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Note 20 - Parent Company Only Financial Statements (Tables) | 12 Months Ended
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Dec. 31, 2021
Notes Tables |
Condensed Balance Sheet | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2021 |  | 2020
​ | ​ | (dollars in thousands)
Assets | ​ | ​ | ​ | ​ | ​ | ​
Cash and due from banks | ​ | $ | 41,531 | ​ | $ | 88,610
Interest-bearing deposits at financial institutions | ​ |  | 5,750 | ​ |  | 7,200
Investment in bank subsidiaries | ​ |  | 769,628 | ​ |  | 655,232
Investment in nonbank subsidiaries | ​ |  | 5,341 | ​ |  | 4,540
Premises and equipment, net | ​ |  | 8,632 | ​ |  | 9,242
Other assets | ​ |  | 7,716 | ​ |  | 16,268
Total assets | ​ | $ | 838,598 | ​ | $ | 781,092
​ | ​ |  |  | ​ |  |
Liabilities and Stockholders' Equity | ​ |  |  | ​ |  |
Liabilities: | ​ |  |  | ​ |  |
Subordinated notes | ​ | $ | 113,850 | ​ | $ | 113,691
Junior subordinated debentures | ​ |  | 38,155 | ​ |  | 37,993
Other liabilities | ​ |  | 9,583 | ​ |  | 35,615
Total liabilities | ​ |  | 161,588 | ​ |  | 187,299
​ | ​ |  |  | ​ |  |
Stockholders' Equity: | ​ |  |  | ​ |  |
Common stock | ​ |  | 15,613 | ​ |  | 15,806
Additional paid-in capital | ​ |  | 273,768 | ​ |  | 275,807
Retained earnings | ​ |  | 386,077 | ​ |  | 300,804
Accumulated other comprehensive income | ​ |  | 1,552 | ​ |  | 1,376
Total stockholders' equity | ​ |  | 677,010 | ​ |  | 593,793
Total liabilities and stockholders' equity | ​ | $ | 838,598 | ​ | $ | 781,092
Condensed Income Statement | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2021 |  | 2020 |  | 2019
​ | ​ | (dollars in thousands)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total interest income | ​ | $ | 3 | ​ | $ | 29 | ​ | $ | 77
Equity in net income of bank subsidiaries | ​ |  | 117,408 | ​ |  | 79,624 | ​ |  | 69,966
Equity in net income (loss) of nonbank subsidiaries | ​ |  | 456 | ​ |  | (261) | ​ |  | 6,797
Other | ​ |  | 853 | ​ |  | 289 | ​ |  | 314
Total income | ​ |  | 118,720 | ​ |  | 79,681 | ​ |  | 77,154
​ | ​ |  |  | ​ |  |  | ​ |  |
Interest expense | ​ |  | 8,482 | ​ |  | 6,662 | ​ |  | 5,836
Salaries and employee benefits | ​ |  | 12,446 | ​ |  | 11,825 | ​ |  | 8,739
Professional fees | ​ |  | 1,983 | ​ |  | 2,558 | ​ |  | 1,545
Acquisition costs | ​ |  | 624 | ​ |  | — | ​ |  | —
Post-acquisition compensation, transition and integration costs | ​ |  | — | ​ |  | 145 | ​ |  | 3,171
Disposition costs | ​ | ​ | 13 | ​ | ​ | 312 | ​ | ​ | 1,606
Goodwill impairment | ​ |  | — | ​ |  | 500 | ​ |  | 3,000
Other | ​ |  | 2,784 | ​ |  | 2,505 | ​ |  | 2,147
Total expenses | ​ |  | 26,332 | ​ |  | 24,507 | ​ |  | 26,044
​ | ​ |  |  | ​ |  |  | ​ |  |
Income before income tax benefit | ​ |  | 92,388 | ​ |  | 55,174 | ​ |  | 51,110
​ | ​ |  |  | ​ |  |  | ​ |  |
Income tax benefit | ​ |  | 6,517 | ​ |  | 5,408 | ​ |  | 6,298
Net income | ​ | $ | 98,905 | ​ | $ | 60,582 | ​ | $ | 57,408
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Condensed Cash flow Statement | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2021 |  | 2020 |  | 2019
​ | ​ | (dollars in thousands)
Cash Flows from Operating Activities: |  | ​ |  |  | ​ |  |  | ​ |
Net income | ​ | $ | 98,905 | ​ | $ | 60,582 | ​ | $ | 57,408
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ​ |  |  | ​ |  |  | ​ |  |
Earnings of bank subsidiaries | ​ | ​ | (117,408) | ​ |  | (79,624) | ​ |  | (69,966)
(Earnings) losses of nonbank subsidiaries | ​ |  | (456) | ​ |  | 261 | ​ |  | (6,797)
Distributions from nonbank subsidiaries | ​ |  | 30 | ​ |  | 40 | ​ |  | 45,058
Deferred income taxes | ​ | ​ | (1,093) | ​ | ​ | 6,909 | ​ | ​ | 2,498
Accretion of acquisition fair value adjustments | ​ |  | 321 | ​ |  | 378 | ​ |  | 305
Depreciation | ​ |  | 486 | ​ |  | 454 | ​ |  | 327
Deferred compensation expense accrued | ​ | ​ | 573 | ​ | ​ | — | ​ | ​ | —
Stock-based compensation expense | ​ |  | 2,352 | ​ |  | 2,150 | ​ |  | 2,469
Loss on sale of subsidiary | ​ | ​ | — | ​ | ​ | 158 | ​ | ​ | —
Gain on sale of fixed assets | ​ | ​ | 155 | ​ | ​ | — | ​ | ​ | —
Goodwill impairment | ​ | ​ | — | ​ | ​ | 500 | ​ | ​ | 3,000
Decrease (increase) in other assets | ​ |  | 5 | ​ |  | (7,380) | ​ |  | (2,472)
Increase (decrease) in other liabilities | ​ |  | (14,702) | ​ |  | (5,923) | ​ |  | 7,814
Net cash provided by (used in) operating activities | ​ |  | (30,832) | ​ |  | (21,495) | ​ |  | 39,644
​ | ​ |  |  | ​ |  | ​ | ​ |  |
Cash Flows from Investing Activities: | ​ |  |  | ​ |  |  | ​ |  |
Net increase (decrease) in interest-bearing deposits at financial institutions | ​ |  | 1,450 | ​ |  | (1,599) | ​ |  | (4,600)
Capital infusion, bank subsidiaries | ​ |  | — | ​ |  | — | ​ |  | (8,600)
Capital infusion, non-bank subsidiaries | ​ | ​ | (375) | ​ | ​ | — | ​ | ​ | (100)
Net cash received in dissolution of subsidiary | ​ | ​ | — | ​ | ​ | 8,450 | ​ | ​ | —
Net cash received in sale of subsidiary | ​ | ​ | — | ​ | ​ | 195 | ​ | ​ | —
Purchase of premises and equipment | ​ |  | (31) | ​ |  | (272) | ​ |  | (2,861)
Net cash provided by (used in) investing activities | ​ |  | 1,044 | ​ |  | 6,774 | ​ |  | (16,161)
​ | ​ |  |  | ​ |  |  | ​ |  |
Cash Flows from Financing Activities: | ​ |  |  | ​ |  |  | ​ |  |
Activity in other borrowings: | ​ |  |  | ​ |  |  | ​ |  |
Paydown on revolving line of credit | ​ |  | — | ​ | ​ | — | ​ | ​ | (9,000)
Prepayments | ​ |  | — | ​ | ​ | — | ​ | ​ | (21,313)
Calls, maturities and scheduled payments | ​ | ​ | — | ​ |  | — | ​ |  | (1,799)
Proceeds from subordinated notes | ​ | ​ | — | ​ | ​ | 50,000 | ​ | ​ | 63,393
Payment of cash dividends | ​ |  | (3,793) | ​ |  | (3,779) | ​ |  | (3,767)
Proceeds from issuance of common stock, net | ​ |  | 670 | ​ |  | 1,360 | ​ |  | 1,926
Repurchase and cancellation of shares | ​ |  | (14,168) | ​ |  | (3,779) | ​ |  | —
Net cash provided by (used in) financing activities | ​ |  | (17,291) | ​ |  | 43,802 | ​ |  | 29,440
​ | ​ |  |  | ​ |  |  | ​ |  |
Net increase (decrease) in cash and due from banks | ​ |  | (47,079) | ​ |  | 29,081 | ​ |  | 52,923
​ | ​ |  |  | ​ |  |  | ​ |  |
Cash and due from banks: | ​ |  |  | ​ |  |  | ​ |  |
Beginning | ​ |  | 88,610 | ​ |  | 59,529 | ​ |  | 6,606
Ending | ​ | $ | 41,531 | ​ | $ | 88,610 | ​ | $ | 59,529

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