XML 47 R30.htm IDEA: XBRL DOCUMENT

Note 22 - Parent Corporation Only Financial Statements

12 Months Ended

Dec. 31, 2024

Notes to Financial Statements

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

Note 22 – Parent Corporation Only Financial Statements

The Parent Corporation operates its wholly-owned subsidiary, the Bank. The earnings of this subsidiary are recognized by the Parent Corporation using the equity method of accounting. Accordingly, earnings are recorded as increases in the Parent Corporation’s investment in the subsidiaries and dividends paid reduce the investment in the subsidiaries. The ability of the Parent Corporation to pay dividends will largely depend upon the dividends paid to it by the Bank. Dividends payable by the Bank to the Parent Corporation are restricted under supervisory regulations (see Note 19 of the Notes to Consolidated Financial Statements).

Condensed financial statements of the Parent Corporation only are as follows:

		Condensed Statements of Condition
		As of December 31,
		2024				2023
		(dollars in thousands)
ASSETS
Cash and cash equivalents		$	36,152			$	35,885
Investment in subsidiaries			1,276,997				1,253,497
Investment securities			156				156
Equity securities			8,654				6,957
Other assets			3				-
Total assets		$	1,321,962			$	1,296,495
LIABILITIES AND STOCKHOLDERS’ EQUITY
Other liabilities			314				436
Subordinated debentures, net			79,944				79,439
Stockholders’ equity			1,241,704				1,216,620
Total liabilities and stockholders’ equity		$	1,321,962			$	1,296,495

		Condensed Statements of Income
		For Years Ended December 31,
		2024				2023				2022
		(dollars in thousands)
Income:
Dividend income from subsidiaries		$	45,950			$	50,725			$	36,475
Other income			177				946				1,638
Total Income			46,127				51,671				38,113
Expenses			(5,406	)			(6,359	)			(8,928	)
Income before equity in undistributed earnings of subsidiaries			40,721				45,312				29,185
Equity in undistributed earnings of subsidiaries			33,072				41,691				96,026
Net Income			73,793				87,003				125,211
Preferred dividends			6,036				6,036				6,037
Net income available to common stockholders		$	67,757			$	80,967			$	119,174

		Condensed Statements of Cash Flows
		For Years Ended December 31
		2024				2023				2022
		(dollars in thousands)

Cash flows from operating activities:
Net income		$	73,793			$	87,003			$	125,211
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed earnings of subsidiary			(33,072	)			(41,691	)			(96,026	)
(Gain) loss on equity securities, net			(164	)			131				45
Amortization of subordinated debt issuance costs			505				1,184				304
(Increase) decrease in other assets			(3	)			699				-
Decrease in other liabilities			(122	)			(1,384	)			(14	)
Net cash provided by operating activities			40,937				45,942				29,520

Cash flows from investing activities:
Payments for investments and advances in subsidiaries			-				(32,250	)			-
Repayment of investments and advances in subsidiaries			-				32,250				-
Purchases of equity securities			(1,533	)			(2,870	)			(3,538	)
Net cash used in investing activities			(1,533	)			(2,870	)			(3,538	)

Cash flows from financing activities:
Repayment of subordinated debt			-				(75,000	)			-
Cash dividends paid on preferred stock			(6,036	)			(6,036	)			(6,037	)
Cash dividends paid on common stock			(27,281	)			(25,912	)			(23,428	)
Purchase of treasury stock			(5,820	)			(17,497	)			(13,127	)
Proceeds from exercise of stock options			-				96				124
Net cash used in financing activities			(39,137	)			(124,349	)			(42,468	)

Increase (decrease) increase in cash and cash equivalents			267				(81,277	)			(16,486	)
Cash and cash equivalents as of January 1,			35,885				117,162				133,648
Cash and cash equivalents as of December 31,		$	36,152			$	35,885			$	117,162