XML 71 R57.htm IDEA: XBRL DOCUMENT v3.24.0.1
CONDENSED PARENT COMPANY ONLY FINANCIAL STATEMENTS (Tables)
 12 Months Ended
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, 2023December 31, 2022
ASSETS
Cash and cash equivalents$17,214 $24,278 
Investment in subsidiaries:
Bank563,513 422,217 
Non-bank1,614 1,165 
Other assets2,347 5,338 
Total assets$584,688 $452,998 
LIABILITIES
Subordinated notes$39,474 $39,395 
Junior subordinated debentures52,789 37,780 
Other liabilities2,929 2,191 
Total liabilities95,192 79,366 
STOCKHOLDERS' EQUITY489,496 373,632 
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)202320222021
INCOME
Dividends received from bank subsidiary$64,000 $28,000 $20,000 
Undistributed earnings from bank subsidiary9,199 35,044 41,227 
Other income870 51 454 
Total income74,069 63,095 61,681 
EXPENSES
Interest expense5,409 3,666 3,305 
Other expense5,517 5,292 3,741 
Total expenses10,926 8,958 7,046 
INCOME BEFORE INCOME TAX BENEFIT63,143 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)202320222021
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 compensation1,953 1,949 764 
Amortization of discount and issuance costs on subordinated notes and debentures139 145 144 
Net gain on sale of foreclosed assets(563)— (74)
Changes in other assets and liabilities, net360 769 (2,231)
Net cash provided by operating activities58,532 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 assets2,888 — 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 year24,278 25,752 44,149 
End of year$17,214 $24,278 $25,752