Parent Company Only Financial Information

12 Months Ended

Dec. 31, 2021

Condensed Financial Information Disclosure [Abstract]

Parent Company Only Financial Information

Parent Company Only Financial Information

CONDENSED BALANCE SHEETS	December 31,
	2021		2020
Assets
Cash	$	47,035	$	10,729
Equity securities	2,850		2,692
Investment in bank subsidiary	474,902		456,531
Investment in non-bank subsidiaries	20,327		15,681
Deferreds and current receivable	1,798		1,788
Other assets	1,044		1,264
Total assets	$	547,956	$	488,685
Liabilities
Subordinated debentures	$	104,281	$	70,620
Other liabilities	828		1,928
Total liabilities	105,109		72,548
Stockholders' equity	442,847		416,137
Total liabilities and stockholders' equity	$	547,956	$	488,685

CONDENSED STATEMENTS OF INCOME	Year Ended December 31,
Income:	2021		2020		2019
Dividends from:
Bank subsidiary	$	22,165	$	16,702	$	12,696
Non-bank subsidiaries	1,700		10,350		0
Other	210		216		208
Total income	24,075		27,268		12,904
Expenses	(6,657)		(6,838)		(5,518)
Income before income taxes and equity in undistributed net income of subsidiaries:	17,418		20,430		7,386
Change in net unrealized holdings gains (losses) on equity securities not held for trading	121		(31)		24
Income tax benefit	1,381		1,306		1,177
Equity in undistributed net income of bank subsidiary	37,178		18,197		27,580
Equity in undistributed (distributions in excess) of net income of non-bank subsidiaries	1,609		(7,159)		3,914
Net income	57,707		32,743		40,081
Dividends on preferred stock	(4,302)		(1,147)		0
Net income available to common stockholders	$	53,405	$	31,596	$	40,081
Comprehensive income attributable to the parent	$	58,008	$	32,519	$	39,856

CONDENSED STATEMENTS OF CASH FLOWS	Year Ended December 31,
	2021		2020		2019
Net income
Adjustments to reconcile net income to net cash provided by	$	57,707	$	32,743	$	40,081
operating activities:
Equity in undistributed net income of bank subsidiary	(37,178)		(18,197)		(27,580)
(Equity in undistributed) distributions in excess of net income of non–bank subsidiaries	(1,609)		7,159		(3,914)
Net unrealized (gains) losses on equity securities	(121)		31		(24)
Decrease in other assets	60		21		177
Increase in other liabilities	978		1,091		1,267
Net cash provided by operating activities	19,837		22,848		10,007
Cash flows from investing activities
Purchase of equity securities	0		(2,000)		(36)
Outlays for business acquisition	0		(16,126)		0
Investment in bank subsidiaries	0		(41,500)		0
Net cash used in investing activities	0		(59,626)		(36)
Cash flows from financing activities:
Dividends paid on common stock	(11,550)		(10,981)		(10,358)
Dividends paid on preferred stock	(4,302)		(1,147)		0
Proceeds from issuance of long term debt	83,484		0		0
Repayment of long term debt	(50,000)		0		0
Purchase of treasury stock	(1,163)		(1,307)		(1,291)
Net proceeds from the issuance of preferred stock	0		57,785		0
Net proceeds from issuance of common stock	0		3,257		1,423
Net advance (to) from subsidiary	0		(850)		650
Net cash provided by (used in) financing activities	16,469		46,757		(9,576)
Net increase (decrease) in cash	36,306		9,979		395
Cash beginning of year	10,729		750		355
Cash end of year	$	47,035	$	10,729	$	750