PARENT COMPANY CONDENSED FINANCIAL INFORMATION (Tables)

12 Months Ended

Dec. 31, 2023

PARENT COMPANY CONDENSED FINANCIAL INFORMATION

Schedule of balance sheets

December 31, (in thousands)	2023		2022
Assets:
Cash and cash equivalents	$	37,778	$	36,436
Securities available for sale		5,872		3,855
Investment in bank subsidiary		875,503		819,144
Investment in non-bank subsidiaries		—		2,773
Other assets		2,598		2,465
Total assets	$	921,751	$	864,673
Liabilities and Stockholders’ Equity:
Other liabilities		8,995		8,060
Stockholders’ equity		912,756		856,613
Total liabilities and stockholders’ equity	$	921,751	$	864,673

Schedule of statements of income

Years Ended December 31, (in thousands)	2023		2022		2021
Income and expenses:
Dividends from subsidiary	$	48,000	$	59,460	$	28,300
Interest income		429		229		143
Other income		(37)		54		53
Less: Interest expense		—		—		507
Less: Other expenses		1,097		819		760
Income before income tax benefit		47,295		58,924		27,229
Income tax benefit		166		124		245
Income before equity in undistributed net income of subsidiaries		47,461		59,048		27,474
Equity in undistributed net income of subsidiaries		42,913		32,058		60,137
Net income	$	90,374	$	91,106	$	87,611
Comprehensive income	$	101,945	$	57,253	$	80,976

Schedule of statements of cash flows

Years Ended December 31, (in thousands)	2023		2022		2021
Operating activities:
Net income	$	90,374	$	91,106	$	87,611
Adjustments to reconcile net income to net cash provided by operating activities:
Accretion of investment securities		(59)		(56)		(53)
Equity in undistributed net income of subsidiaries		(42,913)		(32,058)		(60,137)
Director deferred compensation		769		427		347
Change in other assets		(1,639)		4,571		(736)
Change in other liabilities		3,973		(5,428)		1,694
Net cash provided by operating activities		50,505		58,562		28,726
Investing activities:
Investment in venture capital fund		(532)		(337)		—
Investment in subsidiary bank		(627)		(590)		(591)
Net cash used in investing activities		(1,159)		(927)		(591)
Financing activities:
Common Stock repurchases		(20,279)		(12,577)		(47,528)
Net proceeds from Class A Common Stock purchased through employee stock purchase plan		627		590		591
Net proceeds from Common Stock options exercised and equity awards		(2)		52		(142)
Payoff of subordinated note, net of common security interest		—		—		(40,000)
Cash dividends paid		(28,350)		(26,145)		(24,699)
Net cash used in financing activities		(48,004)		(38,080)		(111,778)
Net change in cash and cash equivalents		1,342		19,555		(83,643)
Cash and cash equivalents at beginning of period		36,436		16,881		100,524
Cash and cash equivalents at end of period	$	37,778	$	36,436	$	16,881