PARENT COMPANY CONDENSED FINANCIAL STATEMENTS:

12 Months Ended

Dec. 31, 2021

Condensed Financial Information Disclosure [Abstract]

PARENT COMPANY CONDENSED FINANCIAL STATEMENTS

PARENT COMPANY CONDENSED FINANCIAL STATEMENTS:

The parent company’s condensed balance sheets as of December 31, 2021 and 2020, and the related condensed statements of income and comprehensive income and cash flows for each of the three years in the period ended December 31, 2021, are as follows: 

CONDENSED BALANCE SHEETS
	December 31,
(Dollar amounts in thousands)	2021		2020
ASSETS
Cash deposits in affiliated banks	$	13,844	$	2,480
Investments in subsidiaries	571,986		597,888
Land and headquarters building, net	4,423		4,614
Other	7,518		6,000
Total Assets	$	597,771	$	610,982
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Dividends payable	7,952		7,182
Other liabilities	7,243		6,808
TOTAL LIABILITIES	15,195		13,990
Shareholders' Equity	582,576		596,992
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	597,771	$	610,982

CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
	Years Ended December 31,
(Dollar amounts in thousands)	2021		2020		2019
Dividends from subsidiaries	$	99,231	$	31,069	$	81,281
Other income	746		1,054		720
Interest on borrowings	—		(374)		(142)
Other operating expenses	(2,611)		(3,430)		(4,327)
Income before income taxes and equity in undistributed earnings of subsidiaries	97,366		28,319		77,532
Income tax benefit	681		801		908
Income before equity in undistributed earnings of subsidiaries	98,047		29,120		78,440
Equity in undistributed earnings of subsidiaries	(45,060)		24,724		(29,568)
Net income	$	52,987	$	53,844	$	48,872
Comprehensive income	$	40,797	$	71,109	$	64,825

 

CONDENSED STATEMENTS OF CASH FLOWS
	Years Ended December 31,
(Dollar amounts in thousands)	2021		2020		2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	$	52,987	$	53,844	$	48,872
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	191		328		193
Equity in undistributed earnings	45,060		(24,724)		(29,568)
Contribution of shares to ESOP	1,402		1,471		1,251
Restricted stock compensation	807		820		801
Increase (decrease) in other liabilities	435		6,127		(2,150)
(Increase) decrease in other assets	(1,518)		(5,977)		1,187
NET CASH FROM OPERATING ACTIVITIES	99,364		31,889		20,586
CASH FLOWS FROM INVESTING ACTIVITIES:
Cash received (disbursed) from acquisitions	(31,348)		—		(6,571)
NET CASH FROM INVESTING ACTIVITIES	(31,348)		—		(6,571)
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal payments on borrowings	—		(10,310)		—
Purchase of treasury stock	(42,471)		(9,220)		(315)
Dividends paid	(14,181)		(14,273)		(12,648)
NET CASH FROM FINANCING ACTIVITES	(56,652)		(33,803)		(12,963)
NET (DECREASE) INCREASE IN CASH	11,364		(1,914)		1,052
CASH, BEGINNING OF YEAR	2,480		4,394		3,342
CASH, END OF YEAR	$	13,844	$	2,480	$	4,394
Supplemental disclosures of cash flow information:
Cash paid during the year for:
Interest	$	—	$	375	$	—
Income taxes	$	15,025	$	7,549	$	9,595