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PARENT COMPANY FINANCIAL INFORMATION | 12 Months Ended
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Dec. 31, 2023
PARENT COMPANY FINANCIAL INFORMATION |
PARENT COMPANY FINANCIAL INFORMATION | NOTE 22 — PARENT COMPANY FINANCIAL INFORMATION Condensed financial information for the Company (parent company only) is as follows (in thousands): Condensed Statements of Financial Condition
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | At December 31,
​ |  | 2023 |  | 2022
Assets |  | ​ |  |  | ​ |
Cash and due from banks | ​ | $ | 16,946 | ​ | $ | 9,476
Loans, net of allowance for credit losses | ​ |  | — | ​ |  | 776
Investments | ​ |  | 620 | ​ |  | 620
Investment in subsidiary bank, at equity | ​ |  | 660,620 | ​ |  | 584,522
Other assets | ​ |  | 2,007 | ​ |  | 1,520
Total assets | ​ | ​ | 680,193 | ​ | ​ | 596,914
​ | ​ | ​ | ​ | ​ | ​ | ​
Liabilities and Stockholders’ Equity | ​ |  |  | ​ |  |
Trust preferred securities | ​ |  | 20,620 | ​ |  | 20,620
Other liabilities | ​ |  | 552 | ​ |  | 397
Total liabilities | ​ |  | 21,172 | ​ |  | 21,017
​ | ​ | ​ | ​ | ​ | ​ | ​
Stockholders’ Equity | ​ |  |  | ​ |  |
Common stock | ​ |  | 111 | ​ |  | 109
Surplus | ​ |  | 395,871 | ​ |  | 389,276
Retained earnings | ​ |  | 315,975 | ​ |  | 240,810
Accumulated other comprehensive income (loss), net of tax | ​ |  | (52,936) | ​ |  | (54,298)
Total equity | ​ |  | 659,021 | ​ |  | 575,897
Total liabilities and stockholders’ equity | ​ | $ | 680,193 | ​ | $ | 596,914
​ ​ Condensed Statements of Operations
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
​ |  | 2023 |  | 2022 |  | 2021
Income |  | ​ |  |  | ​ |  |  | ​ |
Loans | ​ | $ | 3 | ​ | $ | 9 | ​ | $ | 14
Securities and money market funds | ​ | ​ | 46 | ​ | ​ | 25 | ​ | ​ | 13
Total interest income | ​ |  | 49 | ​ |  | 34 | ​ |  | 27
Interest expense | ​ |  |  | ​ |  |  | ​ |  |
Trust preferred securities | ​ |  | 1,514 | ​ |  | 823 | ​ |  | 438
Subordinated debt | ​ |  | — | ​ |  | 605 | ​ |  | 1,618
Total interest expense | ​ |  | 1,514 | ​ |  | 1,428 | ​ |  | 2,056
Net interest expense | ​ |  | (1,465) | ​ |  | (1,394) | ​ |  | (2,029)
Provision for credit losses | ​ |  | 4 | ​ |  | — | ​ |  | —
Net interest expense after provision for credit losses | ​ |  | (1,461) | ​ |  | (1,394) | ​ |  | (2,029)
Other expense | ​ |  | 5,227 | ​ |  | 2,767 | ​ |  | 1,288
Loss before undistributed earnings of subsidiary bank | ​ |  | (6,688) | ​ |  | (4,161) | ​ |  | (3,317)
Equity in undistributed earnings of subsidiary bank | ​ |  | 82,101 | ​ |  | 62,357 | ​ |  | 62,798
Income before income tax benefit | ​ |  | 75,413 | ​ |  | 58,196 | ​ |  | 59,481
Income tax benefit | ​ |  | 1,855 | ​ |  | 1,229 | ​ |  | 1,074
Net income | ​ | $ | 77,268 | ​ | $ | 59,425 | ​ | $ | 60,555
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Comprehensive income | ​ | $ | 78,630 | ​ | $ | 12,631 | ​ | $ | 52,078
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ ​ Condensed Statement of Cash Flows
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
​ |  | 2023 | ​ | 2022 | ​ | 2021
Cash Flows From Operating Activities | ​ | ​ |  | ​ | ​ |  | ​ | ​ |
Net income | ​ | $ | 77,268 | ​ | $ | 59,425 | ​ | $ | 60,555
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ​ |  |  | ​ |  |  | ​ |  |
Undistributed earnings of subsidiary bank | ​ |  | (82,101) | ​ |  | (62,357) | ​ |  | (58,798)
Cash dividend from subsidiary bank | ​ | ​ | 5,000 | ​ | ​ | — | ​ | ​ | 4,000
Other operating adjustments | ​ | ​ | 9,697 | ​ | ​ | 6,351 | ​ | ​ | (746)
Net cash provided by (used in) operating activities | ​ |  | 9,864 | ​ |  | 3,419 | ​ |  | 5,011
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash Flows From Investing Activities | ​ |  |  | ​ |  |  | ​ |  |
Investments in subsidiary bank | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (132,000)
Proceeds from loan payments | ​ | ​ | 776 | ​ | ​ | — | ​ | ​ | —
Net cash provided by (used in) investing activities | ​ |  | 776 | ​ |  | — | ​ |  | (132,000)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash Flows From Financing Activities | ​ |  |  | ​ |  |  | ​ |  |
Redemption of common stock for tax withholdings for restricted stock vesting | ​ | ​ | (3,170) | ​ | ​ | (1,559) | ​ | ​ | (3,385)
Redemption of subordinated notes | ​ | ​ | — | ​ | ​ | (24,712) | ​ | ​ | —
Proceeds from issuance of common stock, net | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 162,687
Net cash provided by (used in) financing activities | ​ |  | (3,170) | ​ |  | (26,271) | ​ |  | 159,302
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Increase (decrease) in cash and cash equivalents | ​ |  | 7,470 | ​ |  | (22,852) | ​ |  | 32,313
Cash and cash equivalents, beginning of year | ​ |  | 9,476 | ​ |  | 32,328 | ​ |  | 15
Cash and cash equivalents, end of year | ​ | $ | 16,946 | ​ | $ | 9,476 | ​ | $ | 32,328
​

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 205 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(Schedule I)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480922/205-10-S99-6 Reference 3: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-11 + Details
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