Parent Company Only (Tables)

12 Months Ended

Dec. 31, 2025

Parent Company Only [Abstract]

Statements of Comprehensive Income

 Statements of Comprehensive Income

(dollars in thousands)	Years ended December 31,
	2025			2024			2023
Income:
Dividends and interest from subsidiaries	$	202,345		$	34,244		$	34,220
Net gain on securities transactions		-			-			-
Miscellaneous income		-			-			-
Total income		202,345			34,244			34,220
Expense:
Operating supplies		-			-			-
Professional services		775			865			972
Miscellaneous expense		403			408			1,371
Total expense		1,178			1,273			2,343
Income before income taxes and subsidiaries’ undistributed earnings		201,167			32,971			31,877
Income tax benefit		(176	)		(228	)		(530	)
Income before subsidiaries’ undistributed earnings		201,343			33,199			32,407
Equity in undistributed earnings of subsidiaries		(140,206	)		15,634			26,239
Net income	$	61,137		$	48,833		$	58,646
Change in other comprehensive income		13,885			9,376			13,957
Comprehensive income	$	75,022		$	58,209		$	72,603

Statements of Condition

Statements of Condition

(dollars in thousands)	December 31,
	2025		2024
Assets:
Cash in subsidiary bank	$	167,203	$	32,083
Investments in subsidiaries		524,309		649,373
Securities available for sale		55		49
Other assets		913		890
Total assets		692,480		682,395
Liabilities and shareholders’ equity:
Accrued expenses and other liabilities		6,052		6,052
Total liabilities		6,052		6,052
Shareholders’ equity		686,428		676,343
Total liabilities and shareholders’ equity	$	692,480	$	682,395

Statements of Cash Flows

Statements of Cash Flows

(dollars in thousands)	Years ended December 31,
	2025			2024			2023
Increase/(decrease) in cash and cash equivalents:
Cash flows from operating activities:
Net income	$	61,137		$	48,833		$	58,646
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed earnings of subsidiaries		140,206			(15,634	)		(26,239	)
Stock based compensation expense		-			-			-
Net change in other assets and accrued expenses		(214	)		(1,796	)		(1,563	)
Total adjustments		139,992			(17,430	)		(27,802	)
Net cash provided by operating activities		201,129			31,403			30,844
Cash flows from investing activities:
Purchases of securities available for sale		-			-			-
Net cash used in investing activities		-			-			-
Cash flows from financing activities:
Stock based award tax withholding payments		(292	)		(193	)		-
Proceeds from exercise of stock options		24			95			-
Dividends paid		(27,607	)		(27,395	)		(27,376	)
Payments to acquire treasury stock		(38,134	)		(374	)		-
Proceeds from sales of treasury stock		-			-			-
Net cash used in financing activities		(66,009	)		(27,867	)		(27,376	)
Net increase in cash and cash equivalents		135,120			3,536			3,468
Cash and cash equivalents at beginning of year		32,083			28,547			25,079
Cash and cash equivalents at end of year	$	167,203		$	32,083		$	28,547