Parent Company Only (Tables)

12 Months Ended

Dec. 31, 2023

Parent Company Only [Abstract]

Statements of Comprehensive Income

Statements of Comprehensive Income

(dollars in thousands)	Years ended December 31,
	2023			2022			2021
Income:
Dividends and interest from subsidiaries	$	34,220		$	34,125		$	34,096
Net gain on securities transactions		-			-			-
Miscellaneous income		-			-			-
Total income		34,220			34,125			34,096
Expense:
Operating supplies		-			-			21
Professional services		972			585			819
Miscellaneous expense		1,371			1,752			3,419
Total expense		2,343			2,337			4,259
Income before income taxes and subsidiaries’ undistributed earnings		31,877			31,788			29,837
Income tax benefit		(530	)		(559	)		(972	)
Income before subsidiaries’ undistributed earnings		32,407			32,347			30,809
Equity in undistributed earnings of subsidiaries		26,239			42,887			30,710
Net income	$	58,646		$	75,234		$	61,519
Change in other comprehensive income		13,957			(39,341	)		211
Comprehensive income	$	72,603		$	35,893		$	61,730

Statements of Condition

Statements of Condition

(dollars in thousands)	December 31,
	2023		2022
Assets:
Cash in subsidiary bank	$	28,547	$	25,079
Investments in subsidiaries		623,658		583,370
Securities available for sale		48		36
Other assets		869		809
Total assets		653,122		609,294
Liabilities and shareholders’ equity:
Accrued expenses and other liabilities		7,837		9,307
Total liabilities		7,837		9,307
Shareholders’ equity		645,285		599,987
Total liabilities and shareholders’ equity	$	653,122	$	609,294

Statements of Cash Flows

Statements of Cash Flows

(dollars in thousands)	Years ended December 31,
	2023			2022			2021
Increase/(decrease) in cash and cash equivalents:
Cash flows from operating activities:
Net income	$	58,646		$	75,234		$	61,519
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed earnings of subsidiaries		(26,239	)		(42,887	)		(30,710	)
Stock based compensation expense		-			-			-
Net change in other assets and accrued expenses		(1,563	)		(440	)		354
Total adjustments		(27,802	)		(43,327	)		(30,356	)
Net cash provided by operating activities		30,844			31,907			31,163
Cash flows from investing activities:
Purchases of securities available for sale		-			-			-
Net cash used in investing activities		-			-			-
Cash flows from financing activities:
Cash used to settle fractional shares in the Reverse Stock Split		-			-			(200	)
Proceeds from exercise of stock options		-			429			260
Dividends paid		(27,376	)		(26,978	)		(26,266	)
Payments to acquire treasury stock		-			(7,004	)		(2,386	)
Proceeds from sales of treasury stock		-			-			-
Net cash used in financing activities		(27,376	)		(33,553	)		(28,592	)
Net increase in cash and cash equivalents		3,468			(1,646	)		2,571
Cash and cash equivalents at beginning of year		25,079			26,725			24,154
Cash and cash equivalents at end of year	$	28,547		$	25,079		$	26,725