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CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY (Tables) | 12 Months Ended
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Dec. 31, 2024
CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY |
Condensed Balance Sheets | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31,
(in thousands) |  | 2024 |  | 2023
Assets |  | ​ |  |  | ​ |
Cash | ​ | $ | 7,127 | ​ | $ | 7,850
Investment in subsidiaries | ​ |  | 493,692 | ​ |  | 484,574
Premises and equipment | ​ |  | 804 | ​ |  | 785
Other assets | ​ |  | 4,905 | ​ |  | 5,070
Total assets | ​ | $ | 506,528 | ​ | $ | 498,279
​ | ​ | ​ | ​ | ​ | ​ | ​
Liabilities and Shareholders’ Equity | ​ |  |  | ​ |  |
Subordinated notes | ​ | $ | 40,620 | ​ | $ | 60,461
Accrued expenses | ​ |  | 7,480 | ​ |  | 5,759
Shareholders’ equity | ​ |  | 458,428 | ​ |  | 432,059
Total liabilities and shareholders’ equity | ​ | $ | 506,528 | ​ | $ | 498,279
Condensed Income Statement | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Years Ended December 31,
(in thousands) |  | 2024 |  | 2023 |  | 2022
Income: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Dividends from subsidiaries | ​ | $ | 35,935 | ​ | $ | 23,156 | ​ | $ | 20,682
Other income | ​ |  | 1,176 | ​ |  | 1,142 | ​ |  | 976
Total income | ​ |  | 37,111 | ​ |  | 24,298 | ​ |  | 21,658
Interest expense | ​ |  | 3,721 | ​ |  | 3,691 | ​ |  | 2,981
Non-interest expense | ​ |  | 6,852 | ​ |  | 5,834 | ​ |  | 5,183
Total expense | ​ |  | 10,573 | ​ |  | 9,525 | ​ |  | 8,164
Income before taxes and equity in undistributed income of subsidiaries | ​ |  | 26,538 | ​ |  | 14,773 | ​ |  | 13,493
Income tax benefit | ​ |  | (2,218) | ​ |  | (1,985) | ​ |  | (1,709)
Income before equity in undistributed income of subsidiaries | ​ |  | 28,756 | ​ |  | 16,758 | ​ |  | 15,202
Equity in undistributed income of subsidiaries | ​ |  | 14,788 | ​ |  | 28,094 | ​ |  | 28,355
Net income | ​ | $ | 43,544 | ​ | $ | 44,852 | ​ | $ | 43,557
Condensed Cash Flow Statement | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Years Ended December 31,
(in thousands) |  | 2024 |  | 2023 |  | 2022
Cash flows from operating activities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income | ​ | $ | 43,544 | ​ | $ | 44,852 | ​ | $ | 43,557
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ​ |  |  | ​ |  |  | ​ |  |
Equity in undistributed income of subsidiaries | ​ |  | (14,788) | ​ |  | (28,094) | ​ |  | (28,355)
Other, net | ​ |  | 2,015 | ​ |  | (1,537) | ​ |  | 3,187
Net cash provided by operating activities | ​ |  | 30,771 | ​ |  | 15,221 | ​ |  | 18,389
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash flows from investing activities: | ​ |  |  | ​ |  |  | ​ |  |
Acquisitions, net of cash paid | ​ |  | — | ​ |  | — | ​ |  | —
Purchase of securities | ​ |  | — | ​ |  | — | ​ |  | —
Capital contribution to subsidiary | ​ |  | 4,000 | ​ |  | — | ​ |  | —
Other, net | ​ | ​ | 7 | ​ | ​ | ​ | ​ | ​ | ​
Net cash (used in) investing activities | ​ |  | 4,007 | ​ |  | — | ​ |  | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash flows from financing activities: | ​ |  |  | ​ |  |  | ​ |  |
Proceeds from issuance of subordinated debt | ​ |  | — | ​ |  | — | ​ |  | —
Repayment of subordinated debt | ​ |  | (20,000) | ​ |  | — | ​ |  | —
Net proceeds from common stock | ​ |  | 2,287 | ​ |  | 1,845 | ​ |  | 1,723
Net proceeds from reissuance of treasury stock | ​ |  | — | ​ |  | — | ​ |  | —
Common stock cash dividends paid | ​ |  | (17,788) | ​ |  | (16,566) | ​ |  | (15,334)
Net cash used in financing activities | ​ |  | (35,501) | ​ |  | (14,721) | ​ |  | (13,611)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net change in cash and cash equivalents | ​ |  | (723) | ​ |  | 500 | ​ |  | 4,778
Cash and cash equivalents at beginning of year | ​ |  | 7,850 | ​ |  | 7,350 | ​ |  | 2,572
Cash and cash equivalents at end of year | ​ | $ | 7,127 | ​ | $ | 7,850 | ​ | $ | 7,350
​

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