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