Parent Company Only Financial Information (Tables)

12 Months Ended

Dec. 31, 2024


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