XML 68 R54.htm IDEA: XBRL DOCUMENT v3.20.4
Parent Company Financial Information (Tables)
 12 Months Ended
Dec. 31, 2020
Parent Company Financial Information [Abstract]  
Parent Company Financial Information
Condensed Balance Sheets

  
December 31,
  
(In thousands)
  
2020
    
2019
  
Assets
            
Cash and cash equivalents
  
$
37,915
    
$
9,387
  
Equity securities, at estimated fair value
    
25,111
      
22,441
  
Investment in subsidiaries, on equity basis
    
1,345,317
      
1,209,752
  
Other assets
    
30,577
      
30,855
  
Total assets
  
$
1,438,920
    
$
1,272,435
  
Liabilities and Stockholders’ Equity
                
Total liabilities
  
$
251,302
    
$
152,038
  
Stockholders’ equity
    
1,187,618
      
1,120,397
  
Total liabilities and stockholders’ equity
  
$
1,438,920
    
$
1,272,435
  

Condensed Statements of Income

  
Years Ended December 31,
  
(In thousands)
  
2020
    
2019
    
2018
  
Dividends from subsidiaries
  
$
77,000
    
$
50,200
    
$
43,000
  
Management fee from subsidiaries
    
4,151
      
7,981
      
7,907
  
Net securities (losses) gains
    
(483
)
    
165
      
399
  
Interest, dividends and other income
    
824
      
876
      
905
  
Total revenue
  
$
81,492
    
$
59,222
    
$
52,211
  
Operating expenses
    
11,825
      
14,262
      
14,226
  
Income before income tax benefit and equity in undistributed income of subsidiaries
  
$
69,667
    
$
44,960
    
$
37,985
  
Income tax benefit
    
(2,653
)
    
(1,588
)
    
(1,608
)
Equity in undistributed income of subsidiaries
    
32,068
      
74,473
      
72,973
  
Net income
  
$
104,388
    
$
121,021
    
$
112,566
  


Condensed Statements of Cash Flow
 
  
Years Ended December 31,
  
(In thousands)
  
2020
    
2019
    
2018
  
Operating activities
                  
Net income
  
$
104,388
    
$
121,021
    
$
112,566
  
Adjustments to reconcile net income to net cash provided by operating activities
                        
Depreciation and amortization of premises and equipment
    
1,739
      
2,298
      
2,814
  
Excess tax benefit on stock-based compensation
    
(181
)
    
(409
)
    
(543
)
Stock-based compensation expense
    
4,581
      
4,210
      
3,936
  
Net securities losses (gains)
    
483
      
(165
)
    
(399
)
Equity in undistributed income of subsidiaries
    
(32,068
)
    
(74,473
)
    
(72,973
)
Bank owned life insurance income
    
(391
)
    
(398
)
    
(424
)
Amortization of subordinated debt issuance costs
    
230
      
-
      
-
  
Net change in other assets and other liabilities
    
(3,535
)
    
(1,573
)
    
(6,124
)
Net cash provided by operating activities
  
$
75,246
    
$
50,511
    
$
38,853
  
Investing activities
                        
Investment in the Bank
  
$
(90,000
)
  
$
-
    
$
-
  
Proceeds from calls of equity securities
    
2,000
      
-
      
-
  
Proceeds on sales of equity securities
    
-
      
-
      
3,318
  
Purchases of equity securities
    
-
      
(93
)
    
(2
)
Net cash (used in) provided by investing activities
  
$
(88,000
)
  
$
(93
)
  
$
3,316
  
Financing activities
                        
Proceeds from issuance of subordinated debt
  
$
100,000
    
$
-
    
$
-
  
Payment of subordinated debt issuance costs
    
(2,178
)
    
-
      
-
  
Proceeds from the issuance of shares to employee and other stock plans
    
184
      
725
      
1,296
  
Cash paid by employer for tax-withholding on stock issuance
    
(1,537
)
    
(1,622
)
    
(1,893
)
Purchases of treasury shares
    
(7,980
)
    
-
      
-
  
Cash dividends
    
(47,207
)
    
(46,010
)
    
(43,269
)
Net cash provided by (used in) financing activities
  
$
41,282
    
$
(46,907
)
  
$
(43,866
)
Net increase (decrease) in cash and cash equivalents
  
$
28,528
    
$
3,511
    
$
(1,697
)
Cash and cash equivalents at beginning of year
    
9,387
      
5,876
      
7,572
  
Cash and cash equivalents at end of year
  
$
37,915
    
$
9,387
    
$
5,876