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Parent Company Financial Information

12 Months Ended

Dec. 31, 2024

Parent Company Financial Information

Parent Company Financial Information

Note 26: Parent Company Financial Information

The following information presents the condensed balance sheets of the Company as of December 31, 2024 and 2023, and the condensed statements of income and cash flows of the Company for the years ended December 31, 2024, 2023 and 2022:

Condensed Balance Sheets

​

​	​	​	​	​	​	​
​	​	December 31,		​	December 31,
(dollars in thousands)		2024			2023
ASSETS	​	​	​	​	​	​
Cash and Cash Equivalents	​	$	20,008	​	$	27,733
Investment in Subsidiaries	​		524,886	​		488,355
Premises and Equipment, Net	​		785	​		3,760
Other Assets	​		8,882	​		2,772
Total Assets	​	$	554,561	​	$	522,620
LIABILITIES AND EQUITY	​	​	​	​	​	​
LIABILITIES	​	​	​	​	​	​
Notes Payable	​	$	13,750	​	$	13,750
Subordinated Debentures, Net of Issuance Costs	​		79,670	​		79,288
Accrued Interest Payable	​		452	​		1,765
Other Liabilities	​		2,754	​		2,302
Total Liabilities	​		96,626	​		97,105
SHAREHOLDERS’ EQUITY	​	​	​	​	​	​
Preferred Stock—$0.01 par value	​	​	​	​	​	​
Preferred Stock—Authorized 10,000,000	​	​	66,514	​	​	66,514
Common Stock—$0.01 par value	​	​	​	​	​	​
Voting Common Stock—Authorized 75,000,000	​		276	​		277
Additional Paid‑In Capital	​		95,088	​		96,320
Retained Earnings	​		309,421	​		280,650
Accumulated Other Comprehensive Income (Loss)	​		(13,364)	​		(18,246)
Total Shareholders’ Equity	​		457,935	​		425,515
Total Liabilities and Shareholders' Equity	​	$	554,561	​	$	522,620

​

Condensed Statements of Income

​

​	​	​	​	​	​	​	​	​	​
​	​	December 31,		​	December 31,		​	December 31,
(dollars in thousands)		2024			2023		​	2022
INCOME	​	​	​	​	​	​	​	​	​
Dividend Income	​	$	10,000	​	$	—	​	$	1,585
Interest Income	​		13	​		3	​		—
Other Income	​		115	​		118	​		129
Total Income	​		10,128	​		121	​		1,714
EXPENSE	​	​	​	​	​	​	​	​	​
Interest Expense	​		5,144	​		5,126	​		4,890
Other Expenses	​		1,805	​		1,757	​		1,570
Total Interest Expense	​		6,949	​		6,883	​		6,460
INCOME (LOSS) BEFORE INCOME TAX BENEFIT AND EQUITY IN UNDISTRIBUTED EARNINGS	​		3,179	​		(6,762)	​		(4,746)
Income Tax Benefit	​		1,902	​		1,894	​		1,792
INCOME (LOSS) BEFORE EQUITY IN UNDISTRIBUTED EARNINGS	​		5,081	​		(4,868)	​		(2,954)
Equity in Undistributed Earnings	​		27,744	​		44,828	​		56,346
NET INCOME	​	$	32,825	​	$	39,960	​	$	53,392

​

Condensed Statements of Cash Flows

​

​	​	​	​	​	​	​	​	​	​
​	​	December 31,		​	December 31,		​	December 31,
(dollars in thousands)		2024			2023		​	2022
CASH FLOWS FROM OPERATING ACTIVITIES	​	​	​	​	​	​	​	​	​
Net Income	​	$	32,825	​	$	39,960	​	$	53,392
Adjustments to Reconcile Net Income to Net Cash Provided (Used) by Operating Activities:	​	​	​	​	​	​	​	​	​
Equity in Undistributed Earnings of Subsidiaries	​		(27,744)	​		(44,828)	​		(56,346)
Changes in Other Assets and Liabilities	​		(3,614)	​		(738)	​		(193)
Net Cash Provided (Used) by Operating Activities	​		1,467	​		(5,606)	​		(3,147)
CASH FLOWS FROM INVESTING ACTIVITIES	​	​	​	​	​	​	​	​	​
Investment in Subsidiaries	​		—	​		—	​		(25,000)
Proceeds from Bridgewater Risk Management, Inc. Liquidation	​	​	—	​	​	4,143	​	​	—
Net Cash Provided (Used) by Investing Activities	​		—	​		4,143	​		(25,000)
CASH FLOWS FROM FINANCING ACTIVITIES	​	​	​	​	​	​	​	​	​
Proceeds from Notes Payable	​	​	—	​	​	—	​	​	13,750
Redemption of Subordinated Debt	​	​	—	​	​	—	​	​	(13,750)
Stock Options Exercised	​	​	763	​	​	963	​	​	577
Stock Repurchases and Repurchases for Tax Withholding on Equity Awards	​	​	(5,901)	​	​	(5,127)	​	​	(11,513)
Preferred Stock Dividends Paid	​	​	(4,054)	​	​	(4,054)	​	​	(4,054)
Net Cash Provided (Used) by Financing Activities	​		(9,192)	​		(8,218)	​		(14,990)
NET CHANGE IN CASH AND CASH EQUIVALENTS	​		(7,725)	​		(9,681)	​		(43,137)
Cash and Cash Equivalents Beginning	​		27,733	​		37,414	​		80,551
Cash and Cash Equivalents Ending	​	$	20,008	​	$	27,733	​	$	37,414

​

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- 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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