Parent Only Condensed Financial Statements

12 Months Ended

Dec. 31, 2023

Condensed Financial Information Disclosure [Abstract]

Parent Only Condensed Financial Statements

25.     PARENT ONLY CONDENSED FINANCIAL STATEMENTS

BALANCE SHEETS

Years Ended December 31, 2023 and 2022

(dollars in thousands)

	2023		2022
ASSETS
Cash and due from banks	$	10,437	$	26,099
Investments in bank subsidiary		409,862		363,507
Investment in trust subsidiaries		1,145		1,145
Other assets		4,410		4,162
Total assets	$	425,854	$	394,913
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Other liabilities	$	2,793	$	6,636
Long-term debt		49,304		49,214
Subordinated debentures		35,660		35,481
Total liabilities		87,757		91,331
Shareholders' equity:
Common stock		115,027		117,076
Retained earnings		259,050		243,082
Accumulated other comprehensive gain, net of taxes		(35,980)		(56,576)
Total shareholders' equity		338,097		303,582
Total liabilities and shareholders' equity	$	425,854	$	394,913

STATEMENTS OF INCOME

Years Ended December 31, 2023, 2022 and 2021

(dollars in thousands)

	2023		2022		2021
Income:
Dividend from subsidiary	$	16,800	$	28,000	$	3,200
Other operating income		—		—		—
Total income		16,800		28,000		3,200
Expense
Salaries and employee benefits		1,741		1,129		779
Other expenses		6,117		4,550		2,728
Total expenses		7,858		5,679		3,507
Income before income taxes		8,942		22,321		(307)
Income tax benefit		(2,323)		(1,679)		(1,037)
Income before equity in undistributed income of subsidiary		11,265		24,000		730
Equity in undistributed income of subsidiary		23,579		9,659		42,282
Net income	$	34,844	$	33,659	$	43,012

STATEMENTS OF CASH FLOWS

Years Ended December 31, 2023, 2022 and 2021

(dollars in thousands)

	2023		2022		2021
Cash flows from operating activities:
Net income	$	34,844	$	33,659	$	43,012
Adjustments to reconcile net income to net cash provided by operating activities:
Undistributed net income of subsidiary		(23,579)		(9,659)		(42,282)
Gain on sale of securities		—		—		—
(Increase) decrease in other assets		1,863		(3,459)		179
Increase (decrease) in other liabilities		(6,117)		4,212		1,263
Net cash provided by operating activities		7,011		24,753		2,172
Cash flows from investing activities:
Investment in subsidiary		—		—		(25,000)
Net cash used by investing activities		—		—		(25,000)
Cash flows from financing activities:
Stock options exercised		—		314		282
Repurchase of common stock		(8,959)		(5,192)		(5,220)
Dividends paid		(13,714)		(13,919)		(13,232)
Issuance of debentures, net		—		—		49,141
Net cash (used) in provided by financing activities		(22,673)		(18,797)		30,971
Net increase in cash and cash equivalents		(15,662)		5,956		8,143
Cash and cash equivalents, beginning of year		26,099		20,143		12,000
Cash and cash equivalents, end of year	$	10,437	$	26,099	$	20,143