Condensed Parent Company Financial Statements

12 Months Ended

Dec. 31, 2022

(17) CONDENSED PARENT COMPANY FINANCIAL STATEMENTS

BALANCE SHEETS


	December 31,
	2022		2021
	(Dollars in thousands)
ASSETS
Cash	$	17,806	$	62,007
Investments in subsidiaries		1,206,246		1,117,622
Goodwill		101,611		69,478
Core deposit premium		12,009		7,627
Dividends receivable		15,682		13,426
Other assets		1,731		1,515
Total assets	$	1,355,085	$	1,271,675
LIABILITIES AND STOCKHOLDERS’ EQUITY
Other liabilities	$	18,205	$	13,954
Subordinated debt		86,044		85,987
Stockholders’ equity		1,250,836		1,171,734
Total liabilities and stockholders’ equity	$	1,355,085	$	1,271,675

STATEMENTS OF INCOME


	Year Ended December 31,
	2022			2021			2020
	(Dollars in thousands)
OPERATING INCOME
Dividends from subsidiaries	$	93,139		$	54,480		$	50,872
Interest on interest-bearing deposits		94			41			1
Other		1,338			1,071			886
Total operating income		94,571			55,592			51,759
OPERATING EXPENSE
Interest		4,122			3,130			1,965
Other		7,190			3,340			3,317
Total operating expense		11,312			6,470			5,282
Income before taxes and equity in undistributed earnings of subsidiaries		83,259			49,122			46,477
Allocated income tax benefit		5,857			4,191			2,610
Income before equity in undistributed earnings of subsidiaries		89,116			53,313			49,087
Equity in undistributed earnings of subsidiaries		105,817			116,365			51,955
Amortization of stock-based compensation arrangements of subsidiaries		(1,833	)		(2,048	)		(1,456	)
Net income	$	193,100		$	167,630		$	99,586

STATEMENTS OF CASH FLOW


	Year Ended December 31,
	2022			2021			2020
	(Dollars in thousands)
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	193,100		$	167,630		$	99,586
Adjustments to reconcile to net cash provided by operating activities:
Equity in undistributed earnings of subsidiaries		(105,817	)		(116,365	)		(51,955	)
Amortization of stock-based compensation arrangements of subsidiaries		1,833			2,048			1,456
Other, net		3,815			5,056			188
Net cash provided by operating activities		92,931			58,369			49,275
INVESTING ACTIVITIES
Payments for investments in subsidiaries		(94,967	)		(9,000	)		(1,000	)
Other, net		(1,352	)		4,429			(1,175	)
Net cash used in investing activities		(96,319	)		(4,571	)		(2,175	)
FINANCING ACTIVITIES
Issuance of common stock		7,649			2,260			1,790
Common stock acquired		—			(11,663	)		(3,098	)
Net cash settlement of options		—			(5,479	)		—
Cash dividends paid		(48,462	)		(45,140	)		(42,472	)
Proceeds from the issuance of subordinated notes, net of debt issuance costs		—			59,150			—
Net cash used in financing activities		(40,813	)		(872	)		(43,780	)
Net (decrease) increase in cash and due from banks		(44,201	)		52,926			3,320
Cash and due from banks at the beginning of the period		62,007			9,081			5,761
Cash and due from banks at the end of the period	$	17,806		$	62,007		$	9,081
SUPPLEMENTAL DISCLOSURE
Cash paid during the period for interest	$	4,122		$	3,130		$	1,966
Cash received during the period for income taxes, net	$	6,667		$	4,411		$	2,812