XML 80 R60.htm IDEA: XBRL DOCUMENT v3.25.0.1
CONDENSED PARENT COMPANY ONLY FINANCIAL STATEMENTS (Tables)
12 Months Ended
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, 2024December 31, 2023
ASSETS
Cash and cash equivalents$16,179 $17,214 
Investment in subsidiaries:
Bank618,914 563,513 
Non-bank1,614 1,614 
Other assets1,929 2,347 
Total assets$638,636 $584,688 
LIABILITIES
Subordinated notes$39,553 $39,474 
Junior subordinated debentures52,849 52,789 
Other liabilities1,629 2,929 
Total liabilities94,031 95,192 
STOCKHOLDERS' EQUITY544,605 489,496 
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)202420232022
INCOME
Dividends received from bank subsidiary$34,000 $64,000 $28,000 
Undistributed earnings from bank subsidiary44,684 9,199 35,044 
Other income183 870 51 
Total income78,867 74,069 63,095 
EXPENSES
Interest expense5,729 5,409 3,666 
Other expense4,106 5,517 5,292 
Total expenses9,835 10,926 8,958 
INCOME BEFORE INCOME TAX BENEFIT69,032 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)202420232022
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 compensation1,752 1,953 1,949 
Amortization of discount and issuance costs on subordinated notes and debentures139 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 activities27,882 58,532 24,275 
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sales of equity securities20 — — 
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 activities20 (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 year17,214 24,278 25,752 
End of year$16,179 $17,214 $24,278