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Note 22 - Parent Only Condensed Financial Information

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Condensed Financial Information of Parent Company Only Disclosure [Text Block]

NOTE 22 - PARENT ONLY CONDENSED FINANCIAL INFORMATION

The parent company only condensed balance sheet as of December 31, 2023 and 2022, and the related condensed statements of income and condensed statements of cash flows for the years ended December 31, 2023, 2022 and 2021 are presented below:

Condensed Balance Sheet

*(dollars in thousands)*		*2023*				*2022*
ASSETS
Cash and cash equivalents		$	47,125			$	43,718
Investment in Bank			589,998				621,580
Investment in RAM			3,244				3,049
Other assets			6,333				6,161
Total assets		$	646,700			$	674,508

LIABILITIES AND SHAREHOLDERS' EQUITY
Long term debt			119,147				173,585
Subordinated debentures			14,938				14,720
Other liabilities			1,355				1,640
Total liabilities			135,440				189,945
Shareholders' equity:
Common stock			271,925				276,912
Additional paid-in capital			3,623				3,361
Retained earnings			255,152				225,883
Non-controlling interest			72				72
Accumulated other comprehensive loss			(19,512	)			(21,665	)
Total shareholders' equity			511,260				484,563
Total liabilities and shareholders' equity		$	646,700			$	674,508

Condensed Statements of Income

*(dollars in thousands)*		*2023*				*2022*				*2021*
Dividend from subsidiaries		$	85,000			$	—			$	25,000
Interest (reversal)/income			(41	)			52				—
Interest expense			9,951				9,645				8,999
Noninterest expense			1,897				2,056				1,452
Income/(loss) before equity in undistributed income of subsidiaries			73,111				(11,649	)			14,549
(Distributed income in excess of earnings)/undistributed income of:
Bank			(34,477	)			72,340				39,109
RAM			195				57				59
Income before income taxes			38,829				60,748				53,717
Income tax benefit			3,636				3,579				3,189
Net income			42,465				64,327				56,906
Other comprehensive income/(loss)			2,153				(20,009	)			(2,785	)
Total comprehensive income		$	44,618			$	44,318			$	54,121

Condensed Statements of Cash Flows

*(dollars in thousands)*		*2023*				*2022*				*2021*
Cash flows from operating activities:
Net income		$	42,465			$	64,327			$	56,906
Net amortization of other			780				796				724
Provision for deferred income taxes			(72	)			(57	)			(337	)
Distributed income in excess of earnings/(undistributed income) of subsidiaries			34,282				(72,397	)			(39,168	)
Change in other assets and liabilities			113				216				1,645
Net cash provided by/(used in) operating activities			77,568				(7,115	)			19,770
Cash flows from investment activities:
Purchase of other equity securities, net			(490	)			(1,663	)			(380	)
Net cash used in investing activities			(490	)			(1,663	)			(380	)
Cash flows from financing activities:
Issuance of subordinated debentures, net of issuance costs			—				—				118,111
Redemptions of subordinated debentures			(55,000	)			—				(50,000	)
Dividends paid			(12,163	)			(10,736	)			(9,947	)
Common stock repurchased, net of repurchased costs			(6,803	)			(19,822	)			(10,540	)
Stock options exercised			295				5,476				3,475
Net cash (used in)/provided by financing activities			(73,671	)			(25,082	)			51,099

Increase/(decrease) in cash and cash equivalents			3,407				(33,860	)			70,489
Cash and cash equivalents beginning of year			43,718				77,578				7,089
Cash and cash equivalents end of year		$	47,125			$	43,718			$	77,578