Parent Company Only Financial Information

12 Months Ended

Dec. 31, 2019

Parent Company Only Financial Information [Abstract]

Condensed Financial Information of Parent Company Only Disclosure

Parent Company Only Financial Information

Condensed Balance Sheets	December 31,
(Dollars in thousands)	2019		2018
Assets:
Cash and due from other banks	$	50	$	50
Interest-bearing deposits in subsidiary bank	20,094		13,750
Due from subsidiary bank	140		584
Other investment securities	237		216
Investments in subsidiaries:
Bank	573,429		506,200
Non-bank	9,418		8,298
Other assets	3,067		2,808
Total assets	$	606,435	$	531,906
Liabilities:
Accrued expenses and other liabilities	$	1,955	$	1,898
Dividends payable	342		291
Mandatorily redeemable capital securities of subsidiary trust	9,745		9,577
Total liabilities	12,042		11,766
Total stockholders' equity	594,393		520,140
Total liabilities and stockholders' equity	$	606,435	$	531,906

Condensed Statements of Income	Year Ended December 31,
(Dollars in thousands)	2019		2018		2017
Income:
Dividends from subsidiary bank	$	37,000	$	13,500	$	27,000
Dividends from non-bank subsidiary	—		2,500		20,000
Net gain on investment securities	—		—		2,602
Interest and other income	81		357		237
Total income	37,081		16,357		49,839
Expense:
Trust preferred securities expense	534		520		346
Intercompany management fees	1,607		1,561		1,361
Other expense	5,432		4,647		3,380
Total expense	7,573		6,728		5,087
Income before federal income taxes and equity in undistributed earnings of subsidiaries	29,508		9,629		44,752
Applicable income tax expense	(1,670)		(2,511)		(1,309)
Equity in (excess dividends from) undistributed earnings of subsidiaries	22,517		34,115		(7,590)
Net income	$	53,695	$	46,255	$	38,471

Statements of Cash Flows	Year Ended December 31,
(Dollars in thousands)	2019		2018		2017
Operating activities
Net income	$	53,695	$	46,255	$	38,471
Adjustments to reconcile net income to cash provided by operations:
Depreciation, amortization and accretion, net	168		9,177		(6,525)
(Equity in) excess dividends from undistributed earnings of subsidiaries	(22,517)		(34,115)		7,590
Gain on investment securities	—		—		(2,602)
Other, net	3,801		31		2,810
Net cash provided by operating activities	35,147		21,348		39,744
Investing activities
Net proceeds from sales and maturities of investment securities	—		5,388		2,359
Investment in subsidiaries	(18,874)		(31,813)		(50,883)
Decrease in receivable from subsidiary	18,869		32,236		25,496
Business combinations, net of cash received	(1,438)		(637)		—
Other, net	226		228		(229)
Net cash (used in) provided by investing activities	(1,217)		5,402		(23,257)
Financing activities
Purchase of treasury stock	(1,650)		(1,380)		(508)
Proceeds from issuance of common stock	6		25		9
Cash dividends paid	(25,942)		(20,915)		(14,706)
Net cash used in financing activities	(27,586)		(22,270)		(15,205)
Net increase in cash and cash equivalents	6,344		4,480		1,282
Cash and cash equivalents at the beginning of year	13,800		9,320		8,038
Cash and cash equivalents at the end of year	$	20,144	$	13,800	$	9,320
Supplemental cash flow information:
Interest paid	$	544	$	513	$	364