Annual report pursuant to Section 13 and 15(d)

Condensed Financial Information of Parent Company (Tables)

v3.22.4
Condensed Financial Information of Parent Company (Tables)
12 Months Ended
Dec. 31, 2022
Condensed Financial Information Disclosure [Abstract]  
Balance Sheets of Parent Company

Balance Sheets

 

 

 

At December 31,

 

 

 

2022

 

 

2021

 

 

 

(in thousands)

 

Assets

 

 

 

 

 

 

Cash

 

$

10,558

 

 

$

94,877

 

Securities available for sale

 

 

17,660

 

 

 

 

Investments in consolidated subsidiaries

 

 

728,172

 

 

 

755,176

 

Other assets

 

 

12,611

 

 

 

11,554

 

Total assets

 

$

769,001

 

 

$

861,607

 

Liabilities and stockholders' equity

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

Subordinated debentures

 

$

129,409

 

 

$

215,006

 

Other liabilities

 

 

2,077

 

 

 

3,184

 

Total liabilities

 

 

131,486

 

 

 

218,190

 

Stockholders' equity

 

 

637,515

 

 

 

643,417

 

Total liabilities and stockholders' equity

 

$

769,001

 

 

$

861,607

 

Statement of Income of Parent Company

Statements of Income

 

 

 

Year Ended December 31,

 

 

 

2022

 

 

2021

 

 

2020

 

 

 

(in thousands)

 

Dividends from bank subsidiaries

 

$

57,000

 

 

$

20,639

 

 

$

16,986

 

Interest expense

 

 

(7,846

)

 

 

(8,273

)

 

 

(6,607

)

Other expense

 

 

(5,174

)

 

 

(4,891

)

 

 

(4,892

)

Income before taxes and undistributed income of subsidiary

 

 

43,980

 

 

 

7,475

 

 

 

5,487

 

Income tax benefit

 

 

4,026

 

 

 

3,962

 

 

 

3,247

 

Income before undistributed income of subsidiary

 

 

48,006

 

 

 

11,437

 

 

 

8,734

 

Equity in undistributed income of subsidiary

 

 

53,388

 

 

 

87,239

 

 

 

33,463

 

Net income

 

$

101,394

 

 

$

98,676

 

 

$

42,197

 

Statement of Cash Flows of Parent Company

Statements of Cash Flows

 

 

 

Year Ended December 31,

 

 

 

2022

 

 

2021

 

 

2020

 

 

 

(in thousands)

 

Cash Flows from Operating Activities:

 

 

 

 

 

 

 

 

 

Net income

 

$

101,394

 

 

$

98,676

 

 

$

42,197

 

Adjustments to reconcile net income to net cash used in operating activities

 

 

 

 

 

 

 

 

 

Undistributed income of subsidiary

 

 

(53,388

)

 

 

(87,239

)

 

 

(33,463

)

Amortization of subordinated debentures

 

 

1,703

 

 

 

1,148

 

 

 

595

 

Share-based compensation expense

 

 

2,596

 

 

 

2,437

 

 

 

2,544

 

Change in other assets and liabilities

 

 

(2,019

)

 

 

(9,076

)

 

 

6,779

 

Net cash provided by (used in) operating activities

 

 

50,286

 

 

 

5,946

 

 

 

18,651

 

Cash Flows from Investing Activities:

 

 

 

 

 

 

 

 

 

Purchases of securities

 

 

(17,956

)

 

 

 

 

 

 

Net cash provided by (used in) investing activities

 

 

(17,956

)

 

 

 

 

 

 

Cash Flows from Financing Activities:

 

 

 

 

 

 

 

 

 

Proceeds from exercise of stock options

 

 

19

 

 

 

 

 

 

 

Issuance of subordinated debentures

 

 

 

 

 

107,929

 

 

 

 

Redemption of subordinated debentures, net of treasury debentures

 

 

(87,300

)

 

 

(13,043

)

 

 

 

Cash paid for repurchase of vested shares due to employee tax liability

 

 

(732

)

 

 

(572

)

 

 

(335

)

Repurchase of common stock

 

 

 

 

 

(6,135

)

 

 

(2,196

)

Cash dividends paid

 

 

(28,636

)

 

 

(16,514

)

 

 

(15,959

)

Net cash provided by (used in) financing activities

 

 

(116,649

)

 

 

71,665

 

 

 

(18,489

)

Net increase (decrease) in cash

 

 

(84,319

)

 

 

77,611

 

 

 

162

 

Cash at beginning of year

 

 

94,877

 

 

 

17,266

 

 

 

17,105

 

Cash at end of year

 

$

10,558

 

 

$

94,877

 

 

$

17,266