Condensed Parent Company Information

12 Months Ended

Dec. 31, 2023

Condensed financial data for the Company (parent company only) follows:


CONDENSED BALANCE SHEETS	As of December 31,
($ in thousands)	2023		2022
Assets
Cash on deposit with bank subsidiary	$	4,597	5,611
Investment in subsidiaries	1,478,750		1,100,829
Premises and equipment	7		7
Other assets	379		22
Total assets	$	1,483,733	1,106,469

Liabilities and shareholders’ equity
Subordinated debt	$	27,177	—
Trust preferred securities	73,130		65,665
Other liabilities	11,046		9,208
Total liabilities	111,353		74,873
Shareholders’ equity	1,372,380		1,031,596
Total liabilities and shareholders’ equity	$	1,483,733	1,106,469


CONDENSED STATEMENTS OF INCOME	Year Ended December 31,
($ in thousands)	2023		2022	2021
Interest income	$	116	48	24
Dividends from subsidiaries	32,700		17,400	25,300
Total income	32,816		17,448	25,324

Interest expense	7,945		2,926	1,455
Other expenses	2,057		1,693	5,345
Total expense	10,002		4,619	6,800

Income before income taxes and equity in undistributed income of subsidiaries	22,814		12,829	18,524
Income tax benefit	(2,076)		(960)	(1,423)
Income before equity in undistributed income of subsidiaries	24,890		13,789	19,947
Equity in undistributed income of subsidiaries	79,241		133,147	75,697
Net income	$	104,131	146,936	95,644


CONDENSED STATEMENTS OF CASH FLOWS	Year Ended December 31,
($ in thousands)	2023		2022	2021
Operating Activities:
Net income	$	104,131	146,936	95,644
Equity in undistributed earnings of subsidiaries	(79,241)		(133,147)	(75,697)
(Increase) decrease in other assets	(604)		4,055	3,924
Increase (decrease) in other liabilities	1,741		642	(859)
Net cash provided by operating activities	26,027		18,486	23,012
Investing Activities:



Net cash received in acquisitions	4,123		—	7,379
Net cash provided by investing activities	4,123		—	7,379
Financing Activities:
Payment of common stock cash dividends	(34,940)		(30,660)	(22,228)
Repurchases of common stock	—		—	(4,036)
Proceeds from stock option exercises	4,519		—	—
Stock withheld for payment of taxes	(743)		(840)	(786)
Net cash used in financing activities	(31,164)		(31,500)	(27,050)
Net (decrease) increase in cash	(1,014)		(13,014)	3,341
Cash, beginning of year	5,611		18,625	15,284
Cash, end of year	$	4,597	5,611	18,625