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Parent Company Financial Information (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2022
Condensed Financial Information Disclosure [Abstract] |
Condensed Balance Sheets - Parent Company Only | 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 | 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 | 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 |  |  | $ | — |

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