Condensed Parent Company Financial Statements

12 Months Ended

Dec. 31, 2021

Condensed Financial Information Disclosure [Abstract]

Condensed Parent Company Financial Statements

(17) CONDENSED PARENT COMPANY FINANCIAL STATEMENTS

BALANCE SHEETS

	December 31,
	2021		2020
	(Dollars in thousands)
ASSETS
Cash	$	62,007	$	9,081
Investments in subsidiaries		1,117,622		1,003,017
Goodwill		69,478		69,478
Core deposit premium		7,627		8,622
Dividends receivable		13,426		12,750
Other assets		1,515		5,331
Total assets	$	1,271,675	$	1,108,279
LIABILITIES AND STOCKHOLDERS’ EQUITY
Other liabilities	$	13,954	$	13,590
Subordinated debt		85,987		26,804
Stockholders’ equity		1,171,734		1,067,885
Total liabilities and stockholders’ equity	$	1,271,675	$	1,108,279

STATEMENTS OF INCOME

	Year Ended December 31,
	2021			2020			2019
	(Dollars in thousands)
OPERATING INCOME
Dividends from subsidiaries	$	54,480		$	50,872		$	77,559
Interest on interest-bearing deposits		41			1			1,150
Other		1,071			886			451
Total operating income		55,592			51,759			79,160
OPERATING EXPENSE
Interest		3,130			1,965			1,965
Other		3,340			3,317			5,017
Total operating expense		6,470			5,282			6,982
Income before taxes and equity in undistributed earnings of subsidiaries		49,122			46,477			72,178
Allocated income tax benefit		4,191			2,610			2,731
Income before equity in undistributed earnings of subsidiaries		53,313			49,087			74,909
Equity in undistributed earnings of subsidiaries		116,365			51,955			61,194
Amortization of stock-based compensation arrangements of subsidiaries		(2,048	)		(1,456	)		(1,224	)
Net income	$	167,630		$	99,586		$	134,879

STATEMENTS OF CASH FLOW

	Year Ended December 31,
	2021			2020			2019
	(Dollars in thousands)
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	167,630		$	99,586		$	134,879
Adjustments to reconcile to net cash provided by operating activities:
Equity in undistributed earnings of subsidiaries		(116,365	)		(51,955	)		(61,194	)
Amortization of stock-based compensation arrangements of subsidiaries		2,048			1,456			1,224
Other, net		5,056			188			(440	)
Net cash provided by operating activities		58,369			49,275			74,469
INVESTING ACTIVITIES
Payments for investments in subsidiaries		(9,000	)		(1,000	)		(134,457	)
Other, net		4,429			(1,175	)		(418	)
Net cash used in investing activities		(4,571	)		(2,175	)		(134,875	)
FINANCING ACTIVITIES
Issuance of common stock		2,260			1,790			2,484
Common stock acquired		(11,663	)		(3,098	)		(1,601	)
Net cash settlement of options		(5,479	)		—			—
Cash dividends paid		(45,140	)		(42,472	)		(39,805	)
Proceeds from the issuance of subordinated notes, net of debt issuance costs		59,150			—			—
Net cash used in financing activities		(872	)		(43,780	)		(38,922	)
Net increase (decrease) in cash and due from banks		52,926			3,320			(99,328	)
Cash and due from banks at the beginning of the period		9,081			5,761			105,089
Cash and due from banks at the end of the period	$	62,007		$	9,081		$	5,761
SUPPLEMENTAL DISCLOSURE
Cash paid during the period for interest	$	3,130		$	1,966		$	5,131
Cash received during the period for income taxes, net	$	4,411		$	2,812		$	4,518