Parent Company Only Financial Information

12 Months Ended

Dec. 31, 2022

Parent Company Only Financial Information [Abstract]

Parent Company Only Financial Information

Parent Company Only Financial Information

Condensed Balance Sheets	December 31,
(Dollars in thousands)	2022		2021
Assets:
Cash and due from other banks	$	50	$	50
Interest-bearing deposits in subsidiary bank	14,961		15,202
Due from subsidiary bank	1,353		547
Other investment securities	234		220
Investments in subsidiaries:
Bank	774,294		834,037
Non-bank	11,944		12,278
Other assets	2,877		5,248
Total assets	$	805,713	$	867,582
Liabilities:
Accrued expenses and other liabilities	$	3,336	$	5,660
Dividends payable	781		767
Mandatorily redeemable capital securities of subsidiary trusts	16,268		16,130
Total liabilities	20,385		22,557
Total stockholders' equity	785,328		845,025
Total liabilities and stockholders' equity	$	805,713	$	867,582

Condensed Statements of Income	Year Ended December 31,
(Dollars in thousands)	2022		2021		2020
Income:
Dividends from subsidiary bank	$	52,000	$	29,000	$	49,000
Dividends from non-bank subsidiary	1,860		1,750		—
Interest and other income	39		73		16
Total income	53,899		30,823		49,016
Expense:
Trust preferred securities expense	744		367		373
Intercompany management fees	1,379		1,303		1,369
Other expense	6,539		5,675		5,376
Total expense	8,662		7,345		7,118
Income before federal income taxes and equity in undistributed earnings of subsidiaries	45,237		23,478		41,898
Applicable income tax expense	(1,979)		(1,295)		(1,128)
Equity in (excess dividends from) undistributed earnings of subsidiaries	54,076		22,782		(8,259)
Net income	$	101,292	$	47,555	$	34,767

Statements of Cash Flows	Year Ended December 31,
(Dollars in thousands)	2022		2021		2020
Operating activities
Net income	$	101,292	$	47,555	$	34,767
Adjustments to reconcile net income to cash provided by operations:
Depreciation, amortization and accretion, net	138		6,224		161
(Equity in) excess dividends from undistributed earnings of subsidiaries	(54,076)		(22,782)		8,259
Gain on investment securities	—		—		(8)
Other, net	5,008		3,930		8,492
Net cash provided by operating activities	52,362		34,927		51,671
Investing activities
Net proceeds from sales and maturities of investment securities	—		10		10
Investment in subsidiaries	(13,084)		(16,282)		(35,238)
Decrease in receivable from subsidiary	12,279		16,344		34,719
Business combinations, net of cash received	(1,239)		(710)		—
Other, net	(262)		(1,998)		(76)
Net cash used in investing activities	(2,306)		(2,636)		(585)
Financing activities
Purchase of treasury stock	(9,152)		(1,306)		(30,409)
Proceeds from issuance of common shares	1,226		906		594
Cash dividends paid	(42,371)		(31,002)		(27,052)
Net cash used in financing activities	(50,297)		(31,402)		(56,867)
Net (decrease) increase in cash and cash equivalents	(241)		889		(5,781)
Cash and cash equivalents at the beginning of year	15,252		14,363		20,144
Cash and cash equivalents at the end of year	$	15,011	$	15,252	$	14,363
Supplemental cash flow information:
Interest paid	$	663	$	331	$	385