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Parent Company Only Condensed Financial Information (Tables)
12 Months Ended
Dec. 31, 2022
Condensed Financial Information Disclosure [Abstract]  
Schedule of Condensed Balance Sheets

 

 

December 31,

 

Condensed Balance Sheets

 

2022

 

 

2021

 

Assets:

 

 

 

 

 

 

Cash

 

$

21,812

 

 

$

45,800

 

Equity securities

 

 

2,190

 

 

 

1,072

 

Investment in bank subsidiary

 

 

414,263

 

 

 

408,255

 

Investment in nonbank subsidiaries

 

 

3,236

 

 

 

4,396

 

Other assets

 

 

3,332

 

 

 

2,016

 

Total assets

 

$

444,833

 

 

$

461,539

 

Liabilities:

 

 

 

 

 

 

Deferred income taxes and other liabilities

 

$

6,199

 

 

$

2,592

 

Subordinated debentures

 

 

103,799

 

 

 

103,735

 

Total liabilities

 

 

109,998

 

 

 

106,327

 

Shareholders’ Equity:

 

 

 

 

 

 

Common stock

 

 

310,182

 

 

 

277,741

 

Accumulated earnings

 

 

156,492

 

 

 

125,558

 

Treasury stock

 

 

(73,794

)

 

 

(56,907

)

Accumulated other comprehensive income (loss)

 

 

(58,045

)

 

 

8,820

 

Total shareholders’ equity

 

 

334,835

 

 

 

355,212

 

Total liabilities and shareholders’ equity

 

$

444,833

 

 

$

461,539

 

Schedule of Condensed Statements of Operations

 

 

For the years ended December 31,

 

Condensed Statements of Operations

 

2022

 

 

2021

 

 

2020

 

Dividends from bank subsidiaries

 

$

26,300

 

 

$

19,900

 

 

$

15,300

 

Dividends from non-bank subsidiaries

 

 

1,150

 

 

 

1,000

 

 

 

440

 

Interest expense

 

 

(3,781

)

 

 

(956

)

 

 

(945

)

Pension expense

 

 

340

 

 

 

(47

)

 

 

(25

)

Other expense, net

 

 

(2,384

)

 

 

(1,004

)

 

 

(1,241

)

Income before equity in undistributed net
   earnings of subsidiaries

 

 

21,625

 

 

 

18,893

 

 

 

13,529

 

Income tax benefit

 

 

1,140

 

 

 

425

 

 

 

475

 

Equity in undistributed net earnings of subsidiaries

 

 

16,662

 

 

 

21,228

 

 

 

18,188

 

Net income

 

$

39,427

 

 

$

40,546

 

 

$

32,192

 

Comprehensive income (loss)

 

$

(27,438

)

 

$

34,747

 

 

$

39,937

 

Schedule of Condensed Statements of Cash Flows

 

 

For the years ended December 31,

 

Condensed Statements of Cash Flows

 

2022

 

 

2021

 

 

2020

 

Operating activities:

 

 

 

 

 

 

 

 

 

Net income

 

$

39,427

 

 

$

40,546

 

 

$

32,192

 

Adjustment to reconcile net income to net cash
   from operating activities:

 

 

 

 

 

 

 

 

 

Change in other assets and other liabilities

 

 

4,587

 

 

 

2,495

 

 

 

1,925

 

Equity in undistributed net earnings of
   subsidiaries

 

 

(16,662

)

 

 

(21,228

)

 

 

(18,188

)

Net cash from operating activities

 

 

27,352

 

 

 

21,813

 

 

 

15,929

 

Investing activities:

 

 

 

 

 

 

 

 

 

Disposal of minority interest

 

 

 

 

 

11,500

 

 

 

 

Acquisition and additional capitalization of
   subsidiary, net of cash acquired

 

 

(25,960

)

 

 

(50,000

)

 

 

 

Net cash used for investing activities

 

 

(25,960

)

 

 

(38,500

)

 

 

 

Financing activities:

 

 

 

 

 

 

 

 

 

Proceeds from subordinated debenture, net of issuance costs

 

 

 

 

 

73,386

 

 

 

 

Purchase of treasury stock

 

 

(16,887

)

 

 

(22,309

)

 

 

(13,454

)

Cash dividends paid

 

 

(8,493

)

 

 

(8,036

)

 

 

(7,118

)

Net cash provided by (used for) financing activities

 

 

(25,380

)

 

 

43,041

 

 

 

(20,572

)

Net change in cash and cash equivalents

 

 

(23,988

)

 

 

26,354

 

 

 

(4,643

)

Cash and cash equivalents at beginning of year

 

 

45,800

 

 

 

19,446

 

 

 

24,089

 

Cash and cash equivalents at end of year

 

$

21,812

 

 

$

45,800

 

 

$

19,446