PARENT COMPANY CONDENSED FINANCIAL STATEMENTS (Tables)

12 Months Ended

Dec. 31, 2024

PARENT COMPANY CONDENSED FINANCIAL STATEMENTS

Schedule of Condensed Balance Sheet

CONDENSED BALANCE SHEETS

	December 31,
(Dollar amounts in thousands)	2024		2023
ASSETS
Cash deposits in affiliated banks	$	4,291	$	37,907
Investments in subsidiaries		556,489		484,868
Securities available-for-sale		—		1,401
Land and headquarters building, net		8,518		8,822
Other		44,553		36,985
Total Assets	$	613,851	$	569,983
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Notes payable		20,833		—
Dividends payable		6,032		5,304
Other liabilities		37,945		36,703
TOTAL LIABILITIES		64,810		42,007
Shareholders' Equity		549,041		527,976
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	613,851	$	569,983

Schedule of Condensed Income Statement

CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (LOSS)

	Years Ended December 31,
(Dollar amounts in thousands)	2024		2023		2022
Dividends from subsidiaries	$	45,166	$	2,818	$	94,048
Securities interest income		52		7		—
Other income		1,497		1,476		1,254
Interest on borrowings		(821)		—		—
Other operating expenses		(4,804)		(3,719)		(3,435)
Income before income taxes and equity in undistributed earnings of subsidiaries		41,090		582		91,867
Income tax benefit		1,101		684		1,110
Income before equity in undistributed earnings of subsidiaries		42,191		1,266		92,977
Equity in undistributed earnings of subsidiaries		5,084		59,406		(21,868)
Net income	$	47,275	$	60,672	$	71,109
Comprehensive income (loss)	$	42,077	$	73,559	$	(66,439)

Schedule of Condensed Cash Flow Statement

CONDENSED STATEMENTS OF CASH FLOWS

	Years Ended December 31,
(Dollar amounts in thousands)	2024		2023		2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	$	47,275	$	60,672	$	71,109
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		308		307		297
Equity in undistributed earnings		(5,084)		(59,406)		21,868
Contribution of shares to ESOP		1,665		1,518		1,451
Restricted stock compensation		1,334		895		825
Increase (decrease) in other liabilities		1,242		(3,590)		33,050
(Increase) decrease in other assets		(7,568)		5,136		(34,602)
NET CASH FROM OPERATING ACTIVITIES		39,172		5,532		93,998
CASH FLOWS FROM INVESTING ACTIVITIES:
Securities available-for-sale acquired from dissolution of FFBRM		—		(1,407)		—
Maturities of available for sale securities		1,407		—		—
(Increase) decrease in premises and equipment		(4)		(13)		(4,990)
Cash received (disbursed) from acquisitions		(73,400)		—		—
NET CASH FROM INVESTING ACTIVITIES		(71,997)		(1,420)		(4,990)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from borrowings		25,000		—		—
Principal payments on borrowings		(4,167)		—		—
Purchase of treasury stock		(376)		(11,514)		(27,701)
Dividends paid		(21,248)		(15,383)		(14,459)
NET CASH FROM FINANCING ACTIVITES		(791)		(26,897)		(42,160)
NET (DECREASE) INCREASE IN CASH		(33,616)		(22,785)		46,848
CASH, BEGINNING OF YEAR		37,907		60,692		13,844
CASH, END OF YEAR	$	4,291	$	37,907	$	60,692
Supplemental disclosures of cash flow information:
Cash paid during the year for:
Interest	$	821	$	—	$	—
Income taxes	$	10,480	$	11,350	$	13,525