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PARENT COMPANY CONDENSED FINANCIAL INFORMATION (Tables) | 12 Months Ended
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Dec. 31, 2024
PARENT COMPANY CONDENSED FINANCIAL INFORMATION |
Schedule of balance sheets | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
December 31, (in thousands) |  | 2024 |  | 2023
​ | ​ | ​ | ​ | ​ | ​ | ​
Assets: | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
Cash and cash equivalents | ​ | $ | 54,132 | ​ | $ | 37,778
Securities available for sale | ​ | ​ | 4,831 | ​ | ​ | 5,872
Investment in bank subsidiary | ​ |  | 939,517 | ​ |  | 875,503
Other assets | ​ |  | 2,829 | ​ |  | 2,598
​ | ​ | ​ | ​ | ​ | ​ | ​
Total assets | ​ | $ | 1,001,309 | ​ | $ | 921,751
​ | ​ | ​ | ​ | ​ | ​ | ​
Liabilities and Stockholders’ Equity: | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
Other liabilities | ​ |  | 9,280 | ​ |  | 8,995
Stockholders’ equity | ​ |  | 992,029 | ​ |  | 912,756
​ | ​ | ​ | ​ | ​ | ​ | ​
Total liabilities and stockholders’ equity | ​ | $ | 1,001,309 | ​ | $ | 921,751
Schedule of statements of income | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Years Ended December 31, (in thousands) |  | 2024 |  | 2023 |  | 2022
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income and expenses: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Dividends from subsidiary | ​ | $ | 48,000 | ​ | $ | 48,000 | ​ | $ | 59,460
Interest income | ​ |  | 502 | ​ |  | 429 | ​ |  | 229
Other income | ​ |  | (9) | ​ |  | (37) | ​ |  | 54
Less: Other expenses | ​ |  | 920 | ​ |  | 1,097 | ​ |  | 819
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income before income tax benefit | ​ |  | 47,573 | ​ |  | 47,295 | ​ |  | 58,924
Income tax benefit | ​ |  | 99 | ​ |  | 166 | ​ |  | 124
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income before equity in undistributed net income of subsidiaries | ​ |  | 47,672 | ​ |  | 47,461 | ​ |  | 59,048
Equity in undistributed net income of subsidiaries | ​ |  | 53,699 | ​ |  | 42,913 | ​ |  | 32,058
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income | ​ | $ | 101,371 | ​ | $ | 90,374 | ​ | $ | 91,106
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Comprehensive income | ​ | $ | 107,541 | ​ | $ | 101,945 | ​ | $ | 57,253
Schedule of statements of cash flows | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Years Ended December 31, (in thousands) |  | 2024 |  | 2023 |  | 2022
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating activities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income | ​ | $ | 101,371 | ​ | $ | 90,374 | ​ | $ | 91,106
Adjustments to reconcile net income to net cash provided by operating activities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Accretion of investment securities | ​ | ​ | (71) | ​ | ​ | (59) | ​ | ​ | (56)
Equity in undistributed net income of subsidiaries | ​ |  | (53,699) | ​ |  | (42,913) | ​ |  | (32,058)
Director deferred compensation | ​ |  | 297 | ​ |  | 769 | ​ |  | 427
Change in other assets | ​ |  | 477 | ​ |  | (1,639) | ​ |  | 4,571
Change in other liabilities | ​ |  | (1,196) | ​ |  | 3,973 | ​ |  | (5,428)
Net cash provided by operating activities | ​ |  | 47,179 | ​ |  | 50,505 | ​ |  | 58,562
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Investing activities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Proceeds from maturities of available-for-sale debt securities | ​ | ​ | 1,000 | ​ | ​ | — | ​ | ​ | —
Investment in venture capital fund | ​ |  | (681) | ​ |  | (532) | ​ |  | (337)
Investment in subsidiary bank | ​ | ​ | (672) | ​ | ​ | (627) | ​ | ​ | (590)
Net cash used in investing activities | ​ |  | (353) | ​ |  | (1,159) | ​ |  | (927)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Financing activities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Common Stock repurchases | ​ |  | — | ​ | ​ | (20,279) | ​ | ​ | (12,577)
Net proceeds from Class A Common Stock purchased through employee stock purchase plan | ​ | ​ | 672 | ​ | ​ | 627 | ​ | ​ | 590
Net proceeds from Common Stock options exercised and equity awards | ​ |  | (638) | ​ |  | (2) | ​ |  | 52
Cash dividends paid | ​ |  | (30,506) | ​ |  | (28,350) | ​ |  | (26,145)
Net cash used in financing activities | ​ |  | (30,472) | ​ |  | (48,004) | ​ |  | (38,080)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net change in cash and cash equivalents | ​ |  | 16,354 | ​ |  | 1,342 | ​ |  | 19,555
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash and cash equivalents at beginning of period | ​ |  | 37,778 | ​ |  | 36,436 | ​ |  | 16,881
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash and cash equivalents at end of period | ​ | $ | 54,132 | ​ | $ | 37,778 | ​ | $ | 36,436
​

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