Condensed Financial Information of Parent Company (Tables)
|
12 Months Ended |
Dec. 31, 2023 |
|---|
| Condensed Financial Information Disclosure [Abstract] |
|
| Balance Sheets of Parent Company |
Balance Sheets
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At December 31, |
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2023 |
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|
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 |
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|
|
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|
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Liabilities |
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|
|
|
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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 |
|
|
| Statement of Income of Parent Company |
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) |
|
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 |
) |
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|
(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 |
|
|
| Statement of Cash Flows of Parent Company |
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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|
|
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Net income |
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$ |
80,041 |
|
|
$ |
101,394 |
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|
$ |
98,676 |
|
Adjustments to reconcile net income to net cash used in operating activities |
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|
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Undistributed income of subsidiary |
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|
(45,343 |
) |
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|
(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: |
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Purchases of securities |
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|
(21,328 |
) |
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(17,956 |
) |
|
|
— |
|
Proceeds from matured, called and repayment of securities |
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|
7,000 |
|
|
|
— |
|
|
|
— |
|
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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|
— |
|
Issuance of subordinated debentures |
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|
— |
|
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|
— |
|
|
|
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 |
|
|