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PARENT COMPANY CONDENSED FINANCIAL INFORMATION | 12 Months Ended
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Dec. 31, 2023
PARENT COMPANY CONDENSED FINANCIAL INFORMATION |
PARENT COMPANY CONDENSED FINANCIAL INFORMATION |
22. | PARENT COMPANY CONDENSED FINANCIAL INFORMATION
​ BALANCE SHEETS ​
​ | ​ | ​ | ​ | ​ | ​ | ​
December 31, (in thousands) |  | 2023 |  | 2022
​ | ​ | ​ | ​ | ​ | ​ | ​
Assets: | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
Cash and cash equivalents | ​ | $ | 37,778 | ​ | $ | 36,436
Securities available for sale | ​ | ​ | 5,872 | ​ | ​ | 3,855
Investment in bank subsidiary | ​ |  | 875,503 | ​ |  | 819,144
Investment in non-bank subsidiaries | ​ |  | — | ​ |  | 2,773
Other assets | ​ |  | 2,598 | ​ |  | 2,465
​ | ​ | ​ | ​ | ​ | ​ | ​
Total assets | ​ | $ | 921,751 | ​ | $ | 864,673
​ | ​ | ​ | ​ | ​ | ​ | ​
Liabilities and Stockholders’ Equity: | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
Other liabilities | ​ |  | 8,995 | ​ |  | 8,060
Stockholders’ equity | ​ |  | 912,756 | ​ |  | 856,613
​ | ​ | ​ | ​ | ​ | ​ | ​
Total liabilities and stockholders’ equity | ​ | $ | 921,751 | ​ | $ | 864,673
​ STATEMENTS OF INCOME AND COMPREHENSIVE INCOME ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Years Ended December 31, (in thousands) |  | 2023 |  | 2022 |  | 2021
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income and expenses: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Dividends from subsidiary | ​ | $ | 48,000 | ​ | $ | 59,460 | ​ | $ | 28,300
Interest income | ​ |  | 429 | ​ |  | 229 | ​ |  | 143
Other income | ​ |  | (37) | ​ |  | 54 | ​ |  | 53
Less: Interest expense | ​ |  | — | ​ |  | — | ​ |  | 507
Less: Other expenses | ​ |  | 1,097 | ​ |  | 819 | ​ |  | 760
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income before income tax benefit | ​ |  | 47,295 | ​ |  | 58,924 | ​ |  | 27,229
Income tax benefit | ​ |  | 166 | ​ |  | 124 | ​ |  | 245
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income before equity in undistributed net income of subsidiaries | ​ |  | 47,461 | ​ |  | 59,048 | ​ |  | 27,474
Equity in undistributed net income of subsidiaries | ​ |  | 42,913 | ​ |  | 32,058 | ​ |  | 60,137
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income | ​ | $ | 90,374 | ​ | $ | 91,106 | ​ | $ | 87,611
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Comprehensive income | ​ | $ | 101,945 | ​ | $ | 57,253 | ​ | $ | 80,976
​ STATEMENTS OF CASH FLOWS ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Years Ended December 31, (in thousands) |  | 2023 |  | 2022 |  | 2021
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating activities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income | ​ | $ | 90,374 | ​ | $ | 91,106 | ​ | $ | 87,611
Adjustments to reconcile net income to net cash provided by operating activities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Accretion of investment securities | ​ | ​ | (59) | ​ | ​ | (56) | ​ | ​ | (53)
Equity in undistributed net income of subsidiaries | ​ |  | (42,913) | ​ |  | (32,058) | ​ |  | (60,137)
Director deferred compensation | ​ |  | 769 | ​ |  | 427 | ​ |  | 347
Change in other assets | ​ |  | (1,639) | ​ |  | 4,571 | ​ |  | (736)
Change in other liabilities | ​ |  | 3,973 | ​ |  | (5,428) | ​ |  | 1,694
Net cash provided by operating activities | ​ |  | 50,505 | ​ |  | 58,562 | ​ |  | 28,726
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Investing activities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Investment in venture capital fund | ​ |  | (532) | ​ |  | (337) | ​ |  | —
Investment in subsidiary bank | ​ | ​ | (627) | ​ | ​ | (590) | ​ | ​ | (591)
Net cash used in investing activities | ​ |  | (1,159) | ​ |  | (927) | ​ |  | (591)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Financing activities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Common Stock repurchases | ​ |  | (20,279) | ​ | ​ | (12,577) | ​ |  | (47,528)
Net proceeds from Class A Common Stock purchased through employee stock purchase plan | ​ | ​ | 627 | ​ | ​ | 590 | ​ | ​ | 591
Net proceeds from Common Stock options exercised and equity awards | ​ |  | (2) | ​ |  | 52 | ​ |  | (142)
Payoff of subordinated note, net of common security interest | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (40,000)
Cash dividends paid | ​ |  | (28,350) | ​ |  | (26,145) | ​ |  | (24,699)
Net cash used in financing activities | ​ |  | (48,004) | ​ |  | (38,080) | ​ |  | (111,778)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net change in cash and cash equivalents | ​ |  | 1,342 | ​ |  | 19,555 | ​ |  | (83,643)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash and cash equivalents at beginning of period | ​ |  | 36,436 | ​ |  | 16,881 | ​ |  | 100,524
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash and cash equivalents at end of period | ​ | $ | 37,778 | ​ | $ | 36,436 | ​ | $ | 16,881
​

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 205 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(Schedule I)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480922/205-10-S99-6 Reference 3: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-11 + Details
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