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Condensed Parent Company Financial Statements | 12 Months Ended
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Dec. 31, 2023
Condensed Financial Information Disclosure [Abstract] |
Condensed Parent Company Financial Statements | (17) CONDENSED PARENT COMPANY FINANCIAL STATEMENTS BALANCE SHEETS
|  | December 31, |
|  | 2023 |  |  | 2022 |
|  | (Dollars in thousands) |
ASSETS |  |  |  |  |  |
Cash |  | $ | 91,454 |  |  | $ | 17,806 |
Investments in subsidiaries |  |  | 1,315,124 |  |  |  | 1,206,246 |
Goodwill |  |  | 101,611 |  |  |  | 101,611 |
Core deposit premium |  |  | 10,428 |  |  |  | 12,009 |
Dividends receivable |  |  | 17,091 |  |  |  | 15,682 |
Other assets |  |  | 2,262 |  |  |  | 1,731 |
Total assets |  | $ | 1,537,970 |  |  | $ | 1,355,085 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |
Other liabilities |  | $ | 17,978 |  |  | $ | 18,205 |
Subordinated debt |  |  | 86,101 |  |  |  | 86,044 |
Stockholders’ equity |  |  | 1,433,891 |  |  |  | 1,250,836 |
Total liabilities and stockholders’ equity |  | $ | 1,537,970 |  |  | $ | 1,355,085 |
STATEMENTS OF INCOME
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
|  | (Dollars in thousands) |
OPERATING INCOME |  |  |  |  |  |  |  |  |
Dividends from subsidiaries |  | $ | 137,275 |  |  | $ | 93,139 |  |  | $ | 54,480 |
Interest on interest-bearing deposits |  |  | 1,178 |  |  |  | 94 |  |  |  | 41 |
Other |  |  | 726 |  |  |  | 1,338 |  |  |  | 1,071 |
Total operating income |  |  | 139,179 |  |  |  | 94,571 |  |  |  | 55,592 |
OPERATING EXPENSE |  |  |  |  |  |  |  |  |
Interest |  |  | 4,122 |  |  |  | 4,122 |  |  |  | 3,130 |
Other |  |  | 3,206 |  |  |  | 7,190 |  |  |  | 3,340 |
Total operating expense |  |  | 7,328 |  |  |  | 11,312 |  |  |  | 6,470 |
Income before taxes and equity in undistributed earnings of subsidiaries |  |  | 131,851 |  |  |  | 83,259 |  |  |  | 49,122 |
Allocated income tax benefit |  |  | 2,249 |  |  |  | 5,857 |  |  |  | 4,191 |
Income before equity in undistributed earnings of subsidiaries |  |  | 134,100 |  |  |  | 89,116 |  |  |  | 53,313 |
Equity in undistributed earnings of subsidiaries |  |  | 81,275 |  |  |  | 105,817 |  |  |  | 116,365 |
Amortization of stock-based compensation arrangements of subsidiaries |  |  | (2,910 | ) |  |  | (1,833 | ) |  |  | (2,048 | )
Net income |  | $ | 212,465 |  |  | $ | 193,100 |  |  | $ | 167,630 |
STATEMENTS OF CASH FLOW
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
|  | (Dollars in thousands) |
CASH FLOWS FROM OPERATING ACTIVITIES |  |  |  |  |  |  |  |  |
Net income |  | $ | 212,465 |  |  | $ | 193,100 |  |  | $ | 167,630 |
Adjustments to reconcile to net cash provided by operating activities: |  |  |  |  |  |  |  |  |
Equity in undistributed earnings of subsidiaries |  |  | (81,275 | ) |  |  | (105,817 | ) |  |  | (116,365 | )
Amortization of stock-based compensation arrangements of subsidiaries |  |  | 2,910 |  |  |  | 1,833 |  |  |  | 2,048 |
Other, net |  |  | (655 | ) |  |  | 3,815 |  |  |  | 5,056 |
Net cash provided by operating activities |  |  | 133,445 |  |  |  | 92,931 |  |  |  | 58,369 |
INVESTING ACTIVITIES |  |  |  |  |  |  |  |  |
Payments for investments in subsidiaries |  |  | (6,100 | ) |  |  | (94,967 | ) |  |  | (9,000 | )
Other, net |  |  | (778 | ) |  |  | (1,352 | ) |  |  | 4,429 |
Net cash used in investing activities |  |  | (6,878 | ) |  |  | (96,319 | ) |  |  | (4,571 | )
FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |
Issuance of common stock |  |  | 2,543 |  |  |  | 7,649 |  |  |  | 2,260 |
Common stock acquired |  |  | (1,820 | ) |  |  | — |  |  |  | (11,663 | )
Net cash settlement of options |  |  | — |  |  |  | — |  |  |  | (5,479 | )
Cash dividends paid |  |  | (53,642 | ) |  |  | (48,462 | ) |  |  | (45,140 | )
Proceeds from the issuance of subordinated notes, net of debt issuance costs |  |  | — |  |  |  | — |  |  |  | 59,150 |
Net cash used in financing activities |  |  | (52,919 | ) |  |  | (40,813 | ) |  |  | (872 | )
Net increase/(decrease) in cash and due from banks |  |  | 73,648 |  |  |  | (44,201 | ) |  |  | 52,926 |
Cash and due from banks at the beginning of the period |  |  | 17,806 |  |  |  | 62,007 |  |  |  | 9,081 |
Cash and due from banks at the end of the period |  | $ | 91,454 |  |  | $ | 17,806 |  |  | $ | 62,007 |
SUPPLEMENTAL DISCLOSURE |  |  |  |  |  |  |  |  |
Cash paid during the period for interest |  | $ | 4,122 |  |  | $ | 4,122 |  |  | $ | 3,130 |
Cash received during the period for income taxes, net |  | $ | 1,746 |  |  | $ | 6,667 |  |  | $ | 4,411 |

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- 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 -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 205 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(Schedule I)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480922/205-10-S99-6 Reference 3: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-11 + Details
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