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Note 21 - Parent Company Only Financial Statements (Tables) | 12 Months Ended
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Dec. 31, 2023
Notes Tables |
Condensed Balance Sheet | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022
​ | ​ | (dollars in thousands)
Assets | ​ | ​ | ​ | ​ | ​ | ​
Cash and due from banks | ​ | $ | 53,331 | ​ | $ | 84,172
Investment in bank subsidiaries | ​ |  | 1,122,803 | ​ |  | 965,973
Investment in nonbank subsidiaries | ​ |  | 6,129 | ​ |  | 7,196
Premises and equipment, net | ​ |  | 9,286 | ​ |  | 9,639
Other assets | ​ |  | 14,512 | ​ |  | 10,157
Total assets | ​ | $ | 1,206,061 | ​ | $ | 1,077,137
​ | ​ |  |  | ​ |  |
Liabilities and Stockholders' Equity | ​ |  |  | ​ |  |
Liabilities: | ​ |  |  | ​ |  |
Subordinated notes | ​ | $ | 233,064 | ​ | $ | 232,662
Junior subordinated debentures | ​ |  | 48,731 | ​ |  | 48,602
Other liabilities | ​ |  | 37,670 | ​ |  | 23,149
Total liabilities | ​ |  | 319,465 | ​ |  | 304,413
​ | ​ |  |  | ​ |  |
Stockholders' Equity: | ​ |  |  | ​ |  |
Common stock | ​ |  | 16,749 | ​ |  | 16,796
Additional paid-in capital | ​ |  | 370,814 | ​ |  | 370,712
Retained earnings | ​ |  | 554,992 | ​ |  | 450,114
Accumulated other comprehensive loss | ​ |  | (55,959) | ​ |  | (64,898)
Total stockholders' equity | ​ |  | 886,596 | ​ |  | 772,724
Total liabilities and stockholders' equity | ​ | $ | 1,206,061 | ​ | $ | 1,077,137
​ | ​ | ​ | ​ | ​ | ​ | ​
Condensed Income Statement | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022 |  | 2021
​ | ​ | (dollars in thousands)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total interest income | ​ | $ | — | ​ | $ | 26 | ​ | $ | 3
Equity in net income of bank subsidiaries | ​ |  | 137,451 | ​ |  | 128,941 | ​ |  | 117,408
Equity in net income of nonbank subsidiaries | ​ |  | 2,220 | ​ |  | 1,294 | ​ |  | 456
Other | ​ |  | 704 | ​ |  | (53) | ​ |  | 853
Total income | ​ |  | 140,375 | ​ |  | 130,208 | ​ |  | 118,720
​ | ​ |  |  | ​ |  |  | ​ |  |
Interest expense | ​ |  | 16,066 | ​ |  | 11,836 | ​ |  | 8,482
Salaries and employee benefits | ​ |  | 9,940 | ​ |  | 15,551 | ​ |  | 12,446
Professional fees | ​ |  | 12 | ​ |  | 1,789 | ​ |  | 1,983
Acquisition costs | ​ |  | — | ​ |  | 3,715 | ​ |  | 624
Post-acquisition compensation, transition and integration costs | ​ |  | 207 | ​ |  | 5,526 | ​ |  | —
Disposition costs | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 13
Other | ​ |  | 3,744 | ​ |  | 3,331 | ​ |  | 2,784
Total expenses | ​ |  | 29,969 | ​ |  | 41,748 | ​ |  | 26,332
​ | ​ |  |  | ​ |  |  | ​ |  |
Income before income tax benefit | ​ |  | 110,406 | ​ |  | 88,460 | ​ |  | 92,388
​ | ​ |  |  | ​ |  |  | ​ |  |
Income tax benefit | ​ |  | 3,152 | ​ |  | 10,606 | ​ |  | 6,517
Net income | ​ | $ | 113,558 | ​ | $ | 99,066 | ​ | $ | 98,905
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Condensed Cash flow Statement | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022 |  | 2021
​ | ​ | (dollars in thousands)
Cash Flows from Operating Activities: |  | ​ |  |  | ​ |  |  | ​ |
Net income | ​ | $ | 113,558 | ​ | $ | 99,066 | ​ | $ | 98,905
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ​ |  |  | ​ |  |  | ​ |  |
Earnings of bank subsidiaries | ​ | ​ | (137,451) | ​ |  | (128,941) | ​ |  | (117,408)
Earnings of nonbank subsidiaries | ​ |  | (2,220) | ​ |  | (1,294) | ​ |  | (456)
Distributions from bank subsidiaries | ​ |  | — | ​ |  | 36,000 | ​ |  | —
Distributions from nonbank subsidiaries | ​ |  | 114 | ​ |  | 40 | ​ |  | 30
Deferred income taxes | ​ | ​ | (349) | ​ | ​ | (2,443) | ​ | ​ | (1,093)
Accretion of acquisition fair value adjustments | ​ |  | 129 | ​ |  | 137 | ​ |  | 321
Depreciation | ​ |  | 576 | ​ |  | 477 | ​ |  | 486
Deferred compensation expense accrued | ​ | ​ | 4,063 | ​ | ​ | 4,062 | ​ | ​ | 573
Stock-based compensation expense | ​ |  | 2,678 | ​ |  | 2,438 | ​ |  | 2,352
Gain on sale of fixed assets | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 155
Decrease (increase) in other assets | ​ |  | (2,649) | ​ |  | 621 | ​ |  | 5
Increase (decrease) in other liabilities | ​ |  | 9,062 | ​ |  | 10,827 | ​ |  | (14,702)
Net cash provided by (used in) operating activities | ​ |  | (12,489) | ​ |  | 20,990 | ​ |  | (30,832)
​ | ​ |  |  | ​ |  |  | ​ |  | ​
Cash Flows from Investing Activities: | ​ |  |  | ​ |  |  | ​ |  |
Net decrease in interest-bearing deposits at financial institutions | ​ |  | — | ​ |  | 5,950 | ​ |  | 1,450
Capital infusion, bank subsidiaries | ​ |  | (10,000) | ​ |  | — | ​ |  | —
Capital infusion, non-bank subsidiaries | ​ | ​ | — | ​ | ​ | (300) | ​ | ​ | (375)
Net cash received in dissolution of subsidiary | ​ | ​ | 3,184 | ​ | ​ | — | ​ | ​ | —
Net cash paid for acquisitions | ​ |  | — | ​ |  | (26,039) | ​ |  | —
Purchase of premises and equipment | ​ |  | (224) | ​ |  | (1,484) | ​ |  | (31)
Net cash provided by (used in) investing activities | ​ |  | (7,040) | ​ |  | (21,873) | ​ |  | 1,044
​ | ​ |  |  | ​ |  |  | ​ |  |
Cash Flows from Financing Activities: | ​ |  |  | ​ |  |  | ​ |  |
Proceeds from subordinated notes | ​ | ​ | — | ​ | ​ | 100,000 | ​ | ​ | —
Payment of cash dividends | ​ |  | (4,029) | ​ |  | (3,944) | ​ |  | (3,793)
Proceeds from issuance of common stock, net | ​ |  | 1,403 | ​ |  | 422 | ​ |  | 670
Repurchase and cancellation of shares | ​ |  | (8,686) | ​ |  | (52,954) | ​ |  | (14,168)
Net cash provided by (used in) financing activities | ​ |  | (11,312) | ​ |  | 43,524 | ​ |  | (17,291)
​ | ​ |  |  | ​ |  |  | ​ |  |
Net increase (decrease) in cash and due from banks | ​ |  | (30,841) | ​ |  | 42,641 | ​ |  | (47,079)
​ | ​ |  |  | ​ |  |  | ​ |  |
Cash and due from banks: | ​ |  |  | ​ |  |  | ​ |  |
Beginning | ​ |  | 84,172 | ​ |  | 41,531 | ​ |  | 88,610
Ending | ​ | $ | 53,331 | ​ | $ | 84,172 | ​ | $ | 41,531
​

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