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PARENT COMPANY FINANCIAL INFORMATION (Tables) | 12 Months Ended
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Dec. 31, 2024
PARENT COMPANY FINANCIAL INFORMATION |
Schedule of condensed statements of financial condition | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | At December 31,
​ |  | 2024 |  | 2023
Assets |  | ​ |  |  | ​ |
Cash and due from banks | ​ | $ | 16,820 | ​ | $ | 16,946
Loans, net of allowance for credit losses | ​ |  | — | ​ |  | —
Investments | ​ |  | 620 | ​ |  | 620
Investment in subsidiary bank, at equity | ​ |  | 731,705 | ​ |  | 660,620
Other assets | ​ |  | 1,960 | ​ |  | 2,007
Total assets | ​ | ​ | 751,105 | ​ | ​ | 680,193
​ | ​ | ​ | ​ | ​ | ​ | ​
Liabilities and Stockholders’ Equity | ​ |  |  | ​ |  |
Trust preferred securities | ​ |  | 20,620 | ​ |  | 20,620
Other liabilities | ​ |  | 658 | ​ |  | 552
Total liabilities | ​ |  | 21,278 | ​ |  | 21,172
​ | ​ | ​ | ​ | ​ | ​ | ​
Stockholders’ Equity | ​ |  |  | ​ |  |
Common stock | ​ |  | 112 | ​ |  | 111
Surplus | ​ |  | 400,188 | ​ |  | 395,871
Retained earnings | ​ |  | 382,661 | ​ |  | 315,975
Accumulated other comprehensive income (loss), net of tax | ​ |  | (53,134) | ​ |  | (52,936)
Total equity | ​ |  | 729,827 | ​ |  | 659,021
Total liabilities and stockholders’ equity | ​ | $ | 751,105 | ​ | $ | 680,193
Schedule of condensed statements of operations | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
​ |  | 2024 |  | 2023 |  | 2022
Income |  | ​ |  |  | ​ |  |  | ​ |
Loans | ​ | $ | — | ​ | $ | 3 | ​ | $ | 9
Securities and money market funds | ​ | ​ | 46 | ​ | ​ | 46 | ​ | ​ | 25
Total interest income | ​ |  | 46 | ​ |  | 49 | ​ |  | 34
Interest expense | ​ |  |  | ​ |  |  | ​ |  |
Trust preferred securities | ​ |  | 1,534 | ​ |  | 1,514 | ​ |  | 823
Subordinated debt | ​ |  | — | ​ |  | — | ​ |  | 605
Total interest expense | ​ |  | 1,534 | ​ |  | 1,514 | ​ |  | 1,428
Net interest expense | ​ |  | (1,488) | ​ |  | (1,465) | ​ |  | (1,394)
Provision for credit losses | ​ |  | — | ​ |  | 4 | ​ |  | —
Net interest expense after provision for credit losses | ​ |  | (1,488) | ​ |  | (1,461) | ​ |  | (1,394)
Other expense | ​ |  | 5,106 | ​ |  | 5,227 | ​ |  | 2,767
Loss before undistributed earnings of subsidiary bank | ​ |  | (6,594) | ​ |  | (6,688) | ​ |  | (4,161)
Equity in undistributed earnings of subsidiary bank | ​ |  | 71,284 | ​ |  | 82,101 | ​ |  | 62,357
Income before income tax benefit | ​ |  | 64,690 | ​ |  | 75,413 | ​ |  | 58,196
Income tax benefit | ​ |  | 1,996 | ​ |  | 1,855 | ​ |  | 1,229
Net income | ​ | $ | 66,686 | ​ | $ | 77,268 | ​ | $ | 59,425
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Comprehensive income | ​ | $ | 66,488 | ​ | $ | 78,630 | ​ | $ | 12,631
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Schedule of condensed statement of cash flows | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
​ |  | 2024 | ​ | 2023 | ​ | 2022
Cash Flows From Operating Activities | ​ | ​ |  | ​ | ​ |  | ​ | ​ |
Net income | ​ | $ | 66,686 | ​ | $ | 77,268 | ​ | $ | 59,425
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ​ |  |  | ​ |  |  | ​ |  |
Undistributed earnings of subsidiary bank | ​ |  | (71,284) | ​ |  | (82,101) | ​ |  | (62,357)
Cash dividend from subsidiary bank | ​ | ​ | — | ​ | ​ | 5,000 | ​ | ​ | —
Other operating adjustments | ​ | ​ | 9,054 | ​ | ​ | 9,697 | ​ | ​ | 6,351
Net cash provided by (used in) operating activities | ​ |  | 4,456 | ​ |  | 9,864 | ​ |  | 3,419
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash Flows From Investing Activities | ​ |  |  | ​ |  |  | ​ |  |
Proceeds from loan payments | ​ | ​ | — | ​ | ​ | 776 | ​ | ​ | —
Net cash provided by (used in) investing activities | ​ |  | — | ​ |  | 776 | ​ |  | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash Flows From Financing Activities | ​ |  |  | ​ |  |  | ​ |  |
Redemption of common stock for tax withholdings for restricted stock vesting | ​ | ​ | (4,582) | ​ | ​ | (3,170) | ​ | ​ | (1,559)
Redemption of subordinated notes | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (24,712)
Proceeds from issuance of common stock, net | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Net cash provided by (used in) financing activities | ​ |  | (4,582) | ​ |  | (3,170) | ​ |  | (26,271)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Increase (decrease) in cash and cash equivalents | ​ |  | (126) | ​ |  | 7,470 | ​ |  | (22,852)
Cash and cash equivalents, beginning of year | ​ |  | 16,946 | ​ |  | 9,476 | ​ |  | 32,328
Cash and cash equivalents, end of year | ​ | $ | 16,820 | ​ | $ | 16,946 | ​ | $ | 9,476
​

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