XML 44 R30.htm IDEA: XBRL DOCUMENT v3.22.0.1
Parent Company Only Condensed Financial Information
12 Months Ended
Dec. 31, 2021
Condensed Financial Information Disclosure [Abstract]  
Parent Company Only Condensed Financial Information PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION
The following tables present parent company only condensed financial information.
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 maturity4,947 5,919 
Investment in bank subsidiary938,255 793,938 
Investment in non-bank subsidiaries894 4,592 
Other assets479 866 
Total assets$1,009,105 $856,498 
LIABILITIES AND EQUITY
Subordinated notes$106,957 $87,509 
Junior subordinated debentures40,602 40,072 
Intercompany payables128 178 
Accrued expenses and other liabilities2,554 1,958 
Total liabilities150,241 129,717 
Stockholders' equity858,864 726,781 
Total liabilities and equity$1,009,105 $856,498 
Condensed Parent Company Only Statements of Income:
Years Ended December 31,
(Dollars in thousands)202120202019
Interest income$100 $270 $1,163 
Interest expense(8,220)(7,477)(6,464)
Credit loss (expense) benefit(56)(1,899)83 
Other income53 (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) benefit2,202 2,631 193 
Dividends from subsidiaries and equity in undistributed subsidiary income121,892 73,501 66,438 
Net income112,974 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:
Years Ended December 31,
(Dollars in thousands)202120202019
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 debentures530 506 483 
Amortization of subordinated notes issuance costs1,224 182 116 
Stock based compensation420 315 315 
Credit loss expense (benefit)56 1,900 — 
Change in other assets387 337 2,438 
Change in accrued expenses and other liabilities546 505 (4,771)
Net cash provided by (used in) operating activities(5,842)9,047 20,264 
Cash flows from investing activities:
Investment in subsidiaries3,383 146 — 
Proceeds from maturities, calls, and pay downs of securities held to maturity1,003 693 993 
Net change in loans— 719 9,193 
Net cash provided by (used in) investing activities4,386 1,558 10,186 
Cash flows from financing activities:
Proceeds from issuance of subordinated notes, net68,224 — 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 exercises577 (227)— 
Proceeds from employee stock purchase plan common stock issuance449 — — 
Net cash provided by (used in) financing activities14,803 4,664 (26,242)
Net increase (decrease) in cash and cash equivalents13,347 15,269 4,208 
Cash and cash equivalents at beginning of period51,183 35,914 31,706 
Cash and cash equivalents at end of period$64,530 $51,183 $35,914