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PARENT COMPANY CONDENSED FINANCIAL INFORMATION (Tables)

12 Months Ended

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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Tabular disclosure of condensed balance sheet, including, but not limited to, balance sheets of consolidated entities and consolidation eliminations.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-X (SX)
-Number 210
-Section 12
-Subsection 04
-Paragraph a
-Publisher SEC

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
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Tabular disclosure of condensed cash flow statement, including, but not limited to, cash flow statements of consolidated entities and consolidation eliminations.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-X (SX)
-Number 210
-Section 12
-Subsection 04
-Paragraph a
-Publisher SEC

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-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

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Tabular disclosure of condensed income statement, including, but not limited to, income statements of consolidated entities and consolidation eliminations.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-X (SX)
-Number 210
-Section 12
-Subsection 04
-Paragraph a
-Publisher SEC

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-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

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