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Parent Company Only Condensed Financial Information
12 Months Ended
Dec. 31, 2022
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,
2022
December 31,
2021
ASSETS
Cash and cash equivalents$92,338 $64,530 
Securities - held to maturity4,077 4,947 
Investment in bank subsidiary943,084 938,255 
Investment in non-bank subsidiaries194 894 
Other assets4,568 479 
Total assets$1,044,261 $1,009,105 
LIABILITIES AND EQUITY
Subordinated notes$107,800 $106,957 
Junior subordinated debentures41,158 40,602 
Intercompany payables365 128 
Accrued expenses and other liabilities5,967 2,554 
Total liabilities155,290 150,241 
Stockholders' equity888,971 858,864 
Total liabilities and equity$1,044,261 $1,009,105 
Condensed Parent Company Only Statements of Income:
Years Ended December 31,
(Dollars in thousands)202220212020
Interest income$174 $100 $270 
Interest expense(7,874)(8,220)(7,477)
Credit loss (expense) benefit(362)(56)(1,899)
Other income80 53 (20)
Salaries and employee benefits expense(729)(618)(606)
Other expense(2,701)(2,379)(2,376)
Income (loss) before income tax and income from subsidiaries(11,412)(11,120)(12,108)
Income tax (expense) benefit2,150 2,202 2,631 
Dividends from subsidiaries and equity in undistributed subsidiary income111,573 121,892 73,501 
Net income102,311 112,974 64,024 
Dividends on preferred stock(3,206)(3,206)(1,701)
Net income available to common stockholders$99,105 $109,768 $62,323 
Comprehensive income attributable to Parent$87,377 $115,189 $68,737 
Condensed Parent Company Only Statements of Cash Flows:
Years Ended December 31,
(Dollars in thousands)202220212020
Cash flows from operating activities:
Net income$102,311 $112,974 $64,024 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Equity in undistributed subsidiary income1,427 (121,892)(58,501)
Net accretion of securities(171)(87)(221)
Amortization of junior subordinated debentures556 530 506 
Amortization of subordinated notes issuance costs843 1,224 182 
Stock based compensation686 420 315 
Credit loss expense (benefit)362 56 1,900 
Change in other assets(4,089)387 337 
Change in accrued expenses and other liabilities3,650 546 505 
Net cash provided by (used in) operating activities105,575 (5,842)9,047 
Cash flows from investing activities:
Investment in subsidiaries— 3,383 146 
Proceeds from maturities, calls, and pay downs of securities held to maturity679 1,003 693 
Net change in loans— — 719 
Net cash provided by (used in) investing activities679 4,386 1,558 
Cash flows from financing activities:
Proceeds from issuance of subordinated notes, net— 68,224 — 
Repayment of subordinated notes— (50,000)— 
Issuance of preferred stock, net of issuance costs— — 42,364 
Dividends on preferred stock(3,206)(3,206)(1,701)
Purchase of treasury stock(76,714)(1,241)(35,772)
Stock option exercises(74)577 (227)
Proceeds from employee stock purchase plan common stock issuance1,548 449 — 
Net cash provided by (used in) financing activities(78,446)14,803 4,664 
Net increase (decrease) in cash and cash equivalents27,808 13,347 15,269 
Cash and cash equivalents at beginning of period64,530 51,183 35,914 
Cash and cash equivalents at end of period$92,338 $64,530 $51,183