XML 67 R53.htm IDEA: XBRL DOCUMENT
v3.22.0.1

Parent Company Only Condensed Financial Information (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2021
Condensed Financial Information Disclosure [Abstract] |
Condensed Parent Company Only Balance Sheets | Condensed Parent Company Only Balance Sheets:
(Dollars in thousands) | December 31, 2021 |  | December 31, 2020
ASSETS |  |  |
Cash and cash equivalents | $ | 64,530 |  |  | $ | 51,183 |
Securities - held to maturity | 4,947 |  |  | 5,919 |
Investment in bank subsidiary | 938,255 |  |  | 793,938 |
Investment in non-bank subsidiaries | 894 |  |  | 4,592 |
Other assets | 479 |  |  | 866 |
Total assets | $ | 1,009,105 |  |  | $ | 856,498 |
LIABILITIES AND EQUITY |  |  |
Subordinated notes | $ | 106,957 |  |  | $ | 87,509 |
Junior subordinated debentures | 40,602 |  |  | 40,072 |
Intercompany payables | 128 |  |  | 178 |
Accrued expenses and other liabilities | 2,554 |  |  | 1,958 |
Total liabilities | 150,241 |  |  | 129,717 |
Stockholders' equity | 858,864 |  |  | 726,781 |
Total liabilities and equity | $ | 1,009,105 |  |  | $ | 856,498 |
Condensed Parent Company Only Statements of Income | Condensed Parent Company Only Statements of Income:
| Years Ended December 31,
(Dollars in thousands) | 2021 |  | 2020 |  | 2019
Interest income | $ | 100 |  |  | $ | 270 |  |  | $ | 1,163 |
Interest expense | (8,220) |  |  | (7,477) |  |  | (6,464) |
Credit loss (expense) benefit | (56) |  |  | (1,899) |  |  | 83 |
Other income | 53 |  |  | (20) |  |  | (187) |
Salaries and employee benefits expense | (618) |  |  | (606) |  |  | (613) |
Other expense | (2,379) |  |  | (2,376) |  |  | (2,069) |
Income (loss) before income tax and income from subsidiaries | (11,120) |  |  | (12,108) |  |  | (8,087) |
Income tax (expense) benefit | 2,202 |  |  | 2,631 |  |  | 193 |
Dividends from subsidiaries and equity in undistributed subsidiary income | 121,892 |  |  | 73,501 |  |  | 66,438 |
Net income | 112,974 |  |  | 64,024 |  |  | 58,544 |
Dividends on preferred stock | (3,206) |  |  | (1,701) |  |  | — |
Net income available to common stockholders | $ | 109,768 |  |  | $ | 62,323 |  |  | $ | 58,544 |
Comprehensive income attributable to Parent | $ | 115,189 |  |  | $ | 68,737 |  |  | $ | 60,853 |
Condensed Parent Company Only Statements of Cash Flows | Condensed Parent Company Only Statements of Cash Flows:
| Years Ended December 31,
(Dollars in thousands) | 2021 |  | 2020 |  | 2019
Cash flows from operating activities: |  |  |  |  |
Net income | $ | 112,974 |  |  | $ | 64,024 |  |  | $ | 58,544 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: |  |  |  |  |
Equity in undistributed subsidiary income | (121,892) |  |  | (58,501) |  |  | (35,938) |
Net accretion of securities | (87) |  |  | (221) |  |  | (923) |
Amortization of junior subordinated debentures | 530 |  |  | 506 |  |  | 483 |
Amortization of subordinated notes issuance costs | 1,224 |  |  | 182 |  |  | 116 |
Stock based compensation | 420 |  |  | 315 |  |  | 315 |
Credit loss expense (benefit) | 56 |  |  | 1,900 |  |  | — |
Change in other assets | 387 |  |  | 337 |  |  | 2,438 |
Change in accrued expenses and other liabilities | 546 |  |  | 505 |  |  | (4,771) |
Net cash provided by (used in) operating activities | (5,842) |  |  | 9,047 |  |  | 20,264 |
Cash flows from investing activities: |  |  |  |  |
Investment in subsidiaries | 3,383 |  |  | 146 |  |  | — |
Proceeds from maturities, calls, and pay downs of securities held to maturity | 1,003 |  |  | 693 |  |  | 993 |
Net change in loans | — |  |  | 719 |  |  | 9,193 |
Net cash provided by (used in) investing activities | 4,386 |  |  | 1,558 |  |  | 10,186 |
Cash flows from financing activities: |  |  |  |  |
Proceeds from issuance of subordinated notes, net | 68,224 |  |  | — |  |  | 38,282 |
Repayment of subordinated notes | (50,000) |  |  | — |  |  | — |
Issuance of common stock, net of issuance costs | — |  |  | — |  |  | — |
Issuance of preferred stock, net of issuance costs | — |  |  | 42,364 |  |  | — |
Dividends on preferred stock | (3,206) |  |  | (1,701) |  |  | — |
Purchase of treasury stock | (1,241) |  |  | (35,772) |  |  | (64,524) |
Stock option exercises | 577 |  |  | (227) |  |  | — |
Proceeds from employee stock purchase plan common stock issuance | 449 |  |  | — |  |  | — |
Net cash provided by (used in) financing activities | 14,803 |  |  | 4,664 |  |  | (26,242) |
Net increase (decrease) in cash and cash equivalents | 13,347 |  |  | 15,269 |  |  | 4,208 |
Cash and cash equivalents at beginning of period | 51,183 |  |  | 35,914 |  |  | 31,706 |
Cash and cash equivalents at end of period | $ | 64,530 |  |  | $ | 51,183 |  |  | $ | 35,914 |

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/2003/role/disclosureRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 3 -Paragraph i -Subsection 10 + 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/2003/role/disclosureRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 3 -Paragraph i -Subsection 10 + 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/2003/role/disclosureRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 3 -Paragraph i -Subsection 10 + Details
Name: | srt_ScheduleOfCondensedIncomeStatementTableTextBlock
Namespace Prefix: | srt_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration