| Condensed Financial Information of Parent Company |
Note 23 — Condensed Financial Information of Parent Company
Balance Sheets
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At December 31, |
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2022 |
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|
2021 |
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(in thousands) |
|
Assets |
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|
|
|
Cash |
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$ |
10,558 |
|
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$ |
94,877 |
|
Securities available for sale |
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|
17,660 |
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|
— |
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Investments in consolidated subsidiaries |
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|
728,172 |
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|
755,176 |
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Other assets |
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|
12,611 |
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|
11,554 |
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Total assets |
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$ |
769,001 |
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$ |
861,607 |
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Liabilities and stockholders' equity |
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Liabilities |
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Subordinated debentures |
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$ |
129,409 |
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$ |
215,006 |
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Other liabilities |
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|
2,077 |
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|
3,184 |
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Total liabilities |
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131,486 |
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|
218,190 |
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Stockholders' equity |
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|
637,515 |
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|
643,417 |
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Total liabilities and stockholders' equity |
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$ |
769,001 |
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$ |
861,607 |
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Statements of Income
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Year Ended December 31, |
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2022 |
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2021 |
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|
2020 |
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(in thousands) |
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Dividends from bank subsidiaries |
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$ |
57,000 |
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$ |
20,639 |
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$ |
16,986 |
|
Interest expense |
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|
(7,846 |
) |
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|
(8,273 |
) |
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|
(6,607 |
) |
Other expense |
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(5,174 |
) |
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|
(4,891 |
) |
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|
(4,892 |
) |
Income before taxes and undistributed income of subsidiary |
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|
43,980 |
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|
7,475 |
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|
5,487 |
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Income tax benefit |
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|
4,026 |
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|
3,962 |
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|
3,247 |
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Income before undistributed income of subsidiary |
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48,006 |
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11,437 |
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|
8,734 |
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Equity in undistributed income of subsidiary |
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53,388 |
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|
87,239 |
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|
33,463 |
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Net income |
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$ |
101,394 |
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$ |
98,676 |
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$ |
42,197 |
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Statements of Cash Flows
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Year Ended December 31, |
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2022 |
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2021 |
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2020 |
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(in thousands) |
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Cash Flows from Operating Activities: |
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Net income |
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$ |
101,394 |
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$ |
98,676 |
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$ |
42,197 |
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Adjustments to reconcile net income to net cash used in operating activities |
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Undistributed income of subsidiary |
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(53,388 |
) |
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(87,239 |
) |
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(33,463 |
) |
Amortization of subordinated debentures |
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1,703 |
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1,148 |
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|
595 |
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Share-based compensation expense |
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2,596 |
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2,437 |
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2,544 |
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Change in other assets and liabilities |
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(2,019 |
) |
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(9,076 |
) |
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|
6,779 |
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Net cash provided by (used in) operating activities |
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|
50,286 |
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|
5,946 |
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|
18,651 |
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Cash Flows from Investing Activities: |
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Purchases of securities |
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(17,956 |
) |
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— |
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— |
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Net cash provided by (used in) investing activities |
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(17,956 |
) |
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— |
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— |
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Cash Flows from Financing Activities: |
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Proceeds from exercise of stock options |
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19 |
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— |
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— |
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Issuance of subordinated debentures |
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— |
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107,929 |
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— |
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Redemption of subordinated debentures, net of treasury debentures |
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(87,300 |
) |
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(13,043 |
) |
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— |
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Cash paid for repurchase of vested shares due to employee tax liability |
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(732 |
) |
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(572 |
) |
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(335 |
) |
Repurchase of common stock |
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— |
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(6,135 |
) |
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(2,196 |
) |
Cash dividends paid |
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(28,636 |
) |
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(16,514 |
) |
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(15,959 |
) |
Net cash provided by (used in) financing activities |
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(116,649 |
) |
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|
71,665 |
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(18,489 |
) |
Net increase (decrease) in cash |
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(84,319 |
) |
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|
77,611 |
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|
162 |
|
Cash at beginning of year |
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|
94,877 |
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|
17,266 |
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|
17,105 |
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Cash at end of year |
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$ |
10,558 |
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$ |
94,877 |
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|
$ |
17,266 |
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