Note 21 - Parent Company Only Financial Statements (Tables)

12 Months Ended

Dec. 31, 2023

Notes Tables

Condensed Balance Sheet

	2023		2022
	(dollars in thousands)
Assets
Cash and due from banks	$	53,331	$	84,172
Investment in bank subsidiaries		1,122,803		965,973
Investment in nonbank subsidiaries		6,129		7,196
Premises and equipment, net		9,286		9,639
Other assets		14,512		10,157
Total assets	$	1,206,061	$	1,077,137
Liabilities and Stockholders' Equity
Liabilities:
Subordinated notes	$	233,064	$	232,662
Junior subordinated debentures		48,731		48,602
Other liabilities		37,670		23,149
Total liabilities		319,465		304,413
Stockholders' Equity:
Common stock		16,749		16,796
Additional paid-in capital		370,814		370,712
Retained earnings		554,992		450,114
Accumulated other comprehensive loss		(55,959)		(64,898)
Total stockholders' equity		886,596		772,724
Total liabilities and stockholders' equity	$	1,206,061	$	1,077,137

Condensed Income Statement

	2023		2022		2021
	(dollars in thousands)
Total interest income	$	—	$	26	$	3
Equity in net income of bank subsidiaries		137,451		128,941		117,408
Equity in net income of nonbank subsidiaries		2,220		1,294		456
Other		704		(53)		853
Total income		140,375		130,208		118,720
Interest expense		16,066		11,836		8,482
Salaries and employee benefits		9,940		15,551		12,446
Professional fees		12		1,789		1,983
Acquisition costs		—		3,715		624
Post-acquisition compensation, transition and integration costs		207		5,526		—
Disposition costs		—		—		13
Other		3,744		3,331		2,784
Total expenses		29,969		41,748		26,332
Income before income tax benefit		110,406		88,460		92,388
Income tax benefit		3,152		10,606		6,517
Net income	$	113,558	$	99,066	$	98,905

Condensed Cash flow Statement

	2023		2022		2021
	(dollars in thousands)
Cash Flows from Operating Activities:
Net income	$	113,558	$	99,066	$	98,905
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Earnings of bank subsidiaries		(137,451)		(128,941)		(117,408)
Earnings of nonbank subsidiaries		(2,220)		(1,294)		(456)
Distributions from bank subsidiaries		—		36,000		—
Distributions from nonbank subsidiaries		114		40		30
Deferred income taxes		(349)		(2,443)		(1,093)
Accretion of acquisition fair value adjustments		129		137		321
Depreciation		576		477		486
Deferred compensation expense accrued		4,063		4,062		573
Stock-based compensation expense		2,678		2,438		2,352
Gain on sale of fixed assets		—		—		155
Decrease (increase) in other assets		(2,649)		621		5
Increase (decrease) in other liabilities		9,062		10,827		(14,702)
Net cash provided by (used in) operating activities		(12,489)		20,990		(30,832)
Cash Flows from Investing Activities:
Net decrease in interest-bearing deposits at financial institutions		—		5,950		1,450
Capital infusion, bank subsidiaries		(10,000)		—		—
Capital infusion, non-bank subsidiaries		—		(300)		(375)
Net cash received in dissolution of subsidiary		3,184		—		—
Net cash paid for acquisitions		—		(26,039)		—
Purchase of premises and equipment		(224)		(1,484)		(31)
Net cash provided by (used in) investing activities		(7,040)		(21,873)		1,044
Cash Flows from Financing Activities:
Proceeds from subordinated notes		—		100,000		—
Payment of cash dividends		(4,029)		(3,944)		(3,793)
Proceeds from issuance of common stock, net		1,403		422		670
Repurchase and cancellation of shares		(8,686)		(52,954)		(14,168)
Net cash provided by (used in) financing activities		(11,312)		43,524		(17,291)
Net increase (decrease) in cash and due from banks		(30,841)		42,641		(47,079)
Cash and due from banks:
Beginning		84,172		41,531		88,610
Ending	$	53,331	$	84,172	$	41,531