XML 67 R56.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Condensed Financial Information of Parent Company (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2024
Condensed Financial Information Disclosure [Abstract] |
Balance Sheets of Parent Company | Balance Sheets
|  | At December 31, |
|  | 2024 |  |  | 2023 |
|  | (in thousands) |
Assets |  |  |  |  |  |
Cash |  | $ | 11,386 |  |  | $ | 7,492 |
Securities available for sale |  |  | 38,808 |  |  |  | 32,389 |
Investments in consolidated subsidiaries |  |  | 812,512 |  |  |  | 790,425 |
Other assets |  |  | 1,835 |  |  |  | 3,551 |
Total assets |  | $ | 864,541 |  |  | $ | 833,857 |
Liabilities and stockholders' equity |  |  |  |  |  |
Liabilities |  |  |  |  |  |
Subordinated debentures |  | $ | 130,638 |  |  | $ | 130,012 |
Other liabilities |  |  | 1,729 |  |  |  | 1,954 |
Total liabilities |  |  | 132,367 |  |  |  | 131,966 |
Stockholders' equity |  |  | 732,174 |  |  |  | 701,891 |
Total liabilities and stockholders' equity |  | $ | 864,541 |  |  | $ | 833,857 |
Statement of Income of Parent Company | Statements of Income
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
|  | (in thousands) |
Dividends from bank subsidiaries |  | $ | 50,000 |  |  | $ | 44,500 |  |  | $ | 57,000 |
Interest income on securities |  |  | 1,627 |  |  |  | 1,094 |  |  |  | 191 |
Interest expense |  |  | (6,571 | ) |  |  | (6,482 | ) |  |  | (8,037 | )
Other expense |  |  | (7,006 | ) |  |  | (5,817 | ) |  |  | (5,174 | )
Income before taxes and undistributed income of subsidiary |  |  | 38,050 |  |  |  | 33,295 |  |  |  | 43,980 |
Income tax benefit |  |  | 3,235 |  |  |  | 1,403 |  |  |  | 4,026 |
Income before undistributed income of subsidiary |  |  | 41,285 |  |  |  | 34,698 |  |  |  | 48,006 |
Equity in undistributed income of subsidiary |  |  | 20,916 |  |  |  | 45,343 |  |  |  | 53,388 |
Net income |  | $ | 62,201 |  |  | $ | 80,041 |  |  | $ | 101,394 |
Statement of Cash Flows of Parent Company | Statements of Cash Flows
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
|  | (in thousands) |
Cash Flows from Operating Activities: |  |  |  |  |  |  |  |  |
Net income |  | $ | 62,201 |  |  | $ | 80,041 |  |  | $ | 101,394 |
Adjustments to reconcile net income to net cash used in operating activities |  |  |  |  |  |  |  |  |
Undistributed income of subsidiary |  |  | (20,916 | ) |  |  | (45,343 | ) |  |  | (53,388 | )
Depreciation and amortization |  |  | 494 |  |  |  | 409 |  |  |  | 1,703 |
Share-based compensation expense |  |  | 3,575 |  |  |  | 2,680 |  |  |  | 2,596 |
Change in other assets and liabilities |  |  | 1,382 |  |  |  | 8,879 |  |  |  | (2,019 | )
Net cash provided by operating activities |  |  | 46,736 |  |  |  | 46,666 |  |  |  | 50,286 |
Cash Flows from Investing Activities: |  |  |  |  |  |  |  |  |
Purchases of securities |  |  | (23,989 | ) |  |  | (21,328 | ) |  |  | (17,956 | )
Proceeds from matured, called and repayment of securities |  |  | 17,845 |  |  |  | 7,000 |  |  |  | — |
Net cash used in investing activities |  |  | (6,144 | ) |  |  | (14,328 | ) |  |  | (17,956 | )
Cash Flows from Financing Activities: |  |  |  |  |  |  |  |  |
Proceeds from exercise of stock options |  |  | 582 |  |  |  | — |  |  |  | 19 |
Redemption of subordinated debentures, net of treasury debentures |  |  | — |  |  |  | — |  |  |  | (87,300 | )
Cash paid for employee vested shares surrendered due to employee tax liability |  |  | (586 | ) |  |  | (785 | ) |  |  | (732 | )
Repurchase of common stock |  |  | (6,314 | ) |  |  | (4,084 | ) |  |  | — |
Cash dividends paid |  |  | (30,380 | ) |  |  | (30,535 | ) |  |  | (28,636 | )
Net cash provided by (used in) financing activities |  |  | (36,698 | ) |  |  | (35,404 | ) |  |  | (116,649 | )
Net increase (decrease) in cash |  |  | 3,894 |  |  |  | (3,066 | ) |  |  | (84,319 | )
Cash at beginning of year |  |  | 7,492 |  |  |  | 10,558 |  |  |  | 94,877 |
Cash at end of year |  | $ | 11,386 |  |  | $ | 7,492 |  |  | $ | 10,558 |

X
- References No definition available. + Details
Name: | srt_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract
Namespace Prefix: | srt_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of condensed balance sheet, including, but not limited to, balance sheets of consolidated entities and consolidation eliminations. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name Regulation S-X (SX) -Number 210 -Section 12 -Subsection 04 -Paragraph a -Publisher SEC Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -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 + Details
Name: | srt_ScheduleOfCondensedBalanceSheetTableTextBlock
Namespace Prefix: | srt_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of condensed cash flow statement, including, but not limited to, cash flow statements of consolidated entities and consolidation eliminations. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name Regulation S-X (SX) -Number 210 -Section 12 -Subsection 04 -Paragraph a -Publisher SEC Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -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 + Details
Name: | srt_ScheduleOfCondensedCashFlowStatementTableTextBlock
Namespace Prefix: | srt_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of condensed income statement, including, but not limited to, income statements of consolidated entities and consolidation eliminations. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name Regulation S-X (SX) -Number 210 -Section 12 -Subsection 04 -Paragraph a -Publisher SEC Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -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 + Details
Name: | srt_ScheduleOfCondensedIncomeStatementTableTextBlock
Namespace Prefix: | srt_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration