22. Parent Company Financial Information

Condensed Balance Sheets

	December 31,
(In thousands)	2018		2017
Assets
Cash and cash equivalents	$	5,876	$	7,572
Equity securities, at estimated fair value		18,221		-
AFS securities, at estimated fair value		-		10,065
Trading securities		-		11,245
Investment in subsidiaries, on equity basis		1,117,350		1,048,908
Other assets		34,237		40,461
Total assets	$	1,175,684	$	1,118,251
Liabilities and Stockholders’ Equity
Total liabilities	$	157,775	$	160,074
Stockholders’ equity		1,017,909		958,177
Total liabilities and stockholders’ equity	$	1,175,684	$	1,118,251

Condensed Statements of Income

	Years ended December 31,
(In thousands)	2018			2017		2016
Dividends from subsidiaries	$	43,000		$	38,300	$	10,200
Management fee from subsidiaries		7,907			99,319		95,244
Net securities gains		399			2,237		652
Interest, dividends and other income		905			928		976
Total revenue	$	52,211		$	140,784	$	107,072
Operating expenses		14,226			100,667		97,977
Income before income tax benefit and equity in undistributed income of subsidiaries		37,985			40,117		9,095
Income tax (benefit) expense		(1,608	)		2,233		(321	)
Dividends in excess of income (equity in undistributed income) of subsidiaries		72,973			44,267		68,993
Net income	$	112,566		$	82,151	$	78,409

Condensed Statements of Cash Flow

	Years ended December 31,
(In thousands)	2018			2017			2016
Operating activities
Net income	$	112,566		$	82,151		$	78,409
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization of premises and equipment		2,814			2,974			2,805
Excess tax (benefit) on stock-based compensation		(543	)		(1,769	)		(1,055	)
Stock-based compensation expense		3,936			3,644			4,378
Net securities gain		(399	)		(2,238	)		(652	)
Re-evaluation of deferred tax amounts from Tax Act		-			3,339			-
Equity in undistributed income of subsidiaries		(115,972	)		(82,567	)		(79,193	)
Cash dividend from subsidiaries		43,000			38,300			10,200
Bank owned life insurance income		(424	)		(328	)		(356	)
Net change in other assets and other liabilities		(6,124	)		(2,454	)		16,242
Net cash provided by operating activities	$	38,854		$	41,052		$	30,778
Investing activities
Proceeds on sales of equity securities	$	3,318		$	-		$	-
Purchases of equity securities		(2	)		-			-
Proceeds on sales and maturities of AFS securities		-			4,710			1,783
Purchases of AFS securities		-			(9	)		(580	)
Proceeds from settlement of bank owned life insurance		-			308			-
Net purchases of premises and equipment		-			(2,264	)		(3,083	)
Net cash provided by (used in) investing activities	$	3,316		$	2,745		$	(1,880	)
Financing activities
Proceeds from the issuance of shares to employee and other stock plans	$	1,296		$	3,309		$	6,032
Cash paid by employer for tax-withholding on stock issuance		(1,893	)		(3,582	)		(3,387	)
Purchases of treasury shares		-			-			(17,193	)
Cash dividends		(43,269	)		(40,104	)		(38,880	)
Net cash (used in) financing activities	$	(43,866	)	$	(40,377	)	$	(53,428	)
Net (decrease) increase in cash and cash equivalents	$	(1,696	)	$	3,420		$	(24,530	)
Cash and cash equivalents at beginning of year		7,572			4,152			28,682
Cash and cash equivalents at end of year	$	5,876		$	7,572		$	4,152

A statement of changes in stockholders’ equity has not been presented since it is the same as the consolidated statement of changes in stockholders’ equity previously presented.