Parent Company Financial Statements

12 Months Ended

Dec. 31, 2024

21. Parent Company Financial Statements

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)

(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

(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