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PARENT COMPANY CONDENSED FINANCIAL STATEMENTS (Tables) | 12 Months Ended
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Dec. 31, 2024
PARENT COMPANY CONDENSED FINANCIAL STATEMENTS |
Schedule of Condensed Balance Sheet | CONDENSED BALANCE SHEETS ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31,
(Dollar amounts in thousands) |  | 2024 |  | 2023
ASSETS |  | ​ |  |  | ​ |
Cash deposits in affiliated banks | ​ | $ | 4,291 | ​ | $ | 37,907
Investments in subsidiaries | ​ |  | 556,489 | ​ |  | 484,868
Securities available-for-sale | ​ | ​ | — | ​ | ​ | 1,401
Land and headquarters building, net | ​ |  | 8,518 | ​ |  | 8,822
Other | ​ |  | 44,553 | ​ |  | 36,985
Total Assets | ​ | $ | 613,851 | ​ | $ | 569,983
LIABILITIES AND SHAREHOLDERS' EQUITY | ​ |  |  | ​ |  |
Liabilities | ​ |  |  | ​ |  |
Notes payable | ​ |  | 20,833 | ​ |  | —
Dividends payable | ​ |  | 6,032 | ​ |  | 5,304
Other liabilities | ​ |  | 37,945 | ​ |  | 36,703
TOTAL LIABILITIES | ​ |  | 64,810 | ​ |  | 42,007
Shareholders' Equity | ​ |  | 549,041 | ​ |  | 527,976
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | ​ | $ | 613,851 | ​ | $ | 569,983
Schedule of Condensed Income Statement | CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (LOSS) ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Years Ended December 31,
(Dollar amounts in thousands) |  | 2024 |  | 2023 |  | 2022
Dividends from subsidiaries | ​ | $ | 45,166 | ​ | $ | 2,818 | ​ | $ | 94,048
Securities interest income | ​ | ​ | 52 | ​ | ​ | 7 | ​ | ​ | —
Other income | ​ |  | 1,497 | ​ |  | 1,476 | ​ |  | 1,254
Interest on borrowings | ​ |  | (821) | ​ |  | — | ​ |  | —
Other operating expenses | ​ |  | (4,804) | ​ |  | (3,719) | ​ |  | (3,435)
Income before income taxes and equity in undistributed earnings of subsidiaries | ​ |  | 41,090 | ​ |  | 582 | ​ |  | 91,867
Income tax benefit | ​ |  | 1,101 | ​ |  | 684 | ​ |  | 1,110
Income before equity in undistributed earnings of subsidiaries | ​ |  | 42,191 | ​ |  | 1,266 | ​ |  | 92,977
Equity in undistributed earnings of subsidiaries | ​ |  | 5,084 | ​ |  | 59,406 | ​ |  | (21,868)
Net income | ​ | $ | 47,275 | ​ | $ | 60,672 | ​ | $ | 71,109
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Comprehensive income (loss) | ​ | $ | 42,077 | ​ | $ | 73,559 | ​ | $ | (66,439)
Schedule of Condensed Cash Flow Statement | CONDENSED STATEMENTS OF CASH FLOWS ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Years Ended December 31,
(Dollar amounts in thousands) |  | 2024 |  | 2023 |  | 2022
CASH FLOWS FROM OPERATING ACTIVITIES: |  | ​ |  |  | ​ |  |  | ​ |
Net Income | ​ | $ | 47,275 | ​ | $ | 60,672 | ​ | $ | 71,109
Adjustments to reconcile net income to net cash provided by operating activities: | ​ |  |  | ​ |  |  | ​ |  |
Depreciation and amortization | ​ |  | 308 | ​ |  | 307 | ​ |  | 297
Equity in undistributed earnings | ​ |  | (5,084) | ​ |  | (59,406) | ​ |  | 21,868
Contribution of shares to ESOP | ​ |  | 1,665 | ​ |  | 1,518 | ​ |  | 1,451
Restricted stock compensation | ​ |  | 1,334 | ​ |  | 895 | ​ |  | 825
Increase (decrease) in other liabilities | ​ |  | 1,242 | ​ |  | (3,590) | ​ |  | 33,050
(Increase) decrease in other assets | ​ |  | (7,568) | ​ |  | 5,136 | ​ |  | (34,602)
NET CASH FROM OPERATING ACTIVITIES | ​ |  | 39,172 | ​ |  | 5,532 | ​ |  | 93,998
CASH FLOWS FROM INVESTING ACTIVITIES: | ​ |  |  | ​ |  |  | ​ |  |
Securities available-for-sale acquired from dissolution of FFBRM | ​ | ​ | — | ​ | ​ | (1,407) | ​ | ​ | —
Maturities of available for sale securities | ​ | ​ | 1,407 | ​ | ​ | — | ​ | ​ | —
(Increase) decrease in premises and equipment | ​ | ​ | (4) | ​ | ​ | (13) | ​ | ​ | (4,990)
Cash received (disbursed) from acquisitions | ​ |  | (73,400) | ​ |  | — | ​ |  | —
NET CASH FROM INVESTING ACTIVITIES | ​ |  | (71,997) | ​ |  | (1,420) | ​ |  | (4,990)
CASH FLOWS FROM FINANCING ACTIVITIES: | ​ |  |  | ​ |  |  | ​ |  |
Proceeds from borrowings | ​ |  | 25,000 | ​ |  | — | ​ |  | —
Principal payments on borrowings | ​ |  | (4,167) | ​ |  | — | ​ |  | —
Purchase of treasury stock | ​ |  | (376) | ​ |  | (11,514) | ​ |  | (27,701)
Dividends paid | ​ |  | (21,248) | ​ |  | (15,383) | ​ |  | (14,459)
NET CASH FROM FINANCING ACTIVITES | ​ |  | (791) | ​ |  | (26,897) | ​ |  | (42,160)
NET (DECREASE) INCREASE IN CASH | ​ |  | (33,616) | ​ |  | (22,785) | ​ |  | 46,848
CASH, BEGINNING OF YEAR | ​ |  | 37,907 | ​ |  | 60,692 | ​ |  | 13,844
CASH, END OF YEAR | ​ | $ | 4,291 | ​ | $ | 37,907 | ​ | $ | 60,692
Supplemental disclosures of cash flow information: | ​ |  |  | ​ |  |  | ​ |  |
Cash paid during the year for: | ​ |  |  | ​ |  |  | ​ |  |
Interest | ​ | $ | 821 | ​ | $ | — | ​ | $ | —
Income taxes | ​ | $ | 10,480 | ​ | $ | 11,350 | ​ | $ | 13,525
​

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