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Parent Company financial statements

12 Months Ended

Dec. 31, 2024

Parent Company financial statements

Parent Company financial statements

21. Parent Company financial statements:

CONDENSED BALANCE SHEETS

​

​	​	​	​	​	​	​	​
(Dollars in thousands)		December 31, 2024			December 31, 2023
Assets:	​	​	​	​	​	​	​
Cash and cash equivalents	​	$	1,151	​	$	188	​
Equity securities	​	​	1,657	​	​	98	​
Investment in bank subsidiary	​		499,446	​		372,348	​
Due from subsidiaries	​	​	486	​	​	​	​
Other assets	​		7,813	​		936	​
Total assets	​	$	510,553	​	$	373,570	​
​	​	​	​	​	​	​	​
Liabilities and Stockholders’ Equity:	​	​	​	​	​	​	​
Subordinated debt	​	$	33,000	​	$	33,000	​
Junior subordinated debt	​	​	8,039	​	​	​	​
Accrued interest payable	​	​	177	​	​	148	​
Other liabilities	​	​	387	​	​	​	​
Stockholders’ equity	​		468,950	​		340,422	​
Total liabilities and stockholders’ equity	​	$	510,553	​	$	373,570	​

​

CONDENSED STATEMENTS OF INCOME

​

​	​	​	​	​	​	​	​	​	​	​
(Dollars in thousands)		2024			2023			2022
Income:	​	​	​	​	​	​	​	​	​	​
Dividends from subsidiaries	​	$	20,593	​	$	20,158	​	$	11,325	​
Other income	​	​	105	​	​	4	​	​	3	​
Gains (losses) on equity securities	​		130	​		(11)	​		(31)	​
Total income	​		20,828	​		20,151	​		11,297	​
Expense:	​	​	​	​	​	​	​	​	​	​
Acquisition related expenses	​	​	1,877	​	​	1,580	​	​	​	​
Interest expense on subordinated debt	​	​	2,189	​	​	1,774	​	​	1,774	​
Other expenses	​		1,551	​		1,538	​		1,188	​
Total expenses	​		5,617	​		4,892	​		2,962	​
Income before taxes and undistributed income	​		15,211	​		15,259	​		8,335	​
Income tax benefit	​	​	(1,464)	​		(857)	​		(624)	​
Income before undistributed income of subsidiaries	​		16,675	​		16,116	​		8,959	​
(Distributions in excess of net income) equity in undistributed net income of subsidiaries	​		(8,177)	​		11,264	​		29,131	​
Net income	​	$	8,498	​	$	27,380	​	$	38,090	​

​

condensed Statements of Cash Flows

​

​	​	​	​	​	​	​	​	​	​	​
(Dollars in thousands)		2024			2023			2022
Cash flows from operating activities:	​	​	​	​	​	​	​	​	​	​
Net income	​	$	8,498	​	$	27,380	​	$	38,090	​
Adjustments:	​	​	​	​	​	​	​	​	​	​
Amortization expense related to acquired borrowings	​	​	47	​	​	​	​	​	​	​
Net (gains) losses on investment securities	​		(130)	​		11	​		31	​
Distributions in excess of net income (undistributed net income of subsidiaries)	​		8,177	​		(11,264)	​		(29,131)	​
(Increase) decrease in other assets	​		(1,430)	​		359	​	​	(591)	​
Increase (decrease) in other liabilities	​		1,252	​		​	​		(40)	​
Stock based compensation	​		786	​		888	​		534	​
Net cash provided by operating activities	​		17,200	​		17,374	​		8,893	​
Cash flows from investing activities:	​	​	​	​	​	​	​	​	​	​
Investment in insurance company	​	​	(802)	​	​	​	​	​	​	​
Cash balance acquired in merger, net of cash outlay	​	​	1,091	​	​	​	​	​	​	​
Proceeds from sale of equity securities	​	​	1,567	​	​	​	​	​	​	​
Net cash provided by investing activities	​		1,856	​		​	​		​	​
Cash flows from financing activities:	​	​	​	​	​	​	​	​	​	​
Retirement of common stock	​		​	​	​	(5,886)	​	​	(1,253)	​
Cash dividends paid	​		(18,093)	​		(11,659)	​		(11,325)	​
Net cash used in financing activities	​		(18,093)	​		(17,545)	​		(12,578)	​
Increase (decrease) in cash and cash equivalents	​		963	​		(171)	​		(3,685)	​
Cash and cash equivalents at beginning of year	​		188	​		359	​		4,044	​
Cash and cash equivalents at end of year	​	$	1,151	​	$	188	​	$	359	​

​

X

- References

No definition available.

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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/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

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