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CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY (Tables)

12 Months Ended

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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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))
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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

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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

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