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PARENT COMPANY CONDENSED FINANCIAL INFORMATION (Tables) | 12 Months Ended
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Dec. 31, 2023
PARENT COMPANY CONDENSED FINANCIAL INFORMATION |
Schedule of 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
Schedule of statements of 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
Schedule of 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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