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Note 20 - Parent Company Only Financial Statements (Tables) | 12 Months Ended
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Dec. 31, 2022
Notes Tables |
Condensed Balance Sheet | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2022 |  | 2021
​ | ​ | (dollars in thousands)
Assets | ​ | ​ | ​ | ​ | ​ | ​
Cash and due from banks | ​ | $ | 84,172 | ​ | $ | 41,531
Interest-bearing deposits at financial institutions | ​ |  | — | ​ |  | 5,750
Investment in bank subsidiaries | ​ |  | 965,973 | ​ |  | 769,628
Investment in nonbank subsidiaries | ​ |  | 7,196 | ​ |  | 5,341
Premises and equipment, net | ​ |  | 9,639 | ​ |  | 8,632
Other assets | ​ |  | 10,157 | ​ |  | 7,716
Total assets | ​ | $ | 1,077,137 | ​ | $ | 838,598
​ | ​ |  |  | ​ |  |
Liabilities and Stockholders' Equity | ​ |  |  | ​ |  |
Liabilities: | ​ |  |  | ​ |  |
Subordinated notes | ​ | $ | 232,662 | ​ | $ | 113,850
Junior subordinated debentures | ​ |  | 48,602 | ​ |  | 38,155
Other liabilities | ​ |  | 23,149 | ​ |  | 9,583
Total liabilities | ​ |  | 304,413 | ​ |  | 161,588
​ | ​ |  |  | ​ |  |
Stockholders' Equity: | ​ |  |  | ​ |  |
Common stock | ​ |  | 16,796 | ​ |  | 15,613
Additional paid-in capital | ​ |  | 370,712 | ​ |  | 273,768
Retained earnings | ​ |  | 450,114 | ​ |  | 386,077
Accumulated other comprehensive income (loss) | ​ |  | (64,898) | ​ |  | 1,552
Total stockholders' equity | ​ |  | 772,724 | ​ |  | 677,010
Total liabilities and stockholders' equity | ​ | $ | 1,077,137 | ​ | $ | 838,598
​
Condensed Income Statement | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2022 |  | 2021 |  | 2020
​ | ​ | (dollars in thousands)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total interest income | ​ | $ | 26 | ​ | $ | 3 | ​ | $ | 29
Equity in net income of bank subsidiaries | ​ |  | 128,941 | ​ |  | 117,408 | ​ |  | 79,624
Equity in net income (loss) of nonbank subsidiaries | ​ |  | 1,294 | ​ |  | 456 | ​ |  | (261)
Other | ​ |  | (53) | ​ |  | 853 | ​ |  | 289
Total income | ​ |  | 130,208 | ​ |  | 118,720 | ​ |  | 79,681
​ | ​ |  |  | ​ |  |  | ​ |  |
Interest expense | ​ |  | 11,836 | ​ |  | 8,482 | ​ |  | 6,662
Salaries and employee benefits | ​ |  | 15,551 | ​ |  | 12,446 | ​ |  | 11,825
Professional fees | ​ |  | 1,789 | ​ |  | 1,983 | ​ |  | 2,558
Acquisition costs | ​ |  | 3,715 | ​ |  | 624 | ​ |  | —
Post-acquisition compensation, transition and integration costs | ​ |  | 5,526 | ​ |  | — | ​ |  | 145
Disposition costs | ​ | ​ | — | ​ | ​ | 13 | ​ | ​ | 312
Goodwill impairment | ​ |  | — | ​ |  | — | ​ |  | 500
Other | ​ |  | 3,331 | ​ |  | 2,784 | ​ |  | 2,505
Total expenses | ​ |  | 41,748 | ​ |  | 26,332 | ​ |  | 24,507
​ | ​ |  |  | ​ |  |  | ​ |  |
Income before income tax benefit | ​ |  | 88,460 | ​ |  | 92,388 | ​ |  | 55,174
​ | ​ |  |  | ​ |  |  | ​ |  |
Income tax benefit | ​ |  | 10,606 | ​ |  | 6,517 | ​ |  | 5,408
Net income | ​ | $ | 99,066 | ​ | $ | 98,905 | ​ | $ | 60,582
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​
Condensed Cash flow Statement | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2022 |  | 2021 |  | 2020
​ | ​ | (dollars in thousands)
Cash Flows from Operating Activities: |  | ​ |  |  | ​ |  |  | ​ |
Net income | ​ | $ | 99,066 | ​ | $ | 98,905 | ​ | $ | 60,582
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ​ |  |  | ​ |  |  | ​ |  |
Earnings of bank subsidiaries | ​ | ​ | (128,941) | ​ |  | (117,408) | ​ |  | (79,624)
(Earnings) losses of nonbank subsidiaries | ​ |  | (1,294) | ​ |  | (456) | ​ |  | 261
Distributions from bank subsidiaries | ​ |  | 36,000 | ​ |  | — | ​ |  | —
Distributions from nonbank subsidiaries | ​ |  | 40 | ​ |  | 30 | ​ |  | 40
Deferred income taxes | ​ | ​ | (2,443) | ​ | ​ | (1,093) | ​ | ​ | 6,909
Accretion of acquisition fair value adjustments | ​ |  | 137 | ​ |  | 321 | ​ |  | 378
Depreciation | ​ |  | 477 | ​ |  | 486 | ​ |  | 454
Deferred compensation expense accrued | ​ | ​ | 4,062 | ​ | ​ | 573 | ​ | ​ | —
Stock-based compensation expense | ​ |  | 2,438 | ​ |  | 2,352 | ​ |  | 2,150
Loss on sale of subsidiary | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 158
Gain on sale of fixed assets | ​ | ​ | — | ​ | ​ | 155 | ​ | ​ | —
Goodwill impairment | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 500
Decrease (increase) in other assets | ​ |  | 621 | ​ |  | 5 | ​ |  | (7,380)
Increase (decrease) in other liabilities | ​ |  | 10,827 | ​ |  | (14,702) | ​ |  | (5,923)
Net cash provided by (used in) operating activities | ​ |  | 20,990 | ​ |  | (30,832) | ​ |  | (21,495)
​ | ​ |  |  | ​ |  | ​ | ​ |  | ​
Cash Flows from Investing Activities: | ​ |  |  | ​ |  |  | ​ |  |
Net increase (decrease) in interest-bearing deposits at financial institutions | ​ |  | 5,950 | ​ |  | 1,450 | ​ |  | (1,599)
Capital infusion, non-bank subsidiaries | ​ | ​ | (300) | ​ | ​ | (375) | ​ | ​ | —
Net cash received in dissolution of subsidiary | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 8,450
Net cash paid for acquisitions | ​ |  | (26,039) | ​ |  | — | ​ |  | —
Net cash received in sale of subsidiary | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 195
Purchase of premises and equipment | ​ |  | (1,484) | ​ |  | (31) | ​ |  | (272)
Net cash provided by (used in) investing activities | ​ |  | (21,873) | ​ |  | 1,044 | ​ |  | 6,774
​ | ​ |  |  | ​ |  |  | ​ |  |
Cash Flows from Financing Activities: | ​ |  |  | ​ |  |  | ​ |  |
Proceeds from subordinated notes | ​ | ​ | 100,000 | ​ | ​ | — | ​ | ​ | 50,000
Payment of cash dividends | ​ |  | (3,944) | ​ |  | (3,793) | ​ |  | (3,779)
Proceeds from issuance of common stock, net | ​ |  | 422 | ​ |  | 670 | ​ |  | 1,360
Repurchase and cancellation of shares | ​ |  | (52,954) | ​ |  | (14,168) | ​ |  | (3,779)
Net cash provided by (used in) financing activities | ​ |  | 43,524 | ​ |  | (17,291) | ​ |  | 43,802
​ | ​ |  |  | ​ |  |  | ​ |  |
Net increase (decrease) in cash and due from banks | ​ |  | 42,641 | ​ |  | (47,079) | ​ |  | 29,081
​ | ​ |  |  | ​ |  |  | ​ |  |
Cash and due from banks: | ​ |  |  | ​ |  |  | ​ |  |
Beginning | ​ |  | 41,531 | ​ |  | 88,610 | ​ |  | 59,529
Ending | ​ | $ | 84,172 | ​ | $ | 41,531 | ​ | $ | 88,610

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