Condensed Financial Information - Parent Company Only

12 Months Ended

Dec. 31, 2022

Condensed Financial Information Disclosure [Abstract]

Condensed Financial Information - Parent Company Only

Condensed Financial Information - Parent Company Only

Condensed Balance Sheets

	December 31,
(in thousands)	2022		2021
Assets
Cash and due from banks	$	47,362	$	40,228
Investment in subsidiaries	1,244,037		954,506
Other assets	13,422		12,639
Total Assets	$	1,304,821	$	1,007,373
Liabilities and Stockholders’ Equity
Other liabilities	$	1,970	$	1,316
Subordinated debentures	194,264		179,043
Total stockholders’ equity	1,108,587		827,014
Total Liabilities and Stockholders’ Equity	$	1,304,821	$	1,007,373

Condensed Statements of Income

	Years Ended December 31,
(in thousands)	2022		2021		2020
Income
Dividends from subsidiaries	$	52,988	$	50,648	$	29,961
Other income (loss)	79		34		(486)
Total Income	53,067		50,682		29,475
Expense
Interest on subordinated debentures	6,825		5,419		5,968
Noninterest expenses	542		1,498		549
Total Expense	7,367		6,917		6,517
Income before benefit for income taxes	45,700		43,765		22,958
Income taxes benefit	(1,530)		(1,445)		(1,645)
Income before equity in undistributed income of subsidiaries	47,230		45,210		24,603
Equity in undistributed income of subsidiaries	60,139		49,831		32,915
Net Income Available to Common Shareholders	$	107,369	$	95,041	$	57,518

Condensed Statements of Cash Flows

	Years Ended December 31,
(in thousands)	2022		2021		2020
Cash Flows from Operating Activities
Net income	$	107,369	$	95,041	$	57,518
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Gain on sale of equity securities	—		—		(149)
Amortization of subordinated debt costs	487		547		37
Benefit for credit losses	—		—		(12)
Long-term debt extinguishment costs	—		831		—
Change in fair value of equity securities	—		—		786
Excess tax benefits (deficiency)	69		(89)		(132)
Increase in other assets	(1,571)		(1,443)		(1,462)
Increase in other liabilities	142		149		25
Equity in undistributed income of subsidiaries	(60,139)		(49,831)		(32,915)
Net cash provided by operating activities	46,357		45,205		23,696
Cash Flows from Investing Activities
Net cash used in acquisition	67		—		—
Purchases of equity securities	—		—		(49)
Proceeds from maturity of held to maturity securities	—		—		1,000
Proceeds from sale of equity securities	—		—		1,148
Contribution to subsidiary	—		(65,000)		—
Net cash provided by (used in) investing activities	67		(65,000)		2,099
Cash Flows from Financing Activities
Cash dividends paid on common stock	(37,334)		(27,119)		(25,457)
Proceeds from issuance of subordinated debt, net	—		147,738		—
Redemption of subordinated debentures, net	—		(88,330)		—
Purchase of treasury stock	—		—		(1,452)
Retirement of restricted stock	(1,956)		(651)		(501)
Exercise of stock options	—		19		—
Net cash (used in) provided by financing activities	(39,290)		31,657		(27,410)
Net increase (decrease) in cash and cash equivalents	7,134		11,862		(1,615)
Cash and cash equivalents, beginning of year	40,228		28,366		29,981
Cash and cash equivalents, end of year	$	47,362	$	40,228	$	28,366