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Parent Company Only Financial Information | 12 Months Ended
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Dec. 31, 2024
Parent Company Only Financial Information [Abstract] |
Parent Company Only Financial Information | Parent Company Only Financial Information
Condensed Balance Sheets | December 31,
(Dollars in thousands) | 2024 | 2023
Assets: |  |
Cash and due from other banks | $ | 50 |  | $ | 50 |
Interest-bearing deposits in subsidiary bank | 29,937 |  | 17,099 |
Due from subsidiary bank | 4,874 |  | 771 |
Other investment securities | 244 |  | 237 |
Investments in subsidiaries: |  |
Bank | 1,120,554 |  | 1,072,238 |
Non-bank | 14,717 |  | 17,606 |
Other assets | 7,010 |  | 12,084 |
Total assets | $ | 1,177,386 |  | $ | 1,120,085 |
Liabilities: |  |
Accrued expenses and other liabilities | $ | 3,075 |  | $ | 3,342 |
Dividends payable | 1,420 |  | 938 |
Subordinated notes and debentures | 24,030 |  | 25,000 |
Mandatorily redeemable capital securities of subsidiary trusts and subordinated debentures | 37,271 |  | 37,271 |
Total liabilities | 65,796 |  | 66,551 |
Total stockholders’ equity | 1,111,590 |  | 1,053,534 |
Total liabilities and stockholders’ equity | $ | 1,177,386 |  | $ | 1,120,085 |
Condensed Statements of Income | Year Ended December 31,
(Dollars in thousands) | 2024 | 2023 | 2022
Income: |  |  |
Dividends from subsidiary bank | $ | 73,500 |  | $ | 48,000 |  | $ | 52,000 |
Dividends from non-bank subsidiary | 193 |  | 200 |  | 1,860 |
Interest and other income | (416) |  | 11 |  | 39 |
Total income | 73,277 |  | 48,211 |  | 53,899 |
Expense: |  |  |
Trust preferred securities expense | 2,021 |  | 1,147 |  | 744 |
Intercompany management fees | 2,273 |  | 1,873 |  | 1,379 |
Other expense | 9,143 |  | 11,011 |  | 6,539 |
Total expense | 13,437 |  | 14,031 |  | 8,662 |
Income before federal income taxes and equity in undistributed earnings of subsidiaries | 59,840 |  | 34,180 |  | 45,237 |
Applicable income tax expense | (3,143) |  | (3,296) |  | (1,979) |
Equity in undistributed earnings of subsidiaries | 54,222 |  | 75,887 |  | 54,076 |
Net income | $ | 117,205 |  | $ | 113,363 |  | $ | 101,292 |
Statements of Cash Flows | Year Ended December 31,
(Dollars in thousands) | 2024 | 2023 | 2022
Operating activities |  |  |
Net income | $ | 117,205 |  | $ | 113,363 |  | $ | 101,292 |
Adjustments to reconcile net income to cash provided by operations: |  |  |
Depreciation, amortization and accretion, net | — |  | — |  | 138 |
Equity in undistributed earnings of subsidiaries | (54,222) |  | (75,887) |  | (54,076) |
Other, net | 12,624 |  | (6,757) |  | 5,008 |
Net cash provided by operating activities | 75,607 |  | 30,719 |  | 52,362 |
Investing activities |  |  |
Investment in subsidiaries | (43,203) |  | (39,414) |  | (13,084) |
Repayments from subsidiaries | 39,100 |  | 40,086 |  | 12,279 |
Business combinations, net of cash received | — |  | 27,763 |  | (1,239) |
Other, net | (7) |  | (1,636) |  | (262) |
Net cash used in investing activities | (4,110) |  | 26,799 |  | (2,306) |
Financing activities |  |  |
Purchase of treasury stock | (4,309) |  | (4,799) |  | (9,152) |
Proceeds from issuance of common shares | 1,478 |  | 1,264 |  | 1,226 |
Cash dividends paid | (55,828) |  | (51,845) |  | (42,371) |
Net cash used in financing activities | (58,659) |  | (55,380) |  | (50,297) |
Net increase (decrease) in cash and cash equivalents | 12,838 |  | 2,138 |  | (241) |
Cash and cash equivalents at the beginning of year | 17,149 |  | 15,011 |  | 15,252 |
Cash and cash equivalents at the end of year | $ | 29,987 |  | $ | 17,149 |  | $ | 15,011 |
Supplemental cash flow information: |  |  |
Interest paid | $ | 2,253 |  | $ | 676 |  | $ | 663 |

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -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 Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481231/810-10-45-11 + Details
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