Parent Company Financial Information (Tables)

12 Months Ended

Dec. 31, 2022

Parent Company Financial Information [Abstract]

Parent Company Financial Information

Condensed Balance Sheets

	December 31,
(In thousands)	2022		2021
Assets
Cash and cash equivalents	$	116,129	$	77,182
Equity securities, at estimated fair value		24,499		27,622
Investment in subsidiaries, on equity basis		1,245,459		1,359,613
Other assets		39,339		36,216
Total assets	$	1,425,426	$	1,500,633
Liabilities and Stockholders’ Equity
Total liabilities	$	251,872	$	250,180
Stockholders’ equity		1,173,554		1,250,453
Total liabilities and stockholders’ equity	$	1,425,426	$	1,500,633

Condensed Statements of Income

	Years Ended December 31,
(In thousands)	2022			2021			2020
Dividends from subsidiaries	$	119,000		$	118,900		$	77,000
Management fee from subsidiaries		2,005			2,653			4,151
Net securities (losses) gains		(618	)		543			(483	)
Interest, dividends and other income		638			564			824
Total revenue	$	121,025		$	122,660		$	81,492
Operating expenses		14,035			11,956			11,825
Income before income tax benefit and equity in undistributed income of subsidiaries	$	106,990		$	110,704		$	69,667
Income tax benefit		(3,027	)		(2,250	)		(2,653	)
Equity in undistributed income of subsidiaries		41,978			41,931			32,068
Net income	$	151,995		$	154,885		$	104,388

Condensed Statements of Cash Flows

	Years Ended December 31,
(In thousands)	2022			2021			2020
Operating activities
Net income	$	151,995		$	154,885		$	104,388
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization of premises and equipment		582			1,113			1,739
Excess tax benefit on stock-based compensation		(288	)		(385	)		(181	)
Stock-based compensation expense		4,530			4,414			4,581
Net securities losses (gains)		618			(543	)		483
Equity in undistributed income of subsidiaries		(41,978	)		(41,931	)		(32,068	)
Bank owned life insurance income		(238	)		(326	)		(391	)
Amortization of subordinated debt issuance costs		437			438			230
Discount on repurchase of subordinated debt		(106	)		-			-
Net change in other assets and other liabilities		(8,376	)		(7,127	)		(3,535	)
Net cash provided by operating activities	$	107,176		$	110,538		$	75,246
Investing activities
Investment in the Bank	$	-		$	-		$	(90,000	)
Proceeds from calls of equity securities		-			1,000			2,000
Net cash provided by (used in) investing activities	$	-		$	1,000		$	(88,000	)
Financing activities
Proceeds from issuance of subordinated debt	$	-		$	-		$	100,000
Payment of subordinated debt issuance costs		-			-			(2,178	)
Repurchase of subordinated debt		(2,000	)		-			-
Proceeds from the issuance of shares to employee and other stock plans		-			112			184
Cash paid by employer for tax-withholding on stock issuance		(1,751	)		(2,931	)		(1,537	)
Purchases of treasury shares		(14,713	)		(21,714	)		(7,980	)
Cash dividends		(49,765	)		(47,738	)		(47,207	)
Net cash (used in) provided by financing activities	$	(68,229	)	$	(72,271	)	$	41,282
Net increase in cash and cash equivalents	$	38,947		$	39,267		$	28,528
Cash and cash equivalents at beginning of year		77,182			37,915			9,387
Cash and cash equivalents at end of year	$	116,129		$	77,182		$	37,915