Condensed Financial Information of Parent Company (Tables)
|
12 Months Ended |
Dec. 31, 2021 |
|---|
| Condensed Financial Information Of Parent Company Only Disclosure [Abstract] |
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| Balance Sheets of Parent Company |
Balance Sheets
|
|
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At December 31,
|
|
|
|
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2021
|
|
|
2020
|
|
|
|
|
(in thousands)
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
Cash
|
|
$
|
94,877
|
|
|
$
|
17,266
|
|
|
Investments in consolidated subsidiaries
|
|
|
755,176
|
|
|
|
679,455
|
|
|
Other assets
|
|
|
11,554
|
|
|
|
995
|
|
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Total assets
|
|
$
|
861,607
|
|
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$
|
697,716
|
|
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Liabilities and stockholders' equity
|
|
|
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Liabilities
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|
|
|
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Subordinated debentures
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|
$
|
215,006
|
|
|
$
|
118,972
|
|
|
Other liabilities
|
|
|
3,184
|
|
|
|
1,701
|
|
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Total liabilities
|
|
|
218,190
|
|
|
|
120,673
|
|
|
Stockholders' equity
|
|
|
643,417
|
|
|
|
577,043
|
|
|
Total liabilities and stockholders' equity
|
|
$
|
861,607
|
|
|
$
|
697,716
|
|
|
| Statement of Income of Parent Company |
Statements of Income
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|
|
Year Ended December 31,
|
|
|
|
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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
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|
|
3,962
|
|
|
|
3,247
|
|
|
|
3,823
|
|
|
Income before undistributed income of subsidiary
|
|
|
11,437
|
|
|
|
8,734
|
|
|
|
35,958
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|
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Equity in undistributed income of subsidiary
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|
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87,239
|
|
|
|
33,463
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|
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|
(3,170
|
)
|
|
Net income
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|
$
|
98,676
|
|
|
$
|
42,197
|
|
|
$
|
32,788
|
|
|
| Statement of Cash Flows of Parent Company |
Statements of Cash Flows
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Year Ended December 31,
|
|
|
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2021
|
|
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2020
|
|
|
2019
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|
|
|
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(in thousands)
|
|
|
Cash Flows from Operating Activities:
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|
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Net income
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|
$
|
98,676
|
|
|
$
|
42,197
|
|
|
$
|
32,788
|
|
|
Adjustments to reconcile net income to net cash used in operating activities
|
|
|
|
|
|
|
|
|
|
|
|
|
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Undistributed income of subsidiary
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|
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(87,239
|
)
|
|
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(33,463
|
)
|
|
|
3,170
|
|
|
Amortization of subordinated debentures
|
|
|
1,148
|
|
|
|
595
|
|
|
|
569
|
|
|
Share-based compensation expense
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|
|
2,437
|
|
|
|
2,544
|
|
|
|
3,125
|
|
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Change in other assets and liabilities
|
|
|
(9,076
|
)
|
|
|
6,779
|
|
|
|
4,679
|
|
|
Net cash provided by (used in) operating activities
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|
|
5,946
|
|
|
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18,651
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|
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|
44,331
|
|
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Cash Flows from Financing Activities:
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Proceeds from exercise of stock options
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|
|
—
|
|
|
|
—
|
|
|
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2,979
|
|
|
Issuance of subordinated debentures
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|
|
107,929
|
|
|
|
—
|
|
|
|
—
|
|
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Purchase of subordinated debentures
|
|
|
(13,043
|
)
|
|
|
—
|
|
|
|
—
|
|
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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
|
|
|