| 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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2023 |
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2022 |
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(in thousands) |
|
Assets |
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Cash |
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$ |
7,492 |
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$ |
10,558 |
|
Securities available for sale |
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32,389 |
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|
17,660 |
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Investments in consolidated subsidiaries |
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|
790,425 |
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|
728,172 |
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Other assets |
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|
3,551 |
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|
12,611 |
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Total assets |
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$ |
833,857 |
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$ |
769,001 |
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Liabilities and stockholders' equity |
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Liabilities |
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Subordinated debentures |
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$ |
130,012 |
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$ |
129,409 |
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Other liabilities |
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|
1,954 |
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|
2,077 |
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Total liabilities |
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131,966 |
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|
131,486 |
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Stockholders' equity |
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|
701,891 |
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|
637,515 |
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Total liabilities and stockholders' equity |
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$ |
833,857 |
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$ |
769,001 |
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Statements of Income
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Year Ended December 31, |
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2023 |
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2022 |
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2021 |
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(in thousands) |
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Dividends from bank subsidiaries |
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$ |
44,500 |
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$ |
57,000 |
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$ |
20,639 |
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Interest income on securities |
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|
1,094 |
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|
191 |
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— |
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Interest expense |
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(6,482 |
) |
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(8,037 |
) |
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|
(8,273 |
) |
Other expense |
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(5,817 |
) |
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(5,174 |
) |
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(4,891 |
) |
Income before taxes and undistributed income of subsidiary |
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33,295 |
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43,980 |
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|
7,475 |
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Income tax benefit |
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1,403 |
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4,026 |
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|
3,962 |
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Income before undistributed income of subsidiary |
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34,698 |
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48,006 |
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11,437 |
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Equity in undistributed income of subsidiary |
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45,343 |
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53,388 |
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|
87,239 |
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Net income |
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$ |
80,041 |
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$ |
101,394 |
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$ |
98,676 |
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Statements of Cash Flows
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Year Ended December 31, |
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2023 |
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2022 |
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2021 |
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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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$ |
80,041 |
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$ |
101,394 |
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$ |
98,676 |
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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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(45,343 |
) |
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(53,388 |
) |
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(87,239 |
) |
Depreciation and amortization |
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|
409 |
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1,703 |
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|
1,148 |
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Share-based compensation expense |
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2,680 |
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2,596 |
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2,437 |
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Change in other assets and liabilities |
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8,879 |
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(2,019 |
) |
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(9,076 |
) |
Net cash provided by operating activities |
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46,666 |
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50,286 |
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5,946 |
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Cash Flows from Investing Activities: |
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Purchases of securities |
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(21,328 |
) |
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(17,956 |
) |
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— |
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Proceeds from matured, called and repayment of securities |
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7,000 |
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— |
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— |
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Net cash used in investing activities |
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(14,328 |
) |
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(17,956 |
) |
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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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— |
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19 |
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— |
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Issuance of subordinated debentures |
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— |
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— |
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107,929 |
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Redemption of subordinated debentures, net of treasury debentures |
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— |
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(87,300 |
) |
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(13,043 |
) |
Cash paid for employee vested shares surrendered due to employee tax liability |
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(785 |
) |
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(732 |
) |
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(572 |
) |
Repurchase of common stock |
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(4,084 |
) |
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— |
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(6,135 |
) |
Cash dividends paid |
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(30,535 |
) |
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(28,636 |
) |
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(16,514 |
) |
Net cash provided by (used in) financing activities |
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(35,404 |
) |
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(116,649 |
) |
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71,665 |
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Net increase (decrease) in cash |
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(3,066 |
) |
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(84,319 |
) |
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|
77,611 |
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Cash at beginning of year |
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|
10,558 |
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|
94,877 |
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|
17,266 |
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Cash at end of year |
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$ |
7,492 |
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$ |
10,558 |
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$ |
94,877 |
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