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Parent Company Only Financial Information (Tables)
12 Months Ended
Dec. 31, 2022
Condensed Financial Information Disclosure [Abstract]  
Parent Only Financial Statements

Condensed Balance Sheets

 

December 31,

 

 

 

2022

 

 

2021

 

Assets:

 

 

 

 

 

 

Investment in banks

 

$

1,602,169

 

 

$

1,851,398

 

Other assets

 

 

76,325

 

 

 

75,995

 

Total Assets

 

$

1,678,494

 

 

$

1,927,393

 

 

 

 

 

 

 

 

Liabilities and Shareholders' Equity:

 

 

 

 

 

 

Accrued expense

 

$

1,108

 

 

$

1,184

 

Subordinated notes

 

 

123,262

 

 

 

123,042

 

Junior subordinated debt securities

 

 

61,856

 

 

 

61,856

 

Shareholders' equity

 

 

1,492,268

 

 

 

1,741,311

 

Total Liabilities and Shareholders' Equity

 

$

1,678,494

 

 

$

1,927,393

 

 

Condensed Statements of Income

 

Years Ended December 31,

 

 

 

2022

 

 

2021

 

 

2020

 

Revenue:

 

 

 

 

 

 

 

 

 

Dividends received from banks

 

$

89,733

 

 

$

45,284

 

 

$

109,243

 

Earnings of subsidiaries over distributions

 

 

(11,269

)

 

 

108,141

 

 

 

53,724

 

Other income

 

 

94

 

 

 

95

 

 

 

66

 

Total Revenue

 

 

78,558

 

 

 

153,520

 

 

 

163,033

 

Expense:

 

 

 

 

 

 

 

 

 

Other expense

 

 

6,671

 

 

 

6,155

 

 

 

3,008

 

Total Expense

 

 

6,671

 

 

 

6,155

 

 

 

3,008

 

Net Income

 

$

71,887

 

 

$

147,365

 

 

$

160,025

 

 

Condensed Statements of Cash Flows

 

Years Ended December 31,

 

 

 

2022

 

 

2021

 

 

2020

 

Operating Activities:

 

 

 

 

 

 

 

 

 

Net income

 

$

71,887

 

 

$

147,365

 

 

$

160,025

 

Adjustments to reconcile net income to net cash provided
   by operating activities:

 

 

 

 

 

 

 

 

 

Net change in investment in subsidiaries

 

 

11,269

 

 

 

(108,141

)

 

 

(53,724

)

Other

 

 

(1,550

)

 

 

(2,078

)

 

 

(326

)

Net cash from operating activities

 

 

81,606

 

 

 

37,146

 

 

 

105,975

 

 

 

 

 

 

 

 

 

 

 

Financing Activities:

 

 

 

 

 

 

 

 

 

Proceeds from subordinated notes

 

 

 

 

 

 

 

 

122,900

 

Common stock dividends

 

 

(56,679

)

 

 

(58,085

)

 

 

(58,769

)

Repurchase and retirement of common stock

 

 

(24,604

)

 

 

(61,799

)

 

 

(27,538

)

Net cash from financing activities

 

 

(81,283

)

 

 

(119,884

)

 

 

36,593

 

Net change in cash and cash equivalents

 

 

323

 

 

 

(82,738

)

 

 

142,568

 

Cash and cash equivalents at beginning of year

 

 

75,537

 

 

 

158,275

 

 

 

15,707

 

Cash and cash equivalents at end of year

 

$

75,860

 

 

$

75,537

 

 

$

158,275