liabilities and shareholders’ equity:
Long-term debt	$	61,341	$	61,341
Other liabilities		3,005		3,338
Total liabilities		64,346		64,679
Shareholders’ equity		654,865		614,886
Total liabilities and shareholders’ equity	$	719,211	$	679,565

Condensed Statements of Income and Comprehensive Income

(in thousands) Year Ended December 31	2020			2019			2018
Income:
Dividends from subsidiaries	$	29,593		$	30,152		$	26,750
Other income		476			757			489
Total income		30,069			30,909			27,239
Expenses:
Interest expense		1,519			2,520			2,318
Depreciation expense		112			144			135
Other expenses		3,302			3,273			3,156
Total expenses		4,933			5,937			5,609
Income before income taxes and equity in undistributed income of subsidiaries		25,136			24,972			21,630
Income tax benefit		(576	)		(4,947	)		(1,219	)
Income before equity in undistributed income of subsidiaries		25,712			29,919			22,849
Equity in undistributed income of subsidiaries		33,792			34,621			36,379
Net income	$	59,504		$	64,540		$	59,228
Other comprehensive gain (loss):
Unrealized holding gains (losses) on securities available-for-sale:
Unrealized holding gains (losses) arising during the period		13,839			14,270			(5,393	)
Less: Reclassification adjustments for realized gains (losses) included in net income		1,251			3			(821	)
Tax expense (benefit)		3,273			3,403			(960	)
Other comprehensive gain (loss), net of tax		9,315			10,864			(3,612	)
Comprehensive income	$	68,819		$	75,404		$	55,616

Condensed Statements of Cash Flows

(in thousands) Year Ended December 31	2020			2019			2018
Cash flows from operating activities:
Net income	$	59,504		$	64,540		$	59,228
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation		112			144			135
Equity in undistributed earnings of subsidiaries		(33,792	)		(34,621	)		(36,379	)
Deferred taxes		451			(4,907	)		(12	)
Stock-based compensation		944			859			710
Gain on debt repurchase		0			(219	)		0
Changes in:
Other assets		(115	)		1			(50	)
Other liabilities		(318	)		683			53
Net cash provided by operating activities		26,786			26,480			23,685
Cash flows from investing activities:
Payment for investment in subsidiary		0			(1,281	)		0
Purchase of premises and equipment		(55	)		(78	)		(81	)
Net cash used in investing activities		(55	)		(1,359	)		(81	)
Cash flows from financing activities:
Issuance of common stock		926			1,264			1,230
Repurchase of common stock		(1,099	)		0			0
Dividends paid		(27,142	)		(26,235	)		(24,395	)
Net cash used in financing activities		(27,315	)		(24,971	)		(23,165	)
Net increase (decrease) in cash and cash equivalents		(584	)		150			439
Cash and cash equivalents at beginning of year		2,089			1,939			1,500
Cash and cash equivalents at end of year	$	1,505		$	2,089		$	1,939