XML 51 R33.htm IDEA: XBRL DOCUMENT
v3.25.1

Note 23 - Parent Only Condensed Financial Information | 12 Months Ended
--- | ---
Dec. 31, 2024
Notes to Financial Statements |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | NOTE 23 - PARENT ONLY CONDENSED FINANCIAL INFORMATION The parent company only condensed balance sheet as of December 31, 2024 and 2023, and the related condensed statements of income and condensed statements of cash flows for the years ended December 31, 2024, 2023 and 2022 are presented below:
Condensed Balance Sheets |  | As of December 31, |
|  | 2024 |  |  | 2023 |
ASSETS |  | (dollars in thousands) |
Cash and cash equivalents |  | $ | 32,101 |  |  | $ | 47,125 |
Investment in Bank |  |  | 602,681 |  |  |  | 589,998 |
Investment in RAM |  |  | 3,244 |  |  |  | 3,244 |
Other assets |  |  | 6,096 |  |  |  | 6,333 |
Total assets |  | $ | 644,122 |  |  | $ | 646,700 |
LIABILITIES AND SHAREHOLDERS' EQUITY |  |  |  |  |  |  |  |
Long term debt |  | $ | 119,529 |  |  | $ | 119,147 |
Subordinated debentures |  |  | 15,156 |  |  |  | 14,938 |
Other liabilities |  |  | 1,560 |  |  |  | 1,355 |
Total liabilities |  |  | 136,245 |  |  |  | 135,440 |
Shareholders' equity: |  |  |  |  |  |  |  |
Common stock |  |  | 259,957 |  |  |  | 271,925 |
Additional paid-in capital |  |  | 3,645 |  |  |  | 3,623 |
Retained earnings |  |  | 264,460 |  |  |  | 255,152 |
Non-controlling interest |  |  | 72 |  |  |  | 72 |
Accumulated other comprehensive loss |  |  | (20,257 | ) |  |  | (19,512 | )
Total shareholders' equity |  |  | 507,877 |  |  |  | 511,260 |
Total liabilities and shareholders' equity |  | $ | 644,122 |  |  | $ | 646,700 |
Condensed Statements of Income
|  | For the Year Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
|  | (dollars in thousands) |
Dividend from subsidiaries |  | $ | 20,000 |  |  | $ | 85,000 |  |  | $ | — |
Interest income/(reversal) |  |  | 18 |  |  |  | (41 | ) |  |  | 52 |
Interest expense |  |  | 6,699 |  |  |  | 9,951 |  |  |  | 9,645 |
Noninterest expense |  |  | 1,126 |  |  |  | 1,897 |  |  |  | 2,056 |
Income/(loss) before equity in undistributed income of subsidiaries |  |  | 12,193 |  |  |  | 73,111 |  |  |  | (11,649 | )
Undistributed income/(distributed income in excess of earnings) of: |  |  |  |  |  |  |  |  |  |  |  |
Bank |  |  | 12,075 |  |  |  | (34,477 | ) |  |  | 72,340 |
RAM |  |  | — |  |  |  | 195 |  |  |  | 57 |
Income before income taxes |  |  | 24,268 |  |  |  | 38,829 |  |  |  | 60,748 |
Income tax benefit |  |  | 2,397 |  |  |  | 3,636 |  |  |  | 3,579 |
Net income |  |  | 26,665 |  |  |  | 42,465 |  |  |  | 64,327 |
Other comprehensive (loss)/income |  |  | (745 | ) |  |  | 2,153 |  |  |  | (20,009 | )
Total comprehensive income |  | $ | 25,920 |  |  | $ | 44,618 |  |  | $ | 44,318 |
Condensed Statements of Cash Flows
|  |  | For the Year Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Cash flows from operating activities: |  | (dollars in thousands) |
Net income |  | $ | 26,665 |  |  | $ | 42,465 |  |  | $ | 64,327 |
Net amortization of other |  |  | 600 |  |  |  | 780 |  |  |  | 796 |
Provision for deferred income taxes |  |  | (18 | ) |  |  | (72 | ) |  |  | (57 | )
Distributed income in excess of earnings/(undistributed income) of subsidiaries |  |  | (12,075 | ) |  |  | 34,282 |  |  |  | (72,397 | )
Change in other assets and liabilities |  |  | 570 |  |  |  | 113 |  |  |  | 216 |
Net cash provided by/(used in) operating activities |  |  | 15,742 |  |  |  | 77,568 |  |  |  | (7,115 | )
Cash flows from investment activities: |  |  |  |  |  |  |  |  |  |  |  |
Purchase of other equity securities, net |  |  | (103 | ) |  |  | (490 | ) |  |  | (1,663 | )
Net cash used in investing activities |  |  | (103 | ) |  |  | (490 | ) |  |  | (1,663 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |  |  |
Redemptions of subordinated debentures |  |  | — |  |  |  | (55,000 | ) |  |  | — |
Dividends paid |  |  | (11,720 | ) |  |  | (12,163 | ) |  |  | (10,736 | )
Restricted stock units vesting |  |  | (108 | ) |  |  | — |  |  |  | — |
Common stock repurchased, net of repurchased costs |  |  | (20,676 | ) |  |  | (6,803 | ) |  |  | (19,822 | )
Stock options exercised |  |  | 1,841 |  |  |  | 295 |  |  |  | 5,476 |
Net cash used in financing activities |  |  | (30,663 | ) |  |  | (73,671 | ) |  |  | (25,082 | )
(Decrease)/increase in cash and cash equivalents |  |  | (15,024 | ) |  |  | 3,407 |  |  |  | (33,860 | )
Cash and cash equivalents beginning of year |  |  | 47,125 |  |  |  | 43,718 |  |  |  | 77,578 |
Cash and cash equivalents end of year |  | $ | 32,101 |  |  | $ | 47,125 |  |  | $ | 43,718 |

X
- 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 + Details
Name: | us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DisclosureTextBlockAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration