Parent Company Condensed Financial Information (Tables)

12 Months Ended

Dec. 31, 2023

Parent Company Condensed Financial Information

Schedule of condensed balance sheets

	2023		2022
Assets
Noninterest bearing deposit with bank subsidiary	$	36,686	$	39,167
Investment in subsidiaries		620,663		555,140
Other assets		6,183		6,526
Total assets	$	663,532	$	600,833
Liabilities and Stockholders’ Equity
Junior subordinated debentures	$	25,773	$	25,773
Subordinated debt		59,382		59,297
Senior notes		-		44,585
Notes payable		-		9,000
Other liabilities		1,096		1,037
Stockholders’ equity		577,281		461,141
Total liabilities and stockholders' equity	$	663,532	$	600,833

Schedule of condensed statements of operations

	2023		2022		2021
Operating Income
Cash dividends received from subsidiaries	$	65,000	$	40,000	$	40,000
Other income		67		29		15
Total operating income		65,067		40,029		40,015
Operating Expenses
Junior subordinated debentures		1,095		1,136		1,133
Subordinated debt		2,185		2,185		1,610
Senior notes		2,408		2,682		2,692
Notes payable		87		385		291
Other expenses		5,947		5,086		6,918
Total operating expense		11,722		11,474		12,644
Income before income taxes and equity in undistributed net income of subsidiaries		53,345		28,555		27,371
Income tax benefit		(3,309)		(3,216)		(2,986)
Income before equity in undistributed net income of subsidiaries		56,654		31,771		30,357
Equity in undistributed net income of subsidiaries		35,075		35,634		(10,313)
Net income available to common stockholders	$	91,729	$	67,405	$	20,044

Schedule of condensed statements of cash Flows

	2023		2022		2021
Cash Flows from Operating Activities
Net Income	$	91,729	$	67,405	$	20,044
Adjustments to reconcile net income to net cash from operating activities:
Equity in undistributed net income of subsidiaries		(35,075)		(35,634)		10,313
Provision for deferred tax (benefit) expense		(513)		91		(248)
Change in taxes payable		794		(4,694)		(695)
Change in other assets		(43)		12		(12)
Stock-based compensation		3,603		2,960		1,435
Other, net		575		(2,753)		961
Net cash provided by operating activities		61,070		27,387		31,798
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		(8,946)		(8,877)		(4,612)
Purchases of treasury stock		(605)		(455)		(10,417)
Issuance of sub debt		-		-		59,148
Repayment of term note		(9,000)		(4,000)		(4,000)
Repayment of senior note		(45,000)		-		-
Net cash (used in) provided by financing activities		(63,551)		(13,332)		40,119
Net change in cash and cash equivalents		(2,481)		14,055		(22,489)
Cash and cash equivalents at beginning of year		39,167		25,112		47,601
Cash and cash equivalents at end of year	$	36,686	$	39,167	$	25,112