Condensed Financial Information - Parent Company Only

12 Months Ended

Dec. 31, 2021

Condensed Financial Information Disclosure [Abstract]

Condensed Financial Information - Parent Company Only

Condensed Financial Information - Parent Company OnlyCondensed Balance Sheets

	December 31,
(in thousands)	2021		2020
Assets
Cash and due from banks	$	40,228	$	28,366
Investment in subsidiaries	954,506		843,711
Other assets	12,639		11,274
Total Assets	$	1,007,373	$	883,351
Liabilities and Stockholders’ Equity
Other liabilities	$	1,316	$	1,310
Subordinated debentures	179,043		118,257
Total stockholders’ equity	827,014		763,784
Total Liabilities and Stockholders’ Equity	$	1,007,373	$	883,351

Condensed Statements of Income

	Years Ended December 31,
(in thousands)	2021		2020		2019
Income
Dividends from subsidiaries	$	50,648	$	29,961	$	36,905
Other income (loss)	34		(486)		408
Total Income	50,682		29,475		37,313
Expense
Interest on subordinated debentures	5,419		5,968		5,983
Noninterest expenses	1,498		549		464
Total Expense	6,917		6,517		6,447
Income before benefit for income taxes	43,765		22,958		30,866
Income taxes benefit	(1,445)		(1,645)		(1,646)
Income before equity in undistributed income of subsidiaries	45,210		24,603		32,512
Equity in undistributed income of subsidiaries	49,831		32,915		38,160
Net Income Available to Common Shareholders	$	95,041	$	57,518	$	70,672

Condensed Statements of Cash Flows

	Years Ended December 31,
(in thousands)	2021		2020		2019
Cash Flows from Operating Activities
Net income	$	95,041	$	57,518	$	70,672
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	547		37		36
Benefit for credit losses	—		(12)		—
Long-term debt extinguishment costs	831		—		—
Change in fair value of equity securities	—		786		(197)
Excess tax (deficiency) benefits	(89)		(132)		189
Increase in other assets	(1,443)		(1,462)		(1,873)
Increase in other liabilities	149		25		121
Equity in undistributed income of subsidiaries	(49,831)		(32,915)		(38,160)
Net Cash Provided by Operating Activities	45,205		23,696		30,788
Cash Flows from Investing Activities
Purchases of equity securities	—		(49)		(82)
Proceeds from maturity of held to maturity securities	—		1,000		—
Proceeds from sale of equity securities	—		1,148		1,287
Net cash received from business acquisition	—		—		24
Contribution to subsidiary	(65,000)		—		—
Net Cash (Used in) Provided by Investing Activities	(65,000)		2,099		1,229
Cash Flows from Financing Activities
Cash dividends paid on common stock	(27,119)		(25,457)		(24,919)
Proceeds from issuance of common stock, net	—		—		—
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	(651)		(501)		(715)
Exercise of stock options	19		—		313
Net Cash Provided by (Used in) Financing Activities	31,657		(27,410)		(25,321)
Net increase (decrease) in cash and cash equivalents	11,862		(1,615)		6,696
Cash and cash equivalents, beginning of year	28,366		29,981		23,285
Cash and Cash Equivalents, End of Year	$	40,228	$	28,366	$	29,981