XML 59 R45.htm IDEA: XBRL DOCUMENT
v3.22.4

Condensed Parent Company Financial Statements (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2022
Condensed Financial Information Disclosure [Abstract] |
Summary of Balance Sheet of Parent Company | BALANCE SHEETS
|  | December 31, |
|  | 2022 |  |  | 2021 |
|  | (Dollars in thousands) |
ASSETS |  |  |  |  |  |
Cash |  | $ | 17,806 |  |  | $ | 62,007 |
Investments in subsidiaries |  |  | 1,206,246 |  |  |  | 1,117,622 |
Goodwill |  |  | 101,611 |  |  |  | 69,478 |
Core deposit premium |  |  | 12,009 |  |  |  | 7,627 |
Dividends receivable |  |  | 15,682 |  |  |  | 13,426 |
Other assets |  |  | 1,731 |  |  |  | 1,515 |
Total assets |  | $ | 1,355,085 |  |  | $ | 1,271,675 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |
Other liabilities |  | $ | 18,205 |  |  | $ | 13,954 |
Subordinated debt |  |  | 86,044 |  |  |  | 85,987 |
Stockholders’ equity |  |  | 1,250,836 |  |  |  | 1,171,734 |
Total liabilities and stockholders’ equity |  | $ | 1,355,085 |  |  | $ | 1,271,675 |
Summary of Income Statement of Parent Company | STATEMENTS OF INCOME
|  | Year Ended December 31, |
|  | 2022 |  |  | 2021 |  |  | 2020 |
|  | (Dollars in thousands) |
OPERATING INCOME |  |  |  |  |  |  |  |  |
Dividends from subsidiaries |  | $ | 93,139 |  |  | $ | 54,480 |  |  | $ | 50,872 |
Interest on interest-bearing deposits |  |  | 94 |  |  |  | 41 |  |  |  | 1 |
Other |  |  | 1,338 |  |  |  | 1,071 |  |  |  | 886 |
Total operating income |  |  | 94,571 |  |  |  | 55,592 |  |  |  | 51,759 |
OPERATING EXPENSE |  |  |  |  |  |  |  |  |
Interest |  |  | 4,122 |  |  |  | 3,130 |  |  |  | 1,965 |
Other |  |  | 7,190 |  |  |  | 3,340 |  |  |  | 3,317 |
Total operating expense |  |  | 11,312 |  |  |  | 6,470 |  |  |  | 5,282 |
Income before taxes and equity in undistributed earnings of subsidiaries |  |  | 83,259 |  |  |  | 49,122 |  |  |  | 46,477 |
Allocated income tax benefit |  |  | 5,857 |  |  |  | 4,191 |  |  |  | 2,610 |
Income before equity in undistributed earnings of subsidiaries |  |  | 89,116 |  |  |  | 53,313 |  |  |  | 49,087 |
Equity in undistributed earnings of subsidiaries |  |  | 105,817 |  |  |  | 116,365 |  |  |  | 51,955 |
Amortization of stock-based compensation arrangements of subsidiaries |  |  | (1,833 | ) |  |  | (2,048 | ) |  |  | (1,456 | )
Net income |  | $ | 193,100 |  |  | $ | 167,630 |  |  | $ | 99,586 |
Summary of Cash Flow of Parent Company | STATEMENTS OF CASH FLOW
|  | Year Ended December 31, |
|  | 2022 |  |  | 2021 |  |  | 2020 |
|  | (Dollars in thousands) |
CASH FLOWS FROM OPERATING ACTIVITIES |  |  |  |  |  |  |  |  |
Net income |  | $ | 193,100 |  |  | $ | 167,630 |  |  | $ | 99,586 |
Adjustments to reconcile to net cash provided by operating activities: |  |  |  |  |  |  |  |  |
Equity in undistributed earnings of subsidiaries |  |  | (105,817 | ) |  |  | (116,365 | ) |  |  | (51,955 | )
Amortization of stock-based compensation arrangements of subsidiaries |  |  | 1,833 |  |  |  | 2,048 |  |  |  | 1,456 |
Other, net |  |  | 3,815 |  |  |  | 5,056 |  |  |  | 188 |
Net cash provided by operating activities |  |  | 92,931 |  |  |  | 58,369 |  |  |  | 49,275 |
INVESTING ACTIVITIES |  |  |  |  |  |  |  |  |
Payments for investments in subsidiaries |  |  | (94,967 | ) |  |  | (9,000 | ) |  |  | (1,000 | )
Other, net |  |  | (1,352 | ) |  |  | 4,429 |  |  |  | (1,175 | )
Net cash used in investing activities |  |  | (96,319 | ) |  |  | (4,571 | ) |  |  | (2,175 | )
FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |
Issuance of common stock |  |  | 7,649 |  |  |  | 2,260 |  |  |  | 1,790 |
Common stock acquired |  |  | — |  |  |  | (11,663 | ) |  |  | (3,098 | )
Net cash settlement of options |  |  | — |  |  |  | (5,479 | ) |  |  | — |
Cash dividends paid |  |  | (48,462 | ) |  |  | (45,140 | ) |  |  | (42,472 | )
Proceeds from the issuance of subordinated notes, net of debt issuance costs |  |  | — |  |  |  | 59,150 |  |  |  | — |
Net cash used in financing activities |  |  | (40,813 | ) |  |  | (872 | ) |  |  | (43,780 | )
Net (decrease) increase in cash and due from banks |  |  | (44,201 | ) |  |  | 52,926 |  |  |  | 3,320 |
Cash and due from banks at the beginning of the period |  |  | 62,007 |  |  |  | 9,081 |  |  |  | 5,761 |
Cash and due from banks at the end of the period |  | $ | 17,806 |  |  | $ | 62,007 |  |  | $ | 9,081 |
SUPPLEMENTAL DISCLOSURE |  |  |  |  |  |  |  |  |
Cash paid during the period for interest |  | $ | 4,122 |  |  | $ | 3,130 |  |  | $ | 1,966 |
Cash received during the period for income taxes, net |  | $ | 6,667 |  |  | $ | 4,411 |  |  | $ | 2,812 |

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

X
- Definition Tabular disclosure of condensed balance sheet, including, but not limited to, balance sheets of consolidated entities and consolidation eliminations. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 12 -Paragraph (a) -Subsection 04 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -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: | srt_ScheduleOfCondensedBalanceSheetTableTextBlock
Namespace Prefix: | srt_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of condensed cash flow statement, including, but not limited to, cash flow statements of consolidated entities and consolidation eliminations. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 12 -Paragraph (a) -Subsection 04 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -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: | srt_ScheduleOfCondensedCashFlowStatementTableTextBlock
Namespace Prefix: | srt_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of condensed income statement, including, but not limited to, income statements of consolidated entities and consolidation eliminations. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 12 -Paragraph (a) -Subsection 04 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -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: | srt_ScheduleOfCondensedIncomeStatementTableTextBlock
Namespace Prefix: | srt_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration