Parent Company Only Financial Information

12 Months Ended

Dec. 31, 2022

Condensed Financial Information Disclosure [Abstract]

Parent Company Only Financial Information

Parent Company Only Financial Information

CONDENSED BALANCE SHEETS	December 31,
	2022		2021
Assets
Cash	$	142,832	$	47,035
Equity securities	2,750		2,850
Investment in bank subsidiary	466,268		474,902
Investment in non-bank subsidiaries	21,566		20,327
Deferred assets and current receivables	1,782		1,798
Other assets	931		1,044
Total assets	$	636,129	$	547,956
Liabilities
Subordinated debentures	$	104,584	$	104,281
Other liabilities	783		828
Total liabilities	105,367		105,109
Stockholders' equity	530,762		442,847
Total liabilities and stockholders' equity	$	636,129	$	547,956

CONDENSED STATEMENTS OF INCOME	Year Ended December 31,
Income:	2022		2021		2020
Dividends from:
Bank subsidiary	$	21,225	$	22,165	$	16,702
Non-bank subsidiaries	1,431		1,700		10,350
Other	198		210		216
Total income	22,854		24,075		27,268
Expenses	(6,112)		(6,657)		(6,838)
Income before income taxes and equity in undistributed net income of subsidiaries:	16,742		17,418		20,430
Change in net unrealized holdings gains (losses) on equity securities not held for trading	(132)		121		(31)
Income tax benefit	1,422		1,381		1,306
Equity in undistributed net income of bank subsidiary	43,846		37,178		18,197
Equity in undistributed (distributions in excess) of net income of non-bank subsidiaries	1,310		1,609		(7,159)
Net income	63,188		57,707		32,743
Dividends on preferred stock	(4,302)		(4,302)		(1,147)
Net income available to common stockholders	$	58,886	$	53,405	$	31,596
Comprehensive income attributable to the parent	$	63,613	$	58,008	$	32,519

CONDENSED STATEMENTS OF CASH FLOWS	Year Ended December 31,
	2022		2021		2020
Net income
Adjustments to reconcile net income to net cash provided by	$	63,188	$	57,707	$	32,743
Operating activities:
Equity in undistributed net income of bank subsidiary	(43,846)		(37,178)		(18,197)
(Equity in undistributed) distributions in excess of net income of non–bank subsidiaries	(1,310)		(1,609)		7,159
Net unrealized (gains) losses on equity securities	132		(121)		31
Decrease in other assets	609		60		21
Increase in other liabilities	1,571		978		1,091
Net cash provided by operating activities	20,344		19,837		22,848
Cash flows from investing activities
Purchase of equity securities	(32)		—		(2,000)
Outlays for business acquisition	—		—		(16,126)
Investment in bank subsidiaries	—		—		(41,500)
Net cash used in investing activities	(32)		—		(59,626)
Cash flows from financing activities:
Dividends paid on common stock	(12,557)		(11,550)		(10,981)
Dividends paid on preferred stock	(4,302)		(4,302)		(1,147)
Proceeds from issuance of long term debt	—		83,484		—
Repayment of long term debt	—		(50,000)		—
Purchase of treasury stock	(1,707)		(1,163)		(1,307)
Net proceeds from the issuance of preferred stock	—		—		57,785
Net proceeds from issuance of common stock	94,051		—		3,257
Net advance to subsidiary	—		—		(850)
Net cash provided by financing activities	75,485		16,469		46,757
Net increase in cash	95,797		36,306		9,979
Cash beginning of year	47,035		10,729		750
Cash end of year	$	142,832	$	47,035	$	10,729