Parent Company Statements

12 Months Ended

Dec. 31, 2020

Condensed Financial Information Of Parent Company Only 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	2020		2019
	(In Thousands)
Assets
Cash and cash equivalents	$	58,017	$	18,011
Investment in banking subsidiary		962,675		419,496
Investment in non-bank subsidiaries		39,699		24,103
Other assets		7,103		1,169
Total assets	$	1,067,494	$	462,779
Liabilities and stockholders’ equity:
Subordinated debentures	$	84,860	$	36,083
Accrued liabilities		358		529
Stockholders’ equity		982,276		426,167
Total liabilities and stockholders’ equity	$	1,067,494	$	462,779

	Years Ended December 31,
Statements of Income	2020			2019			2018
	(In Thousands)
Dividends from subsidiaries	$	25,900		$	38,585		$	24,550
Interest income		30			—			—
Interest expense		(1,308	)		(1,368	)		(1,281	)
Other income		105			1			1
Noninterest expense		(902	)		(1,234	)		(831	)
Income before income taxes and equity in earnings of subsidiaries		23,825			35,984			22,439
Income tax credit		(423	)		(534	)		(431	)
Income before equity in earnings of subsidiaries		24,248			36,518			22,870
Undistributed equity in earnings of subsidiaries		38,829			12,852			23,379
Net income		63,077			49,370			46,249
Other comprehensive income (loss)		10,409			6,743			(2,412	)
Comprehensive income	$	73,486		$	56,113		$	43,837

	Years Ended December 31,
Statements of Cash Flows	2020			2019			2018
	(In Thousands)
Operating activities:
Net income	$	63,077		$	49,370		$	46,249
Adjustments to reconcile net income to net cash (used in)    provided by operating activities:
Undistributed equity in earnings of subsidiaries		(38,829	)		(12,852	)		(23,379	)
Change in other assets and liabilities		1,630			(201	)		(419	)
Net cash provided by (used in) operating activities		25,878			36,317			22,451
Investing activities:
Net Cash received for United Community Financial Corp.		9,414			—			—
Purchase of equity securities		(1,000	)		—			—
Net cash used in investing activities		8,414			—			—
Financing activities:
Repurchase of common stock		(10,183	)		(15,147	)		(6,330	)
Cash dividends paid		(32,898	)		(15,624	)		(13,043	)
Proceeds from subordinated debentures		48,777			—			—
Stock Options Exercised		—			189			111
Direct stock sales		18			123			104
Net cash used in financing activities		5,714			(30,459	)		(19,158	)
Net increase (decrease) in cash and cash equivalents		40,006			5,858			3,293
Cash and cash equivalents at beginning of year		18,011			12,153			8,860
Cash and cash equivalents at end of year	$	58,017		$	18,011		$	12,153