Parent Company only Condensed Financial Information (Tables) - Parent Company

12 Months Ended

Dec. 31, 2023

Condensed financial statements

Schedule of condensed balance sheets

Condensed Balance Sheets

	December 31,
	2023		2022
	(Dollars in thousands)
Assets
Cash and cash equivalents	$	18,479	$	20,974
Investment in subsidiary bank		690,918		649,545
Other assets		3,266		1,549
Total assets	$	712,663	$	672,068
Liabilities and Shareholders' Equity
Subordinated debt, net of issuance costs	$	39,502	$	39,350
Other liabilities		260		262
Shareholders' equity		672,901		632,456
Total liabilities and shareholders' equity	$	712,663	$	672,068

Schedule of condensed statements of income

Condensed Statements of Income

	Year Ended December 31,
	2023		2022		2021
	(Dollars in thousands)
Dividend from subsidiary bank	$	32,000	$	32,000	$	32,000
Interest expense		(2,152)		(2,179)		(2,314)
Other expenses		(3,771)		(3,675)		(3,929)
Income before income taxes and equity in net income of subsidiary bank		26,077		26,146		25,757
Equity in undistributed net income of subsidiary bank		36,648		38,702		20,127
Income tax benefit		1,718		1,707		1,816
Net income	$	64,443	$	66,555	$	47,700

Schedule of condensed statements of cash flows

Condensed Statements of Cash Flows

	Year Ended December 31,
	2023		2022		2021
	(Dollars in thousands)
Cash flows from operating activities:
Net Income	$	64,443	$	66,555	$	47,700
Adjustments to reconcile net income to net cash provided by operations:
Amortization of restricted stock awards, net		1,404		2,583		1,940
Equity in undistributed net income of subsidiary bank		(36,648)		(38,702)		(20,127)
Net change in other assets and liabilities		(1,174)		1,222		(603)
Net cash provided by operating activities		28,025		31,658		28,910
Cash flows from financing activities:
Repayment of subordinated debt		—		(40,000)		—
Net change in purchased funds and other short-term borrowings		—		39,274		—
Payment of cash dividends		(31,740)		(31,495)		(31,270)
Proceeds from exercise of stock options		1,220		2,050		1,469
Net cash used in financing activities		(30,520)		(30,171)		(29,801)
Net increase (decrease) in cash and cash equivalents		(2,495)		1,487		(891)
Cash and cash equivalents, beginning of year		20,974		19,487		20,378
Cash and cash equivalents, end of year	$	18,479	$	20,974	$	19,487