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Parent Company Financial Statements (Tables) | 12 Months Ended
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Dec. 31, 2024
Parent Company Financial Statements [Abstract] |
Condensed Balance Sheets | Condensed Balance Sheets
(in thousands) December 31 |  | 2024 |  |  | 2023 |
Assets: |  |  |  |  |  |
Cash on deposit |  | $ | 2,797 |  |  | $ | 3,183 |
Investment in and advances to subsidiaries |  |  | 814,196 |  |  |  | 759,048 |
Goodwill |  |  | 4,973 |  |  |  | 4,973 |
Premises and equipment, net |  |  | 307 |  |  |  | 237 |
Deferred tax asset |  |  | 450 |  |  |  | 434 |
Other assets |  |  | 128 |  |  |  | 49 |
Total assets |  | $ | 822,851 |  |  | $ | 767,924 |
Liabilities and shareholders’ equity: |  |  |  |  |  |  |  |
Long-term debt |  | $ | 61,341 |  |  | $ | 61,341 |
Other liabilities |  |  | 3,926 |  |  |  | 4,375 |
Total liabilities |  |  | 65,267 |  |  |  | 65,716 |
Shareholders’ equity |  |  | 757,584 |  |  |  | 702,208 |
Total liabilities and shareholders’ equity |  | $ | 822,851 |  |  | $ | 767,924 |
Condensed Statements of Income and Comprehensive Income (loss) | Condensed Statements of Income and Comprehensive Income (Loss)
(in thousands) Year Ended December 31 |  | 2024 |  |  | 2023 |  |  | 2022 |
Income: |  |  |  |  |  |  |  |  |
Dividends from subsidiaries |  | $ | 36,405 |  |  | $ | 29,931 |  |  | $ | 31,544 |
Other income |  |  | 1,173 |  |  |  | 1,400 |  |  |  | 710 |
Total income |  |  | 37,578 |  |  |  | 31,331 |  |  |  | 32,254 |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |
Interest expense |  |  | 4,410 |  |  |  | 4,287 |  |  |  | 2,060 |
Depreciation expense |  |  | 201 |  |  |  | 125 |  |  |  | 75 |
Other expenses |  |  | 4,706 |  |  |  | 4,718 |  |  |  | 4,833 |
Total expenses |  |  | 9,317 |  |  |  | 9,130 |  |  |  | 6,968 |
Income before income taxes and equity in undistributed income of subsidiaries |  |  | 28,261 |  |  |  | 22,201 |  |  |  | 25,286 |
Income tax benefit |  |  | (2,394 | ) |  |  | (2,012 | ) |  |  | (1,808 | )
Income before equity in undistributed income of subsidiaries |  |  | 30,655 |  |  |  | 24,213 |  |  |  | 27,094 |
Equity in undistributed income of subsidiaries |  |  | 52,158 |  |  |  | 53,791 |  |  |  | 54,720 |
Net income |  | $ | 82,813 |  |  | $ | 78,004 |  |  | $ | 81,814 |
Other comprehensive income (loss): |  |  |  |  |  |  |  |  |  |  |  |
Unrealized holding gains (losses) on debt securities available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |
Unrealized holding gains (losses) arising during the period |  |  | 6,607 |  |  |  | 36,863 |  |  |  | (168,060 | )
Less: Reclassification adjustments for realized gains (losses) included in net income |  |  | 8 |  |  |  | 4 |  |  |  | (81 | )
Tax expense (benefit) |  |  | 1,647 |  |  |  | 11,028 |  |  |  | (43,675 | )
Other comprehensive income (loss), net of tax |  |  | 4,952 |  |  |  | 25,831 |  |  |  | (124,304 | )
Comprehensive income (loss) |  | $ | 87,765 |  |  | $ | 103,835 |  |  | $ | (42,490 | )
Condensed Statements of Cash Flows | Condensed Statements of Cash Flows
(in thousands) Year Ended December 31 |  | 2024 |  |  | 2023 |  |  | 2022 |
Cash flows from operating activities: |  |  |  |  |  |  |  |  |
Net income |  | $ | 82,813 |  |  | $ | 78,004 |  |  | $ | 81,814 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Depreciation |  |  | 201 |  |  |  | 125 |  |  |  | 76 |
Equity in undistributed earnings of subsidiaries |  |  | (52,158 | ) |  |  | (53,791 | ) |  |  | (54,720 | )
Deferred taxes |  |  | (16 | ) |  |  | (174 | ) |  |  | 630 |
Stock-based compensation |  |  | 1,354 |  |  |  | 1,576 |  |  |  | 1,366 |
Gains on sale of assets, net |  |  | 0 |  |  |  | (48 | ) |  |  | 0 |
Changes in: |  |  |  |  |  |  |  |  |  |  |  |
Other assets |  |  | (79 | ) |  |  | 4,758 |  |  |  | 611 |
Other liabilities |  |  | (593 | ) |  |  | 1,039 |  |  |  | (1,115 | )
Net cash provided by operating activities |  |  | 31,522 |  |  |  | 31,489 |  |  |  | 28,662 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |  |
Net purchases of premises and equipment |  |  | (271 | ) |  |  | (229 | ) |  |  | (95 | )
Proceeds from sale and retirement of premises and equipment |  |  | 0 |  |  |  | 48 |  |  |  | 0 |
Net cash used in investing activities |  |  | (271 | ) |  |  | (181 | ) |  |  | (95 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |  |  |
Issuance of common stock |  |  | 1,770 |  |  |  | 1,129 |  |  |  | 1,041 |
Dividends paid |  |  | (33,407 | ) |  |  | (32,187 | ) |  |  | (29,938 | )
Net cash used in financing activities |  |  | (31,637 | ) |  |  | (31,058 | ) |  |  | (28,897 | )
Net increase (decrease) in cash and cash equivalents |  |  | (386 | ) |  |  | 250 |  |  |  | (330 | )
Cash and cash equivalents at beginning of year |  |  | 3,183 |  |  |  | 2,933 |  |  |  | 3,263 |
Cash and cash equivalents at end of year |  | $ | 2,797 |  |  | $ | 3,183 |  |  | $ | 2,933 |

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