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CONDENSED PARENT COMPANY ONLY FINANCIAL STATEMENTS (Tables) | 12 Months Ended
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Dec. 31, 2024
Condensed Financial Information Disclosure [Abstract] |
Schedule of condensed parent company only balance sheets |
Condensed Parent Company Only Balance Sheets
(dollars in thousands) | December 31, 2024 |  | December 31, 2023
ASSETS |
Cash and cash equivalents | $ | 16,179 |  |  | $ | 17,214 |
Investment in subsidiaries: |  |  |
Bank | 618,914 |  |  | 563,513 |
Non-bank | 1,614 |  |  | 1,614 |
Other assets | 1,929 |  |  | 2,347 |
Total assets | $ | 638,636 |  |  | $ | 584,688 |
LIABILITIES |  |  |
Subordinated notes | $ | 39,553 |  |  | $ | 39,474 |
Junior subordinated debentures | 52,849 |  |  | 52,789 |
Other liabilities | 1,629 |  |  | 2,929 |
Total liabilities | 94,031 |  |  | 95,192 |
STOCKHOLDERS' EQUITY | 544,605 |  |  | 489,496 |
Total liabilities and stockholders' equity | $ | 638,636 |  |  | $ | 584,688 |
Schedule of condensed parent company only statements of income |
Condensed Parent Company Only Statements of Income
| Year ended December 31,
(dollars in thousands) | 2024 |  | 2023 |  | 2022
INCOME |
Dividends received from bank subsidiary | $ | 34,000 |  |  | $ | 64,000 |  |  | $ | 28,000 |
Undistributed earnings from bank subsidiary | 44,684 |  |  | 9,199 |  |  | 35,044 |
Other income | 183 |  |  | 870 |  |  | 51 |
Total income | 78,867 |  |  | 74,069 |  |  | 63,095 |
EXPENSES |  |  |  |  |
Interest expense | 5,729 |  |  | 5,409 |  |  | 3,666 |
Other expense | 4,106 |  |  | 5,517 |  |  | 5,292 |
Total expenses | 9,835 |  |  | 10,926 |  |  | 8,958 |
INCOME BEFORE INCOME TAX BENEFIT | 69,032 |  |  | 63,143 |  |  | 54,137 |
TAX BENEFIT | (2,748) |  |  | (2,699) |  |  | (2,319) |
NET INCOME | $ | 71,780 |  |  | $ | 65,842 |  |  | $ | 56,456 |
Schedule of condensed parent company only statements of cash flows |
Consolidated Parent Company Only Statements of Cash Flow
| Year ended December 31,
(dollars in thousands) | 2024 |  | 2023 |  | 2022
CASH FLOWS FROM OPERATING ACTIVITIES |
Net income | $ | 71,780 |  |  | $ | 65,842 |  |  | $ | 56,456 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |
Undistributed earnings of consolidated subsidiaries | (44,684) |  |  | (9,199) |  |  | (35,044) |
Stock-based compensation | 1,752 |  |  | 1,953 |  |  | 1,949 |
Amortization of discount and issuance costs on subordinated notes and debentures | 139 |  |  | 139 |  |  | 145 |
Net gain on sale of foreclosed assets | — |  |  | (563) |  |  | — |
Changes in other assets and liabilities, net | (1,105) |  |  | 360 |  |  | 769 |
Net cash provided by operating activities | 27,882 |  |  | 58,532 |  |  | 24,275 |
CASH FLOWS FROM INVESTING ACTIVITIES |  |  |  |  |
Proceeds from sales of equity securities | 20 |  |  | — |  |  | — |
Purchase of foreclosed assets from Heartland Bank | — |  |  | — |  |  | (2,325) |
Proceeds from sale of foreclosed assets | — |  |  | 2,888 |  |  | — |
Net cash paid for acquisition of Town and Country | — |  |  | (37,523) |  |  | — |
Net cash provided by (used in) investing activities | 20 |  |  | (34,635) |  |  | (2,325) |
CASH FLOWS FROM FINANCING ACTIVITIES |  |  |  |  |
Taxes paid related to the vesting of restricted stock units | (331) |  |  | (181) |  |  | (57) |
Repurchase of common stock | (4,423) |  |  | (8,907) |  |  | (4,783) |
Cash dividends and dividend equivalents paid | (24,183) |  |  | (21,873) |  |  | (18,584) |
Net cash used in financing activities | (28,937) |  |  | (30,961) |  |  | (23,424) |
NET DECREASE IN CASH AND EQUIVALENTS | (1,035) |  |  | (7,064) |  |  | (1,474) |
CASH AND CASH EQUIVALENTS |  |  |  |  |
Beginning of year | 17,214 |  |  | 24,278 |  |  | 25,752 |
End of year | $ | 16,179 |  |  | $ | 17,214 |  |  | $ | 24,278 |

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