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Parent Company Financial Statements
 12 Months Ended
Dec. 31, 2023
Parent Company Financial Statements [Abstract]  
Parent Company Financial Statements
21.  Parent Company Financial Statements
Condensed Balance Sheets
(in thousands)
December 31
  
2023
    
2022
  
Assets:
            
Cash on deposit
  
$
3,183
    
$
2,933
  
Investment in and advances to subsidiaries
    
759,048
      
679,425
  
Goodwill
    
4,973
      
4,973
  
Premises and equipment, net
    
237
      
133
  
Deferred tax asset
    
434
      
260
  
Other assets
    
49
      
4,808
  
Total assets
  
$
767,924
    
$
692,532
  
                 
Liabilities and shareholders’ equity:
                
Long-term debt
  
$
61,341
    
$
61,341
  
Other liabilities
    
4,375
      
3,144
  
Total liabilities
    
65,716
      
64,485
  
                 
Shareholders’ equity
    
702,208
      
628,047
  
                 
Total liabilities and shareholders’ equity
  
$
767,924
    
$
692,532
  

Condensed Statements of Income and Comprehensive Income (Loss)
(in thousands)
Year Ended December 31
  
2023
    
2022
    
2021
  
Income:
                  
Dividends from subsidiaries
  
$
29,931
    
$
31,544
    
$
33,319
  
Other income
    
1,400
      
710
      
482
  
Total income
    
31,331
      
32,254
      
33,801
  
                         
Expenses:
                        
Interest expense
    
4,287
      
2,060
      
1,090
  
Depreciation expense
    
125
      
75
      
70
  
Other expenses
    
4,718
      
4,833
      
5,878
  
Total expenses
    
9,130
      
6,968
      
7,038
  
                         
Income before income taxes and equity in undistributed income of subsidiaries
    
22,201
      
25,286
      
26,763
  
Income tax benefit
    
(2,012
)
    
(1,808
)
    
(1,700
)
Income before equity in undistributed income of subsidiaries
    
24,213
      
27,094
      
28,463
  
Equity in undistributed income of subsidiaries
    
53,791
      
54,720
      
59,476
  
                         
Net income
  
$
78,004
    
$
81,814
    
$
87,939
  
                         
Other comprehensive income (loss):
                        
Unrealized holding gains (losses) on debt securities available-for-sale:
                        
Unrealized holding gains (losses) arising during the period
    
36,863
      
(168,060
)
    
(24,827
)
Less: Reclassification adjustments for realized gains (losses) included in net income
    
4
      
(81
)
    
60
  
Tax expense (benefit)
    
11,028
      
(43,675
)
    
(6,471
)
Other comprehensive income (loss), net of tax
    
25,831
      
(124,304
)
    
(18,416
)
Comprehensive income (loss)
  
$
103,835
    
$
(42,490
)
  
$
69,523
  

Condensed Statements of Cash Flows
(in thousands)
Year Ended December 31
  
2023
    
2022
    
2021
  
Cash flows from operating activities:
                  
Net income
  
$
78,004
    
$
81,814
    
$
87,939
  
Adjustments to reconcile net income to net cash provided by operating activities:
                        
Depreciation
    
125
      
76
      
69
  
Equity in undistributed earnings of subsidiaries
    
(53,791
)
    
(54,720
)
    
(59,476
)
Deferred taxes
    
(174
)
    
630
      
3,759
  
Stock-based compensation
    
1,576
      
1,366
      
850
  
Gains on sale of assets, net
     (48 )     0       0  
Changes in:
                        
Other assets
    
4,758
      
611
      
(5,403
)
Other liabilities
    
1,039
      
(1,115
)
    
1,037
  
Net cash provided by operating activities
    
31,489
      
28,662
      
28,775
  
                         
Cash flows from investing activities:
                        
Net purchases of premises and equipment
    
(229
)
    
(95
)
    
(66
)
Proceeds from sale and retirement of premises and equipment
     48       0       0  
Net cash used in investing activities
    
(181
)
    
(95
)
    
(66
)
                         
Cash flows from financing activities:
                        
Issuance of common stock
    
1,129
      
1,041
      
965
  
Dividends paid
    
(32,187
)
    
(29,938
)
    
(27,916
)
Net cash used in financing activities
    
(31,058
)
    
(28,897
)
    
(26,951
)
                         
Net increase (decrease) in cash and cash equivalents
    
250
      
(330
)
    
1,758
  
Cash and cash equivalents at beginning of year
    
2,933
      
3,263
      
1,505
  
Cash and cash equivalents at end of year
  
$
3,183
    
$
2,933
    
$
3,263