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Condensed Financial Information of Parent Company (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
Condensed Financial Information Disclosure [Abstract] |
Balance Sheets of Parent Company | Balance Sheets
|  | At December 31, |
|  | 2023 |  |  | 2022 |
|  | (in thousands) |
Assets |  |  |  |  |  |
Cash |  | $ | 7,492 |  |  | $ | 10,558 |
Securities available for sale |  |  | 32,389 |  |  |  | 17,660 |
Investments in consolidated subsidiaries |  |  | 790,425 |  |  |  | 728,172 |
Other assets |  |  | 3,551 |  |  |  | 12,611 |
Total assets |  | $ | 833,857 |  |  | $ | 769,001 |
Liabilities and stockholders' equity |  |  |  |  |  |
Liabilities |  |  |  |  |  |
Subordinated debentures |  | $ | 130,012 |  |  | $ | 129,409 |
Other liabilities |  |  | 1,954 |  |  |  | 2,077 |
Total liabilities |  |  | 131,966 |  |  |  | 131,486 |
Stockholders' equity |  |  | 701,891 |  |  |  | 637,515 |
Total liabilities and stockholders' equity |  | $ | 833,857 |  |  | $ | 769,001 |
Statement of Income of Parent Company | Statements of Income
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
|  | (in thousands) |
Dividends from bank subsidiaries |  | $ | 44,500 |  |  | $ | 57,000 |  |  | $ | 20,639 |
Interest income on securities |  |  | 1,094 |  |  |  | 191 |  |  |  | — |
Interest expense |  |  | (6,482 | ) |  |  | (8,037 | ) |  |  | (8,273 | )
Other expense |  |  | (5,817 | ) |  |  | (5,174 | ) |  |  | (4,891 | )
Income before taxes and undistributed income of subsidiary |  |  | 33,295 |  |  |  | 43,980 |  |  |  | 7,475 |
Income tax benefit |  |  | 1,403 |  |  |  | 4,026 |  |  |  | 3,962 |
Income before undistributed income of subsidiary |  |  | 34,698 |  |  |  | 48,006 |  |  |  | 11,437 |
Equity in undistributed income of subsidiary |  |  | 45,343 |  |  |  | 53,388 |  |  |  | 87,239 |
Net income |  | $ | 80,041 |  |  | $ | 101,394 |  |  | $ | 98,676 |
Statement of Cash Flows of Parent Company | Statements of Cash Flows
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
|  | (in thousands) |
Cash Flows from Operating Activities: |  |  |  |  |  |  |  |  |
Net income |  | $ | 80,041 |  |  | $ | 101,394 |  |  | $ | 98,676 |
Adjustments to reconcile net income to net cash used in operating activities |  |  |  |  |  |  |  |  |
Undistributed income of subsidiary |  |  | (45,343 | ) |  |  | (53,388 | ) |  |  | (87,239 | )
Depreciation and amortization |  |  | 409 |  |  |  | 1,703 |  |  |  | 1,148 |
Share-based compensation expense |  |  | 2,680 |  |  |  | 2,596 |  |  |  | 2,437 |
Change in other assets and liabilities |  |  | 8,879 |  |  |  | (2,019 | ) |  |  | (9,076 | )
Net cash provided by operating activities |  |  | 46,666 |  |  |  | 50,286 |  |  |  | 5,946 |
Cash Flows from Investing Activities: |  |  |  |  |  |  |  |  |
Purchases of securities |  |  | (21,328 | ) |  |  | (17,956 | ) |  |  | — |
Proceeds from matured, called and repayment of securities |  |  | 7,000 |  |  |  | — |  |  |  | — |
Net cash used in investing activities |  |  | (14,328 | ) |  |  | (17,956 | ) |  |  | — |
Cash Flows from Financing Activities: |  |  |  |  |  |  |  |  |
Proceeds from exercise of stock options |  |  | — |  |  |  | 19 |  |  |  | — |
Issuance of subordinated debentures |  |  | — |  |  |  | — |  |  |  | 107,929 |
Redemption of subordinated debentures, net of treasury debentures |  |  | — |  |  |  | (87,300 | ) |  |  | (13,043 | )
Cash paid for employee vested shares surrendered due to employee tax liability |  |  | (785 | ) |  |  | (732 | ) |  |  | (572 | )
Repurchase of common stock |  |  | (4,084 | ) |  |  | — |  |  |  | (6,135 | )
Cash dividends paid |  |  | (30,535 | ) |  |  | (28,636 | ) |  |  | (16,514 | )
Net cash provided by (used in) financing activities |  |  | (35,404 | ) |  |  | (116,649 | ) |  |  | 71,665 |
Net increase (decrease) in cash |  |  | (3,066 | ) |  |  | (84,319 | ) |  |  | 77,611 |
Cash at beginning of year |  |  | 10,558 |  |  |  | 94,877 |  |  |  | 17,266 |
Cash at end of year |  | $ | 7,492 |  |  | $ | 10,558 |  |  | $ | 94,877 |

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