Parent Company only Condensed Financial Information (Tables) - Parent Company
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12 Months Ended |
Dec. 31, 2023 |
Condensed financial statements |
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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 |
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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 |
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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 |
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