PARENT COMPANY FINANCIAL INFORMATION (Tables)

12 Months Ended

Dec. 31, 2024

Condensed Financial Information Disclosure [Abstract]

Condensed Balance Sheet

Condensed Balance Sheets

	December 31,
($ in thousands)	2024		2023
Assets:
Cash and cash equivalents	$	7,077	$	13,485
Investment in subsidiary bank	1,116,307		1,056,369
Investments in statutory trusts	806		806
Bank owned life insurance	365		348
Other	6,514		3,275
	$	1,131,069	$	1,074,283
Liabilities and Stockholders’ Equity:
Subordinated debentures	$	123,731	$	123,386
Other	1,907		1,863
Stockholders’ equity	1,005,431		949,034
	$	1,131,069	$	1,074,283

Condensed Income Statement

Condensed Statements of Income

	Years Ended December 31,
($ in thousands)	2024		2023		2022
Income:
Interest and dividends	$	38	$	36	$	17
Dividend income	39,000		65,000		16,000
Other	16		6,983		2,667
	39,054		72,019		18,684
Expenses:
Interest on borrowed funds	7,436		7,970		7,492
Legal and professional	868		1,136		593
Other	10,125		6,266		7,498
	18,429		15,372		15,583
Income (loss) before income taxes and equity in undistributed income of subsidiary	20,625		56,647		3,101
Income tax benefit	4,649		2,005		3,263
Income (loss) before equity in undistributed income of subsidiary	25,274		58,652		6,364
Equity in undistributed income of subsidiary	51,920		16,805		56,555
Net income	$	77,194	$	75,457	$	62,919

Condensed Cash Flow Statement

Condensed Statements of Cash Flows

	Years Ended December 31,
($ in thousands)	2024		2023		2022
Cash flows from operating activities:
Net income	$	77,194	$	75,457	$	62,919
Adjustments to reconcile net income to net cash used in operating activities:
Equity in undistributed income of Subsidiary	(51,920)		(16,805)		(56,555)
Restricted stock expense	4,622		2,302		2,425
Other, net	(3,472)		9,263		6,255
Net cash provided by operating activities	26,424		70,217		15,044
Cash flows from investing activities:
Investment in bank	—		—		(1,300)
Other, net	—		—		290
Net cash (used in) investing activities	—		—		(1,010)
Cash flows from financing activities:
Dividends paid on common stock	(30,664)		(27,550)		(16,275)
Repurchase of restricted stock for payment of taxes	(2,275)		(361)		(683)
Common stock repurchased	—		—		(22,180)
Called/repayment of subordinated debt	—		(31,000)		—
Other, net	107		(7,664)		216
Net cash (used in) financing activities	(32,832)		(66,575)		(38,922)
Net increase (decrease) in cash and cash equivalents	(6,408)		3,642		(24,888)
Cash and cash equivalents at beginning of year	13,485		9,843		34,731
Cash and cash equivalents at end of year	$	7,077	$	13,485	$	9,843