PARENT COMPANY CONDENSED FINANCIAL STATEMENTS (Tables)

12 Months Ended

Dec. 31, 2023

PARENT COMPANY CONDENSED FINANCIAL STATEMENTS

Schedule of Condensed Balance Sheet

CONDENSED BALANCE SHEETS

	December 31,
(Dollar amounts in thousands)	2023		2022
ASSETS
Cash deposits in affiliated banks	$	37,907	$	60,692
Investments in subsidiaries		484,868		412,570
Securities available-for-sale		1,401		—
Land and headquarters building, net		8,822		9,116
Other		36,985		42,120
Total Assets	$	569,983	$	524,498
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Dividends payable		5,304		8,912
Other liabilities		36,703		40,293
TOTAL LIABILITIES		42,007		49,205
Shareholders' Equity		527,976		475,293
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	569,983	$	524,498

Schedule of Condensed Income Statement

CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (LOSS)

	Years Ended December 31,
(Dollar amounts in thousands)	2023		2022		2021
Dividends from subsidiaries	$	2,818	$	94,048	$	99,231
Securities interest income		7		—		—
Other income		1,476		1,254		746
Other operating expenses		(3,719)		(3,435)		(2,611)
Income before income taxes and equity in undistributed earnings of subsidiaries		582		91,867		97,366
Income tax benefit		684		1,110		681
Income before equity in undistributed earnings of subsidiaries		1,266		92,977		98,047
Equity in undistributed earnings of subsidiaries		59,406		(21,868)		(45,060)
Net income	$	60,672	$	71,109	$	52,987
Comprehensive income (loss)	$	73,559	$	(66,439)	$	40,797

Schedule of Condensed Cash Flow Statement

CONDENSED STATEMENTS OF CASH FLOWS

	Years Ended December 31,
(Dollar amounts in thousands)	2023		2022		2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	$	60,672	$	71,109	$	52,987
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		307		297		191
Equity in undistributed earnings		(59,406)		21,868		45,060
Contribution of shares to ESOP		1,518		1,451		1,402
Restricted stock compensation		895		825		807
Increase (decrease) in other liabilities		(3,590)		33,050		435
(Increase) decrease in other assets		5,136		(34,602)		(1,518)
NET CASH FROM OPERATING ACTIVITIES		5,532		93,998		99,364
CASH FLOWS FROM INVESTING ACTIVITIES:
Securities available-for-sale acquired from dissolution of FFBRM		(1,407)		—		—
(Increase) decrease in premises and equipment		(13)		(4,990)		—
Cash received (disbursed) from acquisitions		—		—		(31,348)
NET CASH FROM INVESTING ACTIVITIES		(1,420)		(4,990)		(31,348)
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal payments on borrowings		—		—		—
Purchase of treasury stock		(11,514)		(27,701)		(42,471)
Dividends paid		(15,383)		(14,459)		(14,181)
NET CASH FROM FINANCING ACTIVITES		(26,897)		(42,160)		(56,652)
NET (DECREASE) INCREASE IN CASH		(22,785)		46,848		11,364
CASH, BEGINNING OF YEAR		60,692		13,844		2,480
CASH, END OF YEAR	$	37,907	$	60,692	$	13,844
Supplemental disclosures of cash flow information:
Cash paid during the year for:
Interest	$	—	$	—	$	—
Income taxes	$	11,350	$	13,525	$	15,025