Parent Company Financial Statements (Tables)

12 Months Ended

Dec. 31, 2024

Condensed Financial Information Disclosure [Abstract]

Schedule of Condensed Balance Sheets

CONDENSED BALANCE SHEETS

	December 31,
	2024		2023
ASSETS
Cash	$	96,281	$	66,835
Securities Available-for-Sale	3,757		4,112
Other Investments	353		353
Investment in Subsidiary Bank	676,916		652,452
Investment in Non-banking Subsidiaries	—		1,975
Other Assets	15,984		15,097
Total Assets	$	793,291	$	740,824
LIABILITIES
Borrowings	$	75,866	$	75,327
Other Liabilities	2,358		1,939
Total Liabilities	78,224		77,266
SHAREHOLDERS’ EQUITY
Common Stock	29,677		29,585
Additional Paid-in Capital	392,266		389,411
Retained Earnings	513,588		461,622
Accumulated Other Comprehensive Income (Loss)	(220,464)		(217,060)
Total Shareholders’ Equity	715,067		663,558
Total Liabilities and Shareholders’ Equity	$	793,291	$	740,824

Schedule of Condensed Statements of Income and Comprehensive Income (Loss)

CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (LOSS)

	Years Ended December 31,
	2024		2023		2022
INCOME
Dividends from Subsidiaries
Bank	$	65,000	$	50,000	$	35,000
Non-bank	—		—		—
Interest Income	533		277		104
Other Income (Loss)	1		(28)		31
Total Income	65,534		50,249		35,135
EXPENSES
Salaries and Employee Benefits	610		535		535
Professional Fees	1,637		777		1,989
Occupancy and Equipment Expense	8		8		8
Interest Expense	6,174		5,360		3,963
Other Expenses	1,399		1,183		1,162
Total Expenses	9,828		7,863		7,657
INCOME BEFORE INCOME TAXES AND EQUITY IN UNDISTRIBUTED INCOME OF SUBSIDIARIES	55,706		42,386		27,478
Income Tax Benefit	2,225		2,215		1,947
INCOME BEFORE EQUITY IN UNDISTRIBUTED INCOME OF SUBSIDIARIES	57,931		44,601		29,425
Equity in Undistributed Income of Subsidiaries	25,880		41,287		52,400
NET INCOME	83,811		85,888		81,825
Other Comprehensive Income (Loss):
Changes in Unrealized Gain (Loss) on Securities, Available-for-Sale	(3,404)		46,378		(278,976)
Changes in Unrecognized Loss in Postretirement Benefit Obligation, Net	—		—		54
TOTAL COMPREHENSIVE INCOME (LOSS)	$	80,407	$	132,266	$	(197,097)

Schedule of Condensed Statements of Cash Flows

CONDENSED STATEMENTS OF CASH FLOWS

	Years Ended December 31,
	2024		2023		2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income	$	83,811	$	85,888	$	81,825
Adjustments to Reconcile Net Income to Net Cash from Operations
Net Amortization on Securities	8		—		—
Change in Other Assets	(989)		3,929		3,861
Change in Other Liabilities	1,065		(3,113)		1,200
Equity Based Compensation	2,947		2,332		2,330
Equity in Excess Undistributed Income of Subsidiaries	(25,880)		(41,287)		(52,400)
Net Cash from Operating Activities	60,962		47,749		36,816
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from Maturities, Calls and Redemptions of Securities Available-for-Sale	329		—		—
Cash Used for Business Acquisitions	—		—		(49,644)
Net Equity in Dissolution of Subsidiary	—		1,978		—
Net Cash from Investing Activities	329		1,978		(49,644)
CASH FLOWS FROM FINANCING ACTIVITIES
Dividends Paid	(31,845)		(29,433)		(27,022)
Net Cash from Financing Activities	(31,845)		(29,433)		(27,022)
Net Change in Cash and Cash Equivalents	29,446		20,294		(39,850)
Cash and Cash Equivalents at Beginning of Year	66,835		46,541		86,391
Cash and Cash Equivalents at End of Year	$	96,281	$	66,835	$	46,541