Condensed Parent Company Financial Statements

12 Months Ended

Dec. 31, 2023

(17) CONDENSED PARENT COMPANY FINANCIAL STATEMENTS

BALANCE SHEETS


	December 31,
	2023		2022
	(Dollars in thousands)
ASSETS
Cash	$	91,454	$	17,806
Investments in subsidiaries		1,315,124		1,206,246
Goodwill		101,611		101,611
Core deposit premium		10,428		12,009
Dividends receivable		17,091		15,682
Other assets		2,262		1,731
Total assets	$	1,537,970	$	1,355,085
LIABILITIES AND STOCKHOLDERS’ EQUITY
Other liabilities	$	17,978	$	18,205
Subordinated debt		86,101		86,044
Stockholders’ equity		1,433,891		1,250,836
Total liabilities and stockholders’ equity	$	1,537,970	$	1,355,085

STATEMENTS OF INCOME


	Year Ended December 31,
	2023			2022			2021
	(Dollars in thousands)
OPERATING INCOME
Dividends from subsidiaries	$	137,275		$	93,139		$	54,480
Interest on interest-bearing deposits		1,178			94			41
Other		726			1,338			1,071
Total operating income		139,179			94,571			55,592
OPERATING EXPENSE
Interest		4,122			4,122			3,130
Other		3,206			7,190			3,340
Total operating expense		7,328			11,312			6,470
Income before taxes and equity in undistributed earnings of subsidiaries		131,851			83,259			49,122
Allocated income tax benefit		2,249			5,857			4,191
Income before equity in undistributed earnings of subsidiaries		134,100			89,116			53,313
Equity in undistributed earnings of subsidiaries		81,275			105,817			116,365
Amortization of stock-based compensation arrangements of subsidiaries		(2,910	)		(1,833	)		(2,048	)
Net income	$	212,465		$	193,100		$	167,630

STATEMENTS OF CASH FLOW


	Year Ended December 31,
	2023			2022			2021
	(Dollars in thousands)
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	212,465		$	193,100		$	167,630
Adjustments to reconcile to net cash provided by operating activities:
Equity in undistributed earnings of subsidiaries		(81,275	)		(105,817	)		(116,365	)
Amortization of stock-based compensation arrangements of subsidiaries		2,910			1,833			2,048
Other, net		(655	)		3,815			5,056
Net cash provided by operating activities		133,445			92,931			58,369
INVESTING ACTIVITIES
Payments for investments in subsidiaries		(6,100	)		(94,967	)		(9,000	)
Other, net		(778	)		(1,352	)		4,429
Net cash used in investing activities		(6,878	)		(96,319	)		(4,571	)
FINANCING ACTIVITIES
Issuance of common stock		2,543			7,649			2,260
Common stock acquired		(1,820	)		—			(11,663	)
Net cash settlement of options		—			—			(5,479	)
Cash dividends paid		(53,642	)		(48,462	)		(45,140	)
Proceeds from the issuance of subordinated notes, net of debt issuance costs		—			—			59,150
Net cash used in financing activities		(52,919	)		(40,813	)		(872	)
Net increase/(decrease) in cash and due from banks		73,648			(44,201	)		52,926
Cash and due from banks at the beginning of the period		17,806			62,007			9,081
Cash and due from banks at the end of the period	$	91,454		$	17,806		$	62,007
SUPPLEMENTAL DISCLOSURE
Cash paid during the period for interest	$	4,122		$	4,122		$	3,130
Cash received during the period for income taxes, net	$	1,746		$	6,667		$	4,411