Parent Company Financial Statements (Tables)
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12 Months Ended |
Dec. 31, 2023 |
Condensed Financial Information Disclosure [Abstract] |
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Schedule of Balance Sheet |
| | | | | | | | | | | | | | | | | As of December 31, | Balance sheets | | 2023 | | 2022 | Assets | | | | | Cash and cash equivalents(1) | | $ | 21,448 | | | $ | 3,052 | | | | | | | | | | | | Investment in subsidiaries(1) | | 1,449,439 | | | 1,337,657 | | Other assets | | 15,291 | | | 16,654 | | Goodwill | | 29 | | | 29 | | Total assets | | $ | 1,486,207 | | | $ | 1,357,392 | | Liabilities and shareholders' equity | | | | | Liabilities | | | | | Borrowings | | $ | 30,930 | | | $ | 30,930 | | Accrued expenses and other liabilities | | 483 | | | 1,037 | | Total liabilities | | 31,413 | | | 31,967 | | Shareholders' equity | | | | | Common stock | | 46,849 | | | 46,738 | | Additional paid-in capital | | 864,258 | | | 861,588 | | Retained earnings | | 678,412 | | | 586,532 | | Accumulated other comprehensive loss | | (134,725) | | | (169,433) | | Total shareholders' equity | | 1,454,794 | | | 1,325,425 | | Total liabilities and shareholders' equity | | $ | 1,486,207 | | | $ | 1,357,392 | |
(1) Eliminates in Consolidation
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Schedule of Income Statements |
| | | | | | | | | | | | | | | | | | | | | | | Years Ended December 31, | Statements of income | | 2023 | | 2022 | | 2021 | Income | | | | | | | | | | | | | | | | | | | | | Dividend income from bank subsidiary(1) | | $ | 49,000 | | | $ | 49,000 | | | $ | 122,500 | | | | | | | | | Dividend income from nonbank subsidiary(1) | | 530 | | | — | | | 2,525 | | Loss on investments | | — | | | — | | | 249 | | | | | | | | | Other income | | 57 | | | 89 | | | 15 | | Total income | | 49,587 | | | 49,089 | | | 125,289 | | Expenses | | | | | | | Interest expense | | 1,590 | | | 1,587 | | | 2,455 | | Salaries, legal and professional fees | | 1,461 | | | 1,590 | | | 1,445 | | Other noninterest expense | | 478 | | | 771 | | | 1,812 | | Total expenses | | 3,529 | | | 3,948 | | | 5,712 | | Income before income tax benefit and equity in undistributed earnings of subsidiaries | | 46,058 | | | 45,141 | | | 119,577 | | Federal and state income tax benefit | | (887) | | | (1,002) | | | (2,992) | | Income before equity in undistributed earnings of subsidiaries | | 46,945 | | | 46,143 | | | 122,569 | | Equity in undistributed earnings from bank subsidiary(1) | | 73,832 | | | 76,232 | | | 68,351 | | Equity in undistributed earnings from nonbank subsidiary(1) | | (553) | | | 2,180 | | | (635) | | Net income | | $ | 120,224 | | | $ | 124,555 | | | $ | 190,285 | | | | | | | | |
(1) Eliminates in Consolidation
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Schedule of Cash Flows |
| | | | | | | | | | | | | | | | | | | | | | | Years Ended December 31, | Statements of cash flows | | 2023 | | 2022 | | 2021 | Operating Activities | | | | | | | Net income | | $ | 120,224 | | | $ | 124,555 | | | $ | 190,285 | | Adjustments to reconcile net income to net cash provided by operating activities: | | | | | | | Equity in undistributed income of bank subsidiary | | (73,832) | | | (76,232) | | | (68,351) | | Equity in undistributed income of nonbank subsidiary | | 553 | | | (2,180) | | | 635 | | Accretion of subordinated debt fair value premium | | — | | | — | | | (369) | | Gain on investments | | — | | | — | | | (249) | | | | | | | | | Stock-based compensation expense | | 10,381 | | | 9,857 | | | 10,282 | | Decrease (increase) in other assets | | 1,017 | | | (802) | | | (3,916) | | Decrease in other liabilities | | (4,064) | | | (7,381) | | | (678) | | | | | | | | | Net cash provided by operating activities | | 54,279 | | | 47,817 | | | 127,639 | | Investing Activities | | | | | | | | | | | | | | | | | | | | | | | | | | | | Proceeds from sale of equity securities | | — | | | — | | | 1,422 | | Net cash provided by investing activities | | — | | | — | | | 1,422 | | Financing Activities | | | | | | | | | | | | | | Payments on subordinated debt | | — | | | — | | | (60,000) | | Payments on other borrowings | | — | | | — | | | (15,000) | | | | | | | | | Share based compensation withholding payments | | (3,379) | | | (2,842) | | | (10,158) | | Net proceeds from sale of common stock under employee stock purchase program | | 723 | | | 1,212 | | | 1,480 | | Repurchase of common stock | | (4,944) | | | (39,979) | | | (7,595) | | Dividends paid on common stock | | (28,057) | | | (24,503) | | | (20,866) | | Dividend equivalent payments made upon vesting of equity compensation | | (226) | | | (168) | | | (717) | | Net cash used in financing activities | | (35,883) | | | (66,280) | | | (112,856) | | Net increase (decrease) in cash and cash equivalents | | 18,396 | | | (18,463) | | | 16,205 | | Cash and cash equivalents at beginning of year | | 3,052 | | | 21,515 | | | 5,310 | | Cash and cash equivalents at end of year | | $ | 21,448 | | | $ | 3,052 | | | $ | 21,515 | | Supplemental noncash disclosures: | | | | | | | Dividends declared not paid on restricted stock units | | $ | 287 | | | $ | 222 | | | $ | 400 | | | | | | | | | Noncash security distribution to bank subsidiary | | — | | | — | | | 2,646 | | | | | | | | | | | | | | | |
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