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Note 22 - Parent Company Financial Information

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Condensed Financial Information of Parent Company Only Disclosure [Text Block]

NOTE 22. PARENT COMPANY FINANCIAL INFORMATION

The following information presents the condensed balance sheet of the Company as of December 31, 2023 and 2022 and the condensed statements of income and cash flows for the years ended December 31, 2023, 2022 and 2021.

CONDENSED BALANCE SHEETS
(In Thousands)
		December 31, 2023				December 31, 2022
ASSETS
Cash and due from banks		$	20,014			$	19,292
Investment in subsidiary			1,501,777				1,357,058
Other assets			557				983
Total assets		$	1,522,348			$	1,377,333

LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Other borrowings		$	64,735			$	64,726
Other liabilities			17,708				15,211
Total liabilities			82,443				79,937
Stockholders' equity:
Preferred stock, par value $0.001 per share; 1,000,000 authorized and undesignated at December 31, 2023 and December 31, 2022			-				-
Common stock, par value $0.001 per share; 200,000,000 shares authorized: 54,461,580 shares issued and outstanding at December 31, 2023; and 54,326,527 shares issued and outstanding at December 31, 2022			54				54
Additional paid-in capital			232,605				229,693
Retained earnings			1,254,841				1,109,902
Accumulated other comprehensive loss			(47,595	)			(42,253	)
Total stockholders' equity			1,439,905				1,297,396
Total liabilities and stockholders' equity		$	1,522,348			$	1,377,333

CONDENSED STATEMENTS OF INCOME
FOR THE YEARS ENDED DECEMBER 31, 2023, 2022, and 2021.
(In Thousands)
		2023				2022				2021
Income:
Dividends received from subsidiary		$	62,500			$	57,500			$	46,000
Other income			44				-				-
Total income			62,544				57,500				46,000
Expense:
Other expenses			2,829				2,822				2,715
Total expenses			2,829				2,822				2,715
Equity in undistributed earnings of subsidiary			147,076				196,221				164,387
Net income			206,791				251,442				207,672
Net income available to common stockholders		$	206,791			$	251,442			$	207,672

STATEMENTS OF CASH FLOW
FOR THE YEARS ENDED DECEMBER 31, 2023, 2022, and 2021.
(In Thousands)
		2023				2022				2021
Operating activities
Net income		$	206,791			$	251,442			$	207,672
Adjustments to reconcile net income to net cash provided by operating activities:
Other			2,227				(290	)			(93	)
Equity in undistributed earnings of subsidiary			(147,076	)			(197,221	)			(164,387	)
Net cash (used in) provided by operating activities			61,945				53,931				43,192
Investing activities
Other			(300	)			750				(120	)
Net cash used in investing activities			(300	)			750				(120	)
Financing activities
Dividends paid on common stock			(60,923	)			(49,942	)			(43,204	)
Net cash used in financing activities			(60,923	)			(49,942	)			(43,204	)
Net change in cash and cash equivalents			722				4,739				(132	)
Cash and cash equivalents at beginning of year			19,292				14,553				14,685
Cash and cash equivalents at end of year		$	20,014			$	19,292			$	14,553