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PARENT COMPANY FINANCIAL INFORMATION

12 Months Ended

Dec. 31, 2024

PARENT COMPANY FINANCIAL INFORMATION

PARENT COMPANY FINANCIAL INFORMATION

NOTE 21 — 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,
​		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

​

​

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
​	​	​	​	​	​	​	​	​	​

​

​

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

​

X

- References

No definition available.

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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/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

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