Parent Company Statements

12 Months Ended

Dec. 31, 2021

Condensed Financial Information Disclosure [Abstract]

Parent Company Statements

21.Parent Company Statements

Condensed parent company financial statements, which include transactions with subsidiaries, are as follow:

	December 31,
Statements of Financial Condition	2021		2020
	(In Thousands)
Assets
Cash and cash equivalents	$	24,152	$	58,017
Equity securities		14,097		1,090
Investment in banking subsidiary		1,034,379		962,675
Investment in non-bank subsidiaries		33,102		39,699
Other assets		4,110		6,013
Total assets	$	1,109,840	$	1,067,494
Liabilities and stockholders’ equity:
Subordinated debentures	$	84,976	$	84,860
Accrued liabilities		1,368		358
Stockholders’ equity		1,023,496		982,276
Total liabilities and stockholders’ equity	$	1,109,840	$	1,067,494

	Years Ended December 31,
Statements of Income	2021			2020			2019
	(In Thousands)
Dividends from subsidiaries	$	46,315		$	25,900		$	38,585
Interest income		520			30			—
Interest expense		(2,713	)		(1,308	)		(1,368	)
Other income		1,955			105			1
Noninterest expense		(997	)		(902	)		(1,234	)
Income before income taxes and equity in earnings of subsidiaries		45,080			23,825			35,984
Income tax credit		(259	)		(423	)		(534	)
Income before equity in earnings of subsidiaries		45,339			24,248			36,518
Undistributed equity in earnings of subsidiaries		80,712			38,829			12,852
Net income		126,051			63,077			49,370
Other comprehensive income (loss)		(18,432	)		10,409			6,743
Comprehensive income	$	107,619		$	73,486		$	56,113

	Years Ended December 31,
Statements of Cash Flows	2021			2020			2019
	(In Thousands)
Operating activities:
Net income	$	126,051		$	63,077		$	49,370
Adjustments to reconcile net income to net cash (used in)    provided by operating activities:
Undistributed equity in earnings of subsidiaries		(80,712	)		(38,829	)		(12,852	)
Change in other assets and liabilities		380			1,630			(201	)
Net cash provided by (used in) operating activities		45,719			25,878			36,317
Investing activities:
Net Cash received for United Community Financial Corp.		—			9,414			—
Purchase of equity securities		(11,053	)		(1,000	)		—
Net cash used in investing activities		(11,053	)		8,414			—
Financing activities:
Repurchase of common stock		(29,583	)		(10,183	)		(15,147	)
Cash dividends paid		(38,948	)		(32,898	)		(15,624	)
Proceeds from subordinated debentures		—			48,777			—
Stock Options Exercised		—			—			189
Direct stock sales		—			18			123
Net cash used in financing activities		(68,531	)		5,714			(30,459	)
Net increase (decrease) in cash and cash equivalents		(33,865	)		40,006			5,858
Cash and cash equivalents at beginning of year		58,017			18,011			12,153
Cash and cash equivalents at end of year	$	24,152		$	58,017		$	18,011