Note 21 - Parent Corporation Only Financial Statements

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Condensed Financial Information of Parent Company Only Disclosure [Text Block]

Note 21 – Parent Corporation Only Financial Statements

The Parent Corporation operates its wholly-owned subsidiary, the Bank. The earnings of this subsidiary are recognized by the Parent Corporation using the equity method of accounting. Accordingly, earnings are recorded as increases in the Parent Corporation’s investment in the subsidiaries and dividends paid reduce the investment in the subsidiaries. The ability of the Parent Corporation to pay dividends will largely depend upon the dividends paid to it by the Bank. Dividends payable by the Bank to the Parent Corporation are restricted under supervisory regulations (see Note 18 of the Notes to Consolidated Financial Statements).

Condensed financial statements of the Parent Corporation only are as follows: 

	Condensed Statements of Condition
	As of December 31,
	2023		2022
	(dollars in thousands)
ASSETS
Cash and cash equivalents	$	35,885	$	117,162
Investment in subsidiaries		1,253,497		1,179,342
Investment securities		156		32,405
Equity securities		6,957		4,218
Other assets		-		699
Total assets	$	1,296,495	$	1,333,826
LIABILITIES AND STOCKHOLDERS’ EQUITY
Other liabilities		436		1,820
Subordinated debentures, net		79,439		153,255
Stockholders’ equity		1,216,620		1,178,751
Total liabilities and stockholders’ equity	$	1,296,495	$	1,333,826

	Condensed Statements of Income
	For Years Ended December 31,
	2023			2022			2021
	(dollars in thousands)
Income:
Dividend income from subsidiaries	$	50,725		$	36,475		$	24,071
Other income		946			1,638			1,627
Total Income		51,671			38,113			25,698
Expenses		(6,359	)		(8,928	)		(8,741	)
Income before equity in undistributed earnings of subsidiaries		45,312			29,185			16,957
Equity in undistributed earnings of subsidiaries		41,691			96,026			113,396
Net Income		87,003			125,211			130,353
Preferred dividends		6,036			6,037			1,717
Net income available to common stockholders	$	80,967		$	119,174		$	128,636

	Condensed Statements of Cash Flows
	For Years Ended December 31
	2023			2022			2021
	(dollars in thousands)
Cash flows from operating activities:
Net income	$	87,003		$	125,211		$	130,353
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed earnings of subsidiary		(41,691	)		(96,026	)		(113,396	)
Loss on equity securities, net		131			45			55
Amortization of subordinated debt issuance costs		1,184			304			303
Decrease in other assets		699			-			50,590
Decrease in other liabilities		(1,384	)		(14	)		(287	)
Net cash provided by operating activities		45,942			29,520			67,618
Cash flows from investing activities:
Payments for investments and advances in subsidiaries		(32,250	)		-			-
Repayment of investments and advances in subsidiaries		32,250			-			-
Purchases of equity securities		(2,870	)		(3,538	)		(780	)
Net cash used in investing activities		(2,870	)		(3,538	)		(780	)
Cash flows from financing activities:
Repayment of subordinated debt		(75,000	)		-			(50,000	)
Cash dividends paid on preferred stock		(6,036	)		(6,037	)		(1,717	)
Cash dividends paid on common stock		(25,912	)		(23,428	)		(17,493	)
Purchase of treasury stock		(17,497	)		(13,127	)		(9,401	)
Proceeds from preferred stock offering		-			-			110,927
Proceeds from exercise of stock options		96			124			106
Net cash (used in) provided by financing activities		(124,349	)		(42,468	)		32,422
(Increase) decrease in cash and cash equivalents		(81,277	)		(16,486	)		99,260
Cash and cash equivalents as of January 1,		117,162			133,648			34,388
Cash and cash equivalents as of December 31,	$	35,885		$	117,162		$	133,648