| Condensed Financial Information of Parent Company |
Note 23 — Condensed Financial Information of Parent Company
Balance Sheets
|
|
|
At December 31,
|
|
|
|
|
2021
|
|
|
2020
|
|
|
|
|
(in thousands)
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
Cash
|
|
$
|
94,877
|
|
|
$
|
17,266
|
|
|
Investments in consolidated subsidiaries
|
|
|
755,176
|
|
|
|
679,455
|
|
|
Other assets
|
|
|
11,554
|
|
|
|
995
|
|
|
Total assets
|
|
$
|
861,607
|
|
|
$
|
697,716
|
|
|
Liabilities and stockholders' equity
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
Subordinated debentures
|
|
$
|
215,006
|
|
|
$
|
118,972
|
|
|
Other liabilities
|
|
|
3,184
|
|
|
|
1,701
|
|
|
Total liabilities
|
|
|
218,190
|
|
|
|
120,673
|
|
|
Stockholders' equity
|
|
|
643,417
|
|
|
|
577,043
|
|
|
Total liabilities and stockholders' equity
|
|
$
|
861,607
|
|
|
$
|
697,716
|
|
Statements of Income
|
|
|
Year Ended December 31,
|
|
|
|
|
2021
|
|
|
2020
|
|
|
2019
|
|
|
|
|
(in thousands)
|
|
|
Dividends from bank subsidiaries
|
|
$
|
20,639
|
|
|
$
|
16,986
|
|
|
$
|
44,500
|
|
|
Interest expense
|
|
|
(8,273
|
)
|
|
|
(6,607
|
)
|
|
|
(7,032
|
)
|
|
Other expense
|
|
|
(4,891
|
)
|
|
|
(4,892
|
)
|
|
|
(5,333
|
)
|
|
Income before taxes and undistributed income of subsidiary
|
|
|
7,475
|
|
|
|
5,487
|
|
|
|
32,135
|
|
|
Income tax benefit
|
|
|
3,962
|
|
|
|
3,247
|
|
|
|
3,823
|
|
|
Income before undistributed income of subsidiary
|
|
|
11,437
|
|
|
|
8,734
|
|
|
|
35,958
|
|
|
Equity in undistributed income of subsidiary
|
|
|
87,239
|
|
|
|
33,463
|
|
|
|
(3,170
|
)
|
|
Net income
|
|
$
|
98,676
|
|
|
$
|
42,197
|
|
|
$
|
32,788
|
|
Statements of Cash Flows
|
|
|
Year Ended December 31,
|
|
|
|
|
2021
|
|
|
2020
|
|
|
2019
|
|
|
|
|
(in thousands)
|
|
|
Cash Flows from Operating Activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
98,676
|
|
|
$
|
42,197
|
|
|
$
|
32,788
|
|
|
Adjustments to reconcile net income to net cash used in operating activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Undistributed income of subsidiary
|
|
|
(87,239
|
)
|
|
|
(33,463
|
)
|
|
|
3,170
|
|
|
Amortization of subordinated debentures
|
|
|
1,148
|
|
|
|
595
|
|
|
|
569
|
|
|
Share-based compensation expense
|
|
|
2,437
|
|
|
|
2,544
|
|
|
|
3,125
|
|
|
Change in other assets and liabilities
|
|
|
(9,076
|
)
|
|
|
6,779
|
|
|
|
4,679
|
|
|
Net cash provided by (used in) operating activities
|
|
|
5,946
|
|
|
|
18,651
|
|
|
|
44,331
|
|
|
Cash Flows from Financing Activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from exercise of stock options
|
|
|
—
|
|
|
|
—
|
|
|
|
2,979
|
|
|
Issuance of subordinated debentures
|
|
|
107,929
|
|
|
|
—
|
|
|
|
—
|
|
|
Purchase of subordinated debentures
|
|
|
(13,043
|
)
|
|
|
—
|
|
|
|
—
|
|
|
Cash paid for repurchase of vested shares due to employee tax liability
|
|
|
(572
|
)
|
|
|
(335
|
)
|
|
|
(517
|
)
|
|
Repurchase of common stock
|
|
|
(6,135
|
)
|
|
|
(2,196
|
)
|
|
|
(7,362
|
)
|
|
Cash dividends paid
|
|
|
(16,514
|
)
|
|
|
(15,959
|
)
|
|
|
(29,776
|
)
|
|
Net cash provided by (used in) financing activities
|
|
|
71,665
|
|
|
|
(18,489
|
)
|
|
|
(34,676
|
)
|
|
Net increase (decrease) in cash
|
|
|
77,611
|
|
|
|
162
|
|
|
|
9,655
|
|
|
Cash at beginning of year
|
|
|
17,266
|
|
|
|
17,105
|
|
|
|
7,450
|
|
|
Cash at end of year
|
|
$
|
94,877
|
|
|
$
|
17,266
|
|
|
$
|
17,105
|
|
|