Parent Company Financial Statements (Tables)

12 Months Ended

Dec. 31, 2025

CONDENSED BALANCE SHEETS


	December 31,
	2025		2024
ASSETS
Cash	$	55,877	$	96,281
Securities Available-for-Sale	3,650		3,757
Other Investments	353		353
Investment in Subsidiary Bank	1,122,765		676,916
Investment in Non-banking Subsidiaries	—		—
Other Assets	17,431		15,984
Total Assets	$	1,200,076	$	793,291

LIABILITIES
Borrowings	$	36,694	$	75,866
Other Liabilities	1,057		2,358
Total Liabilities	37,751		78,224

SHAREHOLDERS’ EQUITY
Common Stock	37,496		29,677
Additional Paid-in Capital	706,818		392,266
Retained Earnings	582,945		513,588
Accumulated Other Comprehensive Income (Loss)	(164,934)		(220,464)
Total Shareholders’ Equity	1,162,325		715,067
Total Liabilities and Shareholders’ Equity	$	1,200,076	$	793,291

CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (LOSS)


	Years Ended December 31,
	2025		2024		2023
INCOME
Dividends from Subsidiaries
Bank	$	90,000	$	65,000	$	50,000
Non-bank	—		—		—
Interest Income	507		533		277
Other Income (Loss)	808		1		(28)
Total Income	91,315		65,534		50,249

EXPENSES
Salaries and Employee Benefits	650		610		535
Professional Fees	3,076		1,637		777
Occupancy and Equipment Expense	6		8		8
Interest Expense	7,090		6,174		5,360
Other Expenses	1,582		1,399		1,183
Total Expenses	12,404		9,828		7,863
INCOME BEFORE INCOME TAXES AND EQUITY IN UNDISTRIBUTED INCOME OF SUBSIDIARIES	78,911		55,706		42,386
Income Tax Benefit	2,484		2,225		2,215
INCOME BEFORE EQUITY IN UNDISTRIBUTED INCOME OF SUBSIDIARIES	81,395		57,931		44,601
Equity in Undistributed Income of Subsidiaries	31,240		25,880		41,287
NET INCOME	112,635		83,811		85,888

Other Comprehensive Income (Loss):
Changes in Unrealized Gain (Loss) on Securities, Available-for-Sale	55,530		(3,404)		46,378
Changes in Unrecognized Loss in Postretirement Benefit Obligation, Net	—		—		—
TOTAL COMPREHENSIVE INCOME (LOSS)	$	168,165	$	80,407	$	132,266

CONDENSED STATEMENTS OF CASH FLOWS


	Years Ended December 31,
	2025		2024		2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income	$	112,635	$	83,811	$	85,888
Adjustments to Reconcile Net Income to Net Cash from Operations
Net Amortization on Securities	8		8		—
Change in Other Assets	3,349		(989)		3,929
Change in Other Liabilities	(2,901)		1,065		(3,113)
Equity Based Compensation	1,899		2,947		2,332

Equity in Excess Undistributed Income of Subsidiaries	(31,234)		(25,880)		(41,287)
Net Cash from Operating Activities	83,756		60,962		47,749

CASH FLOWS FROM INVESTING ACTIVITIES

Proceeds from Maturities, Calls and Redemptions of Securities Available-for-Sale	257		329		—
Cash Used for Business Acquisitions	(16,839)		—		—
Net Equity in Dissolution of Subsidiary	—		—		1,978
Net Cash from Investing Activities	(16,582)		329		1,978

CASH FLOWS FROM FINANCING ACTIVITIES

Repayment of Long-term Debt	(64,300)		—		—

Dividends Paid	(43,278)		(31,845)		(29,433)
Net Cash from Financing Activities	(107,578)		(31,845)		(29,433)

Net Change in Cash and Cash Equivalents	(40,404)		29,446		20,294
Cash and Cash Equivalents at Beginning of Year	96,281		66,835		46,541
Cash and Cash Equivalents at End of Year	$	55,877	$	96,281	$	66,835