STOCKHOLDERS' EQUITY

12 Months Ended

Dec. 31, 2024

Equity [Abstract]

STOCKHOLDERS' EQUITY

NOTE 12 – STOCKHOLDERS’ EQUITY

Preferred Stock

The Company’s articles of incorporation provide for the issuance of shares of preferred stock. There were no shares of preferred stock outstanding at December 31, 2024, 2023, or 2022.

Common stock

The Company’s articles of incorporation provide for the issuance of 45,000,000 shares of Class A voting common stock (“Class A common stock”) and 5,000,000 shares of Class B non-voting common stock (“Class B common stock”), both of which have a par value of $0.01 per share.

On December 2, 2024, the Company entered into an underwriting agreement in connection with the registered private offering of 1,797,600 shares of the Company's Class A common stock at a price of $44.50 per share, including the underwriters' option to purchase 269,640 additional shares of Class A common stock, with an underwriter discount price of $27.44 per share. On December 4, 2024, the company issued and sold 2,067,240 shares of its Class A common stock pursuant to the underwriting agreement, which included the exercise in full of the underwriters' option to purchase additional shares of Class A common stock. The net proceeds to the Company from the common stock offering after deducting underwriting discounts and offering expenses payable by the Company, were approximately $87.4 million.

At December 31, 2024 and 2023, the following table presents shares that were issued and were held in treasury or were outstanding.

	2024			2023
Class A common stock – issued		22,807,163			20,460,615
Class A common stock – held in treasury		(5,379,537	)		(5,016,964	)
Class A common stock – outstanding		17,427,626			15,443,651
Class B common stock – issued		234,903			234,903
Class B common stock – held in treasury		(234,903	)		(234,903	)
Class B common stock – outstanding		—			—

Treasury stock is stated at cost, determined by the first-in, first-out method.

In September of 2021, the Company’s Board of Directors authorized an additional repurchase of up to 1,000,000 shares of the Company’s outstanding common stock, from time to time, beginning October 29, 2021, and concluding October 28, 2022. Under this program, during the year ended December 31, 2022 and 2021, the Company repurchased a total of 1,000,000 shares of the Company’s outstanding common stock at an average price paid of $32.11 per share.

In September of 2022, the Company’s Board of Directors authorized an additional repurchase of up to 1,000,000 shares of the Company’s outstanding common stock, from time to time, beginning October 1, 2022, and concluding September 30, 2023. Under this program, during the year ended December 31, 2023 and 2022, the company repurchased a total of 832,893 shares of the Company’s outstanding common stock at an average price paid of $27.89 per share.

In July of 2023, the Company’s Board of Directors authorized an additional repurchase of up to 1,000,000 shares of the Company’s outstanding common stock, from time to time, beginning October 1, 2023, and concluding September 30, 2024. The repurchase program does not obligate the Company to acquire a specific dollar amount or number of shares and it could be extended, modified or discontinued at any time without notice. Under this program, during the years ended December 2024 and 2023, the company repurchased a total of 362,573 shares of the Company's outstanding common stock at an average price paid of $32.71 per share. At September 30, 2024 there were 637,427 shares remaining under the program that expired.

In September of 2024, the Company's Board of Directors approved a share repurchase plan for up to 1,000,0000 shares of outstanding common stock beginning on October 1, 2024, and concluding on September 30, 2025. The repurchase program does not obligate the Company to acquire a specific dollar amount or number of shares and it could be extended, modified or discontinued at any time without notice. Non-objection from the Federal Reserve Bank of Kansas City related to this repurchase plan was received October 7, 2024. No shares were repurchased under this program during 2024.

Accumulated Other Comprehensive Income (Loss)

For the years ended December 31, 2024 and December 31, 2023, accumulated other comprehensive income consisted of (i) the after-tax effect of unrealized gains (losses) on available-for-sale securities and (ii) unrealized gains (losses) on cash flow hedges.

During 2024, 2023, and 2022, there were $(267), $(52,013) and $79 of gains/(losses) reclassified from accumulated other comprehensive income to net gains on sales of and settlement of securities within the consolidated statements of income.

Components of accumulated other comprehensive income as of December 31, 2024 and 2023, were as follows.

	Available -for-Sale Securities			Cash Flow Hedges			Accumulated Other Comprehensive Income
December 31, 2024
Net unrealized or unamortized gains (losses)	$	(74,797	)	$	2,073		$	(72,724	)
Tax effect		18,041			(498	)		17,543
	$	(56,756	)	$	1,575		$	(55,181	)
December 31, 2023
Net unrealized or unamortized gains (losses)	$	(77,548	)	$	839		$	(76,709	)
Tax effect		18,995			(206	)		18,789
	$	(58,553	)	$	633		$	(57,920	)