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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

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X

- References

No definition available.

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