PARENT COMPANY FINANCIAL INFORMATION (Tables)

12 Months Ended

Dec. 31, 2022

Condensed Financial Information Disclosure [Abstract]

Condensed Balance Sheet

Condensed Balance Sheets

	December 31,
($ in thousands)	2022		2021
Assets:
Cash and cash equivalents	$	9,843	$	34,731
Investment in subsidiary bank	778,885		776,215
Investments in statutory trusts	496		496
Bank owned life insurance	333		3,818
Other	3,962		6,187
	$	793,519	$	821,447
Liabilities and Stockholders’ Equity:
Subordinated debentures	$	145,027	$	144,726
Borrowed funds	—		—
Other	1,830		549
Stockholders’ equity	646,663		676,172
	$	793,519	$	821,447

Condensed Income Statement

Condensed Statements of Income

	Years Ended December 31,
($ in thousands)	2022		2021		2020
Income:
Interest and dividends	$	17	$	10	$	20
Dividend income	16,000		—		18,526
Other	2,667		111		892
	18,684		121		19,438
Expenses:
Interest on borrowed funds	7,492		7,375		5,593
Legal and professional	593		941		1,014
Other	7,498		4,828		4,361
	15,583		13,144		10,968
Income (loss) before income taxes and equity in undistributed income of subsidiary	3,101		(13,023)		8,470
Income tax benefit	3,263		3,295		2,545
Income (loss) before equity in undistributed income of subsidiary	6,364		(9,728)		11,015
Equity in undistributed income of subsidiary	56,555		73,895		41,490
Net income	$	62,919	$	64,167	$	52,505

Condensed Cash Flow Statement

Condensed Statements of Cash Flows

	Years Ended December 31,
($ in thousands)	2022		2021		2020
Cash flows from operating activities:
Net income	$	62,919	$	64,167	$	52,505
Adjustments to reconcile net income to net cash used in operating activities:
Equity in undistributed income of Subsidiary	(56,555)		(73,895)		(41,490)
Restricted stock expense	2,425		3,100		2,352
Other, net	6,255		(3,343)		329
Net cash (used in) provided by operating activities	15,044		(9,970)		13,696
Cash flows from investing activities:
Investment in bank	(1,300)		—		—
Other, net	290		—		1,726
Net cash (used in) provided by investing activities	(1,010)		—		1,726
Cash flows from financing activities:
Dividends paid on common stock	(16,275)		(11,991)		(8,589)
Repurchase of restricted stock for payment of taxes	(683)		(721)		(494)
Common stock repurchased	(22,180)		(5,171)		(8,067)
Repayment of borrowed funds	—		(4,647)		(707)
Issuance of subordinated debt	—		—		63,725
Other, net	216		—		—
Net cash (used in) provided by financing activities	(38,922)		(22,530)		45,868
Net (decrease) increase in cash and cash equivalents	(24,888)		(32,500)		61,290
Cash and cash equivalents at beginning of year	34,731		67,231		5,941
Cash and cash equivalents at end of year	$	9,843	$	34,731	$	67,231