Parent Company Condensed Financial Information (Tables)

12 Months Ended

Dec. 31, 2022

Parent Company Condensed Financial Information

Schedule of condensed balance sheets

	2022		2021
Assets
Noninterest bearing deposit with bank subsidiary	$	39,167	$	25,112
Investment in subsidiaries		555,140		626,325
Other assets		6,526		1,111
Total assets	$	600,833	$	652,548
Liabilities and Stockholders’ Equity
Junior subordinated debentures	$	25,773	$	25,773
Subordinated debt		59,297		59,212
Senior notes		44,585		44,480
Notes payable		9,000		13,000
Other liabilities		1,037		8,056
Stockholders’ equity		461,141		502,027
Total liabilities and stockholders' equity	$	600,833	$	652,548

Schedule of condensed statements of operations

	2022		2021		2020
Operating Income
Cash dividends received from subsidiaries	$	40,000	$	40,000	$	41,300
Other income		29		15		32
Total operating income		40,029		40,015		41,332
Operating Expenses
Junior subordinated debentures		1,136		1,133		2,216
Subordinated debt		2,185		1,610		-
Senior notes		2,682		2,692		2,693
Notes payable		385		291		362
Other expenses		5,086		6,918		3,669
Total operating expense		11,474		12,644		8,940
Income before income taxes and equity in undistributed net income of subsidiaries		28,555		27,371		32,392
Income tax benefit		(3,216)		(2,986)		(2,215)
Income before equity in undistributed net income of subsidiaries		31,771		30,357		34,607
Equity in undistributed net income of subsidiaries		35,634		(10,313)		(6,782)
Net income available to common stockholders	$	67,405	$	20,044	$	27,825

Schedule of condensed statements of cash Flows

	2022		2021		2020
Cash Flows from Operating Activities
Net Income	$	67,405	$	20,044	$	27,825
Adjustments to reconcile net income to net cash from operating activities:
Equity in undistributed net income of subsidiaries		(35,634)		10,313		6,782
Provision for deferred tax expense (benefit)		91		(248)		(514)
Change in taxes payable		(4,694)		(695)		5,933
Change in other assets		12		(12)		954
Stock-based compensation		2,960		1,435		2,089
Other, net		(2,753)		961		682
Net cash provided by operating activities		27,387		31,798		43,751
Cash Flows from Investing Activities
Cash paid for acquisition, net of cash and cash equivalents retained		-		(94,406)		-
Net cash used in investing activities		-		(94,406)		-
Cash Flows from Financing Activities
Dividend paid on common stock		(8,877)		(4,612)		(1,186)
Purchases of treasury stock		(455)		(10,417)		(5,922)
Redemption of junior subordinated debentures		-		-		(32,604)
Issuance of term note		-		-		20,000
Issuance of sub debt		-		59,148		-
Repayment of term note		(4,000)		(4,000)		(3,000)
Net cash (used in) provided by financing activities		(13,332)		40,119		(22,712)
Net change in cash and cash equivalents		14,055		(22,489)		21,039
Cash and cash equivalents at beginning of year		25,112		47,601		26,562
Cash and cash equivalents at end of year	$	39,167	$	25,112	$	47,601