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CONDENSED PARENT COMPANY ONLY FINANCIAL STATEMENTS (Tables) | 12 Months Ended
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Dec. 31, 2023
Condensed Financial Information Disclosure [Abstract] |
Schedule of condensed parent company only balance sheets |
Condensed Parent Company Only Balance Sheets
(dollars in thousands) | December 31, 2023 |  | December 31, 2022
ASSETS |
Cash and cash equivalents | $ | 17,214 |  |  | $ | 24,278 |
Investment in subsidiaries: |  |  |
Bank | 563,513 |  |  | 422,217 |
Non-bank | 1,614 |  |  | 1,165 |
Other assets | 2,347 |  |  | 5,338 |
Total assets | $ | 584,688 |  |  | $ | 452,998 |
LIABILITIES |  |  |
Subordinated notes | $ | 39,474 |  |  | $ | 39,395 |
Junior subordinated debentures | 52,789 |  |  | 37,780 |
Other liabilities | 2,929 |  |  | 2,191 |
Total liabilities | 95,192 |  |  | 79,366 |
STOCKHOLDERS' EQUITY | 489,496 |  |  | 373,632 |
Total liabilities and stockholders' equity | $ | 584,688 |  |  | $ | 452,998 |
Schedule of condensed parent company only statements of income |
Condensed Parent Company Only Statements of Income
| Year ended December 31,
(dollars in thousands) | 2023 |  | 2022 |  | 2021
INCOME |
Dividends received from bank subsidiary | $ | 64,000 |  |  | $ | 28,000 |  |  | $ | 20,000 |
Undistributed earnings from bank subsidiary | 9,199 |  |  | 35,044 |  |  | 41,227 |
Other income | 870 |  |  | 51 |  |  | 454 |
Total income | 74,069 |  |  | 63,095 |  |  | 61,681 |
EXPENSES |  |  |  |  |
Interest expense | 5,409 |  |  | 3,666 |  |  | 3,305 |
Other expense | 5,517 |  |  | 5,292 |  |  | 3,741 |
Total expenses | 10,926 |  |  | 8,958 |  |  | 7,046 |
INCOME BEFORE INCOME TAX BENEFIT | 63,143 |  |  | 54,137 |  |  | 54,635 |
TAX BENEFIT | (2,699) |  |  | (2,319) |  |  | (1,636) |
NET INCOME | $ | 65,842 |  |  | $ | 56,456 |  |  | $ | 56,271 |
Schedule of condensed parent company only statements of cash flows |
Consolidated Parent Company Only Statements of Cash Flow
| Year ended December 31,
(dollars in thousands) | 2023 |  | 2022 |  | 2021
CASH FLOWS FROM OPERATING ACTIVITIES |
Net income | $ | 65,842 |  |  | $ | 56,456 |  |  | $ | 56,271 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |
Undistributed earnings of consolidated subsidiaries | (9,199) |  |  | (35,044) |  |  | (41,227) |
Stock-based compensation | 1,953 |  |  | 1,949 |  |  | 764 |
Amortization of discount and issuance costs on subordinated notes and debentures | 139 |  |  | 145 |  |  | 144 |
Net gain on sale of foreclosed assets | (563) |  |  | — |  |  | (74) |
Changes in other assets and liabilities, net | 360 |  |  | 769 |  |  | (2,231) |
Net cash provided by operating activities | 58,532 |  |  | 24,275 |  |  | 13,647 |
CASH FLOWS FROM INVESTING ACTIVITIES |  |  |  |  |
Purchase of securities | — |  |  | — |  |  | (48) |
Purchase of foreclosed assets from Heartland Bank | — |  |  | (2,325) |  |  | — |
Proceeds from sale of foreclosed assets | 2,888 |  |  | — |  |  | 74 |
Net cash paid for acquisition of NXT Bancorporation, Inc. | — |  |  | — |  |  | (10,411) |
Net cash paid for acquisition of Town and Country | (37,523) |  |  | — |  |  | — |
Net cash used in investing activities | (34,635) |  |  | (2,325) |  |  | (10,385) |
CASH FLOWS FROM FINANCING ACTIVITIES |  |  |  |  |
Taxes paid related to the vesting of restricted stock units | (181) |  |  | (57) |  |  | — |
Repurchase of common stock | (8,907) |  |  | (4,783) |  |  | (4,906) |
Cash dividends and dividend equivalents paid | (21,873) |  |  | (18,584) |  |  | (16,753) |
Net cash used in financing activities | (30,961) |  |  | (23,424) |  |  | (21,659) |
NET DECREASE IN CASH AND EQUIVALENTS | (7,064) |  |  | (1,474) |  |  | (18,397) |
CASH AND CASH EQUIVALENTS |  |  |  |  |
Beginning of year | 24,278 |  |  | 25,752 |  |  | 44,149 |
End of year | $ | 17,214 |  |  | $ | 24,278 |  |  | $ | 25,752 |

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