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Parent Company Financial Information
12 Months Ended
Dec. 31, 2023
Parent Company Financial Information [Abstract]  
Parent Company Financial Information
21.          Parent Company Financial Information


Condensed Balance Sheets

 
December 31,
 
(In thousands)
 
2023
   
2022
 
Assets
           
Cash and cash equivalents
 
$
162,364
   
$
116,129
 
Equity securities, at estimated fair value
   
28,739
     
24,499
 
Investment in subsidiaries, on equity basis
   
1,464,980
     
1,245,459
 
Other assets
   
42,435
     
39,339
 
Total assets
 
$
1,698,518
   
$
1,425,426
 
Liabilities and Stockholders’ Equity
               
Total liabilities
 
$
272,827
   
$
251,872
 
Stockholders’ equity
   
1,425,691
     
1,173,554
 
Total liabilities and stockholders’ equity
 
$
1,698,518
   
$
1,425,426
 

Condensed Statements of Income

 
Years Ended December 31,
 
(In thousands)
 
2023
   
2022
   
2021
 
Dividends from subsidiaries
 
$
116,250
   
$
119,000
   
$
118,900
 
Management fee from subsidiaries
   
7,093
     
2,005
     
2,653
 
Net securities (losses) gains
   
(82
)
   
(618
)
   
543
 
Interest, dividends and other income
   
715
     
638
     
564
 
Total revenue
 
$
123,976
   
$
121,025
   
$
122,660
 
Operating expenses
   
22,930
     
14,035
     
11,956
 
Income before income tax benefit and equity in undistributed income of subsidiaries
 
$
101,046
   
$
106,990
   
$
110,704
 
Income tax expense (benefit)
   
(3,785
)
   
(3,027
)
   
(2,250
)
Equity in undistributed income of subsidiaries
   
13,951
     
41,978
     
41,931
 
Net income
 
$
118,782
   
$
151,995
   
$
154,885
 

Condensed Statements of Cash Flows
 
 
Years Ended December 31,
 
(In thousands)
 
2023
   
2022
   
2021
 
Operating activities
                 
Net income
 
$
118,782
   
$
151,995
   
$
154,885
 
Adjustments to reconcile net income to net cash provided by operating activities
                       
Depreciation and amortization of premises and equipment
   
353
     
582
     
1,113
 
Excess tax benefit on stock-based compensation
   
(296
)
   
(288
)
   
(385
)
Stock-based compensation expense
   
5,102
     
4,530
     
4,414
 
Net securities losses (gains)
   
82
     
618
     
(543
)
Equity in undistributed income of subsidiaries
   
(13,950
)
   
(41,978
)
   
(41,931
)
Bank owned life insurance income
   
(271
)
   
(238
)
   
(326
)
Amortization of subordinated debt issuance costs
   
437
     
437
     
438
 
Discount on repurchase of subordinated debt
    -       (106 )     -  
Net change in other assets and other liabilities
   
(4,930
)
   
(8,376
)
   
(7,127
)
Net cash provided by operating activities
 
$
105,309
   
$
107,176
   
$
110,538
 
Investing activities
                       
Net cash provided by (used in) acquisitions
  $ 3,542     $ -     $ -  
Proceeds from calls of equity securities
   
-
     
-
     
1,000
 
Net cash provided by investing activities
 
$
3,542
   
$
-
   
$
1,000
 
Financing activities
                       
Repurchase of subordinated debt
  $ -     $ (2,000 )   $ -  
Proceeds from the issuance of shares to employee and other stock plans
   
91
     
-
     
112
 
Cash paid by employer for tax-withholding on stock issuance
   
(1,877
)
   
(1,751
)
   
(2,931
)
Purchases of treasury shares
   
(4,944
)
   
(14,713
)
   
(21,714
)
Cash dividends
   
(55,886
)
   
(49,765
)
   
(47,738
)
Net cash (used in) financing activities
 
$
(62,616
)
 
$
(68,229
)
 
$
(72,271
)
Net increase in cash and cash equivalents
 
$
46,235
   
$
38,947
   
$
39,267
 
Cash and cash equivalents at beginning of year
   
116,129
     
77,182
     
37,915
 
Cash and cash equivalents at end of year
 
$
162,364
   
$
116,129
   
$
77,182
 

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.