XML 57 R36.htm IDEA: XBRL DOCUMENT
v3.22.4

Parent Company Financial Information | 12 Months Ended
--- | ---
Dec. 31, 2022
Condensed Financial Information Disclosure [Abstract] |
Parent Company Financial Information [Text Block] | Parent Company Financial Information Condensed Balance Sheets—Parent Company Only
|  | December 31,
2022 |  | 2021
|  | (in thousands)
Assets |  |  |  |
Cash |  | $ | 8,514 |  |  | $ | 1,979 |
Interest-earning deposits |  | — |  |  | 3,786 |
Total cash and cash equivalents |  | 8,514 |  |  | 5,765 |
Investment in banking subsidiary |  | 2,215,486 |  |  | 2,589,218 |
Investment in other subsidiaries |  | 7,942 |  |  | 7,175 |
Goodwill |  | 4,729 |  |  | 4,729 |
Other assets |  | 3,169 |  |  | 2,525 |
Total assets |  | $ | 2,239,840 |  |  | $ | 2,609,412 |
Liabilities and Shareholders’ Equity |  |  |  |
Subordinated debentures |  | $ | 10,000 |  |  | $ | 10,000 |
Junior subordinated debentures |  | 10,310 |  |  | 10,310 |
Other liabilities |  | 6,377 |  |  | 360 |
Total liabilities |  | 26,687 |  |  | 20,670 |
Shareholders’ equity |  | 2,213,153 |  |  | 2,588,742 |
Total liabilities and shareholders’ equity |  | $ | 2,239,840 |  |  | $ | 2,609,412 |
Condensed Statements of Income—Parent Company Only
|  | Years Ended December 31,
2022 |  | 2021 |  | 2020
(in thousands)
Income |  |  |  |  |  |
Dividend from banking subsidiary |  | $ | 85,004 |  |  | $ | 108,000 |  |  | $ | 89,000 |
Dividend from other subsidiaries |  | 711 |  |  | 500 |  |  | — |
Interest-earning deposits |  | 15 |  |  | 16 |  |  | 13 |
Other income |  | 60 |  |  | 36 |  |  | 37 |
Total income |  | 85,790 |  |  | 108,552 |  |  | 89,050 |
Expense |  |  |  |  |  |
Compensation and employee benefits |  | 823 |  |  | 856 |  |  | 758 |
Subordinated debentures interest expense |  | 807 |  |  | 1,932 |  |  | 1,871 |
Other borrowings interest expense |  | 339 |  |  | 52 |  |  | 12 |
Other expense |  | 8,524 |  |  | 3,542 |  |  | 1,943 |
Total expenses |  | 10,493 |  |  | 6,382 |  |  | 4,584 |
Income before income tax benefit and equity in undistributed earnings of subsidiaries |  | 75,297 |  |  | 102,170 |  |  | 84,466 |
Income tax benefit |  | (2,188) |  |  | (1,329) |  |  | (952) |
Income before equity in undistributed earnings of subsidiaries |  | 77,485 |  |  | 103,499 |  |  | 85,418 |
Equity in undistributed earnings of subsidiaries |  | 172,693 |  |  | 99,321 |  |  | 68,826 |
Net income |  | $ | 250,178 |  |  | $ | 202,820 |  |  | $ | 154,244 |
Condensed Statements of Cash Flows—Parent Company Only
|  | Years Ended December 31,
2022 |  | 2021 |  | 2020
(in thousands)
Operating Activities |  |  |  |  |  |
Net income |  | $ | 250,178 |  |  | $ | 202,820 |  |  | $ | 154,244 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |
Equity in undistributed earnings of subsidiaries |  | (172,693) |  |  | (99,321) |  |  | (68,826) |
Stock-based compensation expense |  | 16,158 |  |  | 14,926 |  |  | 10,737 |
Net changes in other assets and liabilities |  | 5,379 |  |  | (1,436) |  |  | (17) |
Net cash provided by operating activities |  | 99,022 |  |  | 116,989 |  |  | 96,138 |
Investing Activities |  |  |  |  |  |
Net cash received in business combinations |  | — |  |  | 2,173 |  |  | — |
Net cash provided by investing activities |  | — |  |  | 2,173 |  |  | — |
Financing Activities |  |  |  |  |  |
Common stock dividends |  | (94,394) |  |  | (83,841) |  |  | (96,215) |
Repayment of subordinated debentures |  | — |  |  | (35,000) |  |  | — |
Purchase and retirement of common stock |  | (3,989) |  |  | (4,140) |  |  | (2,522) |
Purchase of treasury shares |  | — |  |  | — |  |  | (20,000) |
Proceeds from exercise of stock options |  | 2,110 |  |  | 2,350 |  |  | 2,028 |
Net cash used in financing activities |  | (96,273) |  |  | (120,631) |  |  | (116,709) |
Increase (decrease) in cash and cash equivalents |  | 2,749 |  |  | (1,469) |  |  | (20,571) |
Cash and cash equivalents at beginning of year |  | 5,765 |  |  | 7,234 |  |  | 27,805 |
Cash and cash equivalents at end of year |  | $ | 8,514 |  |  | $ | 5,765 |  |  | $ | 7,234 |
Supplemental disclosure of noncash investing and financing activities: |  |  |  |  |  |
Common stock issued in connection with acquisition |  | $ | — |  |  | $ | 256,061 |  |  | $ | — |

X
- References No definition available. + Details
Name: | srt_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract
Namespace Prefix: | srt_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 10 -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(Schedule I)) -URI https://asc.fasb.org/extlink&oid=126898705&loc=d3e5864-122674 Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI https://asc.fasb.org/extlink&oid=126929396&loc=d3e5283-111683 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690 + Details
Name: | us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration