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PARENT COMPANY CONDENSED FINANCIAL STATEMENTS | 12 Months Ended
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Dec. 31, 2023
PARENT COMPANY CONDENSED FINANCIAL STATEMENTS |
PARENT COMPANY CONDENSED FINANCIAL STATEMENTS | 21.PARENT COMPANY CONDENSED FINANCIAL STATEMENTS: The parent company’s condensed balance sheets as of December 31, 2023 and 2022, and the related condensed statements of income and comprehensive income and cash flows for each of the three years in the period ended December 31, 2023, are as follows: CONDENSED BALANCE SHEETS ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31,
(Dollar amounts in thousands) |  | 2023 |  | 2022
ASSETS |  | ​ |  |  | ​ |
Cash deposits in affiliated banks | ​ | $ | 37,907 | ​ | $ | 60,692
Investments in subsidiaries | ​ |  | 484,868 | ​ |  | 412,570
Securities available-for-sale | ​ | ​ | 1,401 | ​ | ​ | —
Land and headquarters building, net | ​ |  | 8,822 | ​ |  | 9,116
Other | ​ |  | 36,985 | ​ |  | 42,120
Total Assets | ​ | $ | 569,983 | ​ | $ | 524,498
LIABILITIES AND SHAREHOLDERS' EQUITY | ​ |  |  | ​ |  |
Liabilities | ​ |  |  | ​ |  |
Dividends payable | ​ |  | 5,304 | ​ |  | 8,912
Other liabilities | ​ |  | 36,703 | ​ |  | 40,293
TOTAL LIABILITIES | ​ |  | 42,007 | ​ |  | 49,205
Shareholders' Equity | ​ |  | 527,976 | ​ |  | 475,293
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | ​ | $ | 569,983 | ​ | $ | 524,498
​ CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (LOSS) ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Years Ended December 31,
(Dollar amounts in thousands) |  | 2023 |  | 2022 |  | 2021
Dividends from subsidiaries | ​ | $ | 2,818 | ​ | $ | 94,048 | ​ | $ | 99,231
Securities interest income | ​ | ​ | 7 | ​ | ​ | — | ​ | ​ | —
Other income | ​ |  | 1,476 | ​ |  | 1,254 | ​ |  | 746
Other operating expenses | ​ |  | (3,719) | ​ |  | (3,435) | ​ |  | (2,611)
Income before income taxes and equity in undistributed earnings of subsidiaries | ​ |  | 582 | ​ |  | 91,867 | ​ |  | 97,366
Income tax benefit | ​ |  | 684 | ​ |  | 1,110 | ​ |  | 681
Income before equity in undistributed earnings of subsidiaries | ​ |  | 1,266 | ​ |  | 92,977 | ​ |  | 98,047
Equity in undistributed earnings of subsidiaries | ​ |  | 59,406 | ​ |  | (21,868) | ​ |  | (45,060)
Net income | ​ | $ | 60,672 | ​ | $ | 71,109 | ​ | $ | 52,987
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Comprehensive income (loss) | ​ | $ | 73,559 | ​ | $ | (66,439) | ​ | $ | 40,797
​ CONDENSED STATEMENTS OF CASH FLOWS ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Years Ended December 31,
(Dollar amounts in thousands) |  | 2023 |  | 2022 |  | 2021
CASH FLOWS FROM OPERATING ACTIVITIES: |  | ​ |  |  | ​ |  |  | ​ |
Net Income | ​ | $ | 60,672 | ​ | $ | 71,109 | ​ | $ | 52,987
Adjustments to reconcile net income to net cash provided by operating activities: | ​ |  |  | ​ |  |  | ​ |  |
Depreciation and amortization | ​ |  | 307 | ​ |  | 297 | ​ |  | 191
Equity in undistributed earnings | ​ |  | (59,406) | ​ |  | 21,868 | ​ |  | 45,060
Contribution of shares to ESOP | ​ |  | 1,518 | ​ |  | 1,451 | ​ |  | 1,402
Restricted stock compensation | ​ |  | 895 | ​ |  | 825 | ​ |  | 807
Increase (decrease) in other liabilities | ​ |  | (3,590) | ​ |  | 33,050 | ​ |  | 435
(Increase) decrease in other assets | ​ |  | 5,136 | ​ |  | (34,602) | ​ |  | (1,518)
NET CASH FROM OPERATING ACTIVITIES | ​ |  | 5,532 | ​ |  | 93,998 | ​ |  | 99,364
CASH FLOWS FROM INVESTING ACTIVITIES: | ​ |  |  | ​ |  |  | ​ |  |
Securities available-for-sale acquired from dissolution of FFBRM | ​ | ​ | (1,407) | ​ | ​ | — | ​ | ​ | —
(Increase) decrease in premises and equipment | ​ | ​ | (13) | ​ | ​ | (4,990) | ​ | ​ | —
Cash received (disbursed) from acquisitions | ​ |  | — | ​ |  | — | ​ |  | (31,348)
NET CASH FROM INVESTING ACTIVITIES | ​ |  | (1,420) | ​ |  | (4,990) | ​ |  | (31,348)
CASH FLOWS FROM FINANCING ACTIVITIES: | ​ |  |  | ​ |  |  | ​ |  |
Principal payments on borrowings | ​ |  | — | ​ |  | — | ​ |  | —
Purchase of treasury stock | ​ |  | (11,514) | ​ |  | (27,701) | ​ |  | (42,471)
Dividends paid | ​ |  | (15,383) | ​ |  | (14,459) | ​ |  | (14,181)
NET CASH FROM FINANCING ACTIVITES | ​ |  | (26,897) | ​ |  | (42,160) | ​ |  | (56,652)
NET (DECREASE) INCREASE IN CASH | ​ |  | (22,785) | ​ |  | 46,848 | ​ |  | 11,364
CASH, BEGINNING OF YEAR | ​ |  | 60,692 | ​ |  | 13,844 | ​ |  | 2,480
CASH, END OF YEAR | ​ | $ | 37,907 | ​ | $ | 60,692 | ​ | $ | 13,844
Supplemental disclosures of cash flow information: | ​ |  |  | ​ |  |  | ​ |  |
Cash paid during the year for: | ​ |  |  | ​ |  |  | ​ |  |
Interest | ​ | $ | — | ​ | $ | — | ​ | $ | —
Income taxes | ​ | $ | 11,350 | ​ | $ | 13,525 | ​ | $ | 15,025
​

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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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