Parent Company Financial Information

12 Months Ended

Dec. 31, 2024

(21.) PARENT COMPANY FINANCIAL INFORMATION

Condensed financial statements pertaining only to the Parent are presented below (in thousands).


Condensed Statements of Financial Condition	December 31,
	2024		2023
Assets:
Cash and due from subsidiary	$	53,233	$	16,331
Investment in and receivables due from subsidiary		616,928		518,680
Other assets		11,698		7,216
Total assets	$	681,859	$	542,227
Liabilities and shareholders’ equity:
Deposits	$	2	$	2
Long-term borrowings, net of issuance costs of $158 and $468, respectively		74,842		74,532
Other liabilities		38,031		12,897
Shareholders’ equity		568,984		454,796
Total liabilities and shareholders’ equity	$	681,859	$	542,227


Condensed Statements of Operations	Years ended December 31,
	2024			2023		2022
Dividends from subsidiary and associated companies	$	23,900		$	18,000	$	32,000
Management and service fees from subsidiaries		542			527		511
Other income (loss)		13,806			463		(4	)
Total income		38,248			18,990		32,507
Interest expense		4,242			4,242		4,242
Operating expenses		27,370			3,119		3,213
Total expense		31,612			7,361		7,455
Income before income tax benefit and equity in undistributed earnings of subsidiary		6,636			11,629		25,052
Income tax benefit		4,288			1,647		1,848
Income before (excess distribution of) equity in undistributed earnings of subsidiary		10,924			13,276		26,900
(Excess distribution of) equity in undistributed earnings of subsidiary		(52,570	)		36,988		29,673
Net (loss) income	$	(41,646	)	$	50,264	$	56,573

(21.) PARENT COMPANY FINANCIAL INFORMATION (Continued)


Condensed Statements of Cash Flows	Years ended December 31,
	2024			2023			2022
Cash flows from operating activities:
Net (loss) income	$	(41,646	)	$	50,264		$	56,573
Adjustments to reconcile net income to net cash provided by operating activities:
Excess distributions of (equity in) undistributed earnings of subsidiary		52,570			(36,988	)		(29,673	)
Gain on sale of assets of subsidiary		(13,658	)		-			-
Provision for litigation settlement		23,022			-			-
Provision for deferred taxes		(4,129	)		95			216
Depreciation and amortization		73			76			77
Share-based compensation		1,610			1,674			2,551
Decrease (increase) in other assets		478			(494	)		(794	)
(Decrease) increase in other liabilities		(840	)		111			7,478
Net cash provided by operating activities		17,480			14,738			36,428
Cash flows from investing activities:
Capital investment in subsidiaries		(95,743	)		(1,893	)		(1,551	)
Proceeds from sale of assets of subsidiary		27,000			-			-
Net cash used in investing activities		(68,743	)		(1,893	)		(1,551	)
Cash flows from financing activities:
Purchase of preferred and common shares		(433	)		(571	)		(15,340	)
Proceeds from issuance of common shares		108,572			-			-
Dividends paid		(19,974	)		(19,745	)		(19,053	)
Net cash provided by (used in) financing activities		88,165			(20,316	)		(34,393	)
Net increase (decrease) in cash and cash equivalents		36,902			(7,471	)		484
Cash and cash equivalents as of beginning of year		16,331			23,802			23,318
Cash and cash equivalents as of end of the year	$	53,233		$	16,331		$	23,802