Parent Corporation Only Financial Statements (Tables)

12 Months Ended

Dec. 31, 2021

Condensed Statements of Condition

	As of December 31,
	2021		2020
	(dollars in thousands)
ASSETS
Cash and cash equivalents	$	133,648	$	34,388
Investment in subsidiaries		1,111,520		1,001,998
Investment securities		32,405		32,405
Equity securities		725		-
Other assets		699		51,288
Total assets	$	1,278,997	$	1,120,079
LIABILITIES AND STOCKHOLDERS’ EQUITY
Other liabilities	$	1,834	$	2,121
Subordinated debentures, net		152,951		202,648
Stockholders’ equity		1,124,212		915,310
Total liabilities and stockholders’ equity	$	1,278,997	$	1,120,079

Condensed Statements of Income

	For Years Ended December 31,
	2021			2020			2019
	(dollars in thousands)
Income:
Dividend income from subsidiaries	$	24,071		$	15,200		$	30,050
Other income		1,627			1,683			1,652
Total Income		25,698			16,883			31,702
Expenses		(8,741	)		(9,263	)		(7,386	)
Income before equity in undistributed earnings of subsidiaries		16,957			7,620			24,316
Equity in undistributed earnings of subsidiaries		113,396			63,669			49,079
Net Income		130,353			71,289			73,395
Preferred dividends		1,717			-			-
Net income available to common stockholders	$	128,636		$	71,289		$	73,395

Condensed Statements of Cash Flows

	For Years Ended December 31
	2021			2020			2019
	(dollars in thousands)
Cash flows from operating activities:
Net income	$	130,353		$	71,289		$	73,395
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed earnings of subsidiary		(113,396	)		(63,669	)		(49,079	)
Loss on equity securities, net		55			-			38
Amortization of subordinated debt issuance costs		303			323			329
Decrease (increase) in other assets		50,590			(50,001	)		-
(Decrease) increase in other liabilities		(287	)		(391	)		(1,509	)
Net cash provided by (used in) operating activities		67,618			(42,449	)		23,174

Cash flows from investing activities:
Purchase of available-for-sale securities		-			-			(2	)
Sales of available-for-sale securities		-			-			23
Purchase of equity securities		(780	)		-			-
Sale of equity securities		-			-			569
Repayment of short-term borrowing		-			(3,000	)		-
Capital infusion to subsidiary		-			-			-
Net cash (used in) provided by investing activities		(780	)		(3,000	)		590

Cash flows from financing activities:
(Repayment of) proceeds from subordinated debt		(50,000	)		73,440			-
Cash dividends paid on preferred stock		(1,717	)		-			-
Cash dividends paid on common stock		(17,493	)		(14,317	)		(12,160	)
Purchase of treasury stock		(9,401	)		(911	)		(12,643	)
Proceeds from preferred stock offering		110,927			-			-
Proceeds from exercise of stock options		106			233			360
Net cash provided by (used in) financing activities		32,422			58,445			(24,443	)

Increase (decrease) in cash and cash equivalents		99,260			12,996			(679	)
Cash and cash equivalents as of January 1,		34,388			21,392			22,071
Cash and cash equivalents as of December 31,	$	133,648		$	34,388		$	21,392