Annual report pursuant to Section 13 and 15(d)

Condensed Financial Information of Parent Company

v3.24.0.1
Condensed Financial Information of Parent Company
12 Months Ended
Dec. 31, 2023
Condensed Financial Information Disclosure [Abstract]  
Condensed Financial Information of Parent Company

Note 23 — Condensed Financial Information of Parent Company

Balance Sheets

 

 

 

At December 31,

 

 

 

2023

 

 

2022

 

 

 

(in thousands)

 

Assets

 

 

 

 

 

 

Cash

 

$

7,492

 

 

$

10,558

 

Securities available for sale

 

 

32,389

 

 

 

17,660

 

Investments in consolidated subsidiaries

 

 

790,425

 

 

 

728,172

 

Other assets

 

 

3,551

 

 

 

12,611

 

Total assets

 

$

833,857

 

 

$

769,001

 

Liabilities and stockholders' equity

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

Subordinated debentures

 

$

130,012

 

 

$

129,409

 

Other liabilities

 

 

1,954

 

 

 

2,077

 

Total liabilities

 

 

131,966

 

 

 

131,486

 

Stockholders' equity

 

 

701,891

 

 

 

637,515

 

Total liabilities and stockholders' equity

 

$

833,857

 

 

$

769,001

 

 

Statements of Income

 

 

 

Year Ended December 31,

 

 

 

2023

 

 

2022

 

 

2021

 

 

 

(in thousands)

 

Dividends from bank subsidiaries

 

$

44,500

 

 

$

57,000

 

 

$

20,639

 

Interest income on securities

 

 

1,094

 

 

 

191

 

 

 

 

Interest expense

 

 

(6,482

)

 

 

(8,037

)

 

 

(8,273

)

Other expense

 

 

(5,817

)

 

 

(5,174

)

 

 

(4,891

)

Income before taxes and undistributed income of subsidiary

 

 

33,295

 

 

 

43,980

 

 

 

7,475

 

Income tax benefit

 

 

1,403

 

 

 

4,026

 

 

 

3,962

 

Income before undistributed income of subsidiary

 

 

34,698

 

 

 

48,006

 

 

 

11,437

 

Equity in undistributed income of subsidiary

 

 

45,343

 

 

 

53,388

 

 

 

87,239

 

Net income

 

$

80,041

 

 

$

101,394

 

 

$

98,676

 

 

Statements of Cash Flows

 

 

 

Year Ended December 31,

 

 

 

2023

 

 

2022

 

 

2021

 

 

 

(in thousands)

 

Cash Flows from Operating Activities:

 

 

 

 

 

 

 

 

 

Net income

 

$

80,041

 

 

$

101,394

 

 

$

98,676

 

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

 

 

 

 

 

 

 

 

 

Undistributed income of subsidiary

 

 

(45,343

)

 

 

(53,388

)

 

 

(87,239

)

Depreciation and amortization

 

 

409

 

 

 

1,703

 

 

 

1,148

 

Share-based compensation expense

 

 

2,680

 

 

 

2,596

 

 

 

2,437

 

Change in other assets and liabilities

 

 

8,879

 

 

 

(2,019

)

 

 

(9,076

)

Net cash provided by operating activities

 

 

46,666

 

 

 

50,286

 

 

 

5,946

 

Cash Flows from Investing Activities:

 

 

 

 

 

 

 

 

 

Purchases of securities

 

 

(21,328

)

 

 

(17,956

)

 

 

 

Proceeds from matured, called and repayment of securities

 

 

7,000

 

 

 

 

 

 

 

Net cash used in investing activities

 

 

(14,328

)

 

 

(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 employee vested shares surrendered due to employee tax liability

 

 

(785

)

 

 

(732

)

 

 

(572

)

Repurchase of common stock

 

 

(4,084

)

 

 

 

 

 

(6,135

)

Cash dividends paid

 

 

(30,535

)

 

 

(28,636

)

 

 

(16,514

)

Net cash provided by (used in) financing activities

 

 

(35,404

)

 

 

(116,649

)

 

 

71,665

 

Net increase (decrease) in cash

 

 

(3,066

)

 

 

(84,319

)

 

 

77,611

 

Cash at beginning of year

 

 

10,558

 

 

 

94,877

 

 

 

17,266

 

Cash at end of year

 

$

7,492

 

 

$

10,558

 

 

$

94,877