| Condensed Financial Information of Parent Company |
Note 23 — Condensed Financial Information of Parent Company
Balance Sheets
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At December 31, |
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2025 |
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|
2024 |
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(in thousands) |
|
Assets |
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|
|
|
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Cash |
|
$ |
8,785 |
|
|
$ |
11,386 |
|
Securities available for sale |
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|
46,228 |
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|
38,808 |
|
Investments in consolidated subsidiaries |
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|
872,646 |
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|
812,512 |
|
Other assets |
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|
1,487 |
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|
|
1,835 |
|
Total assets |
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$ |
929,146 |
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$ |
864,541 |
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Liabilities and stockholders' equity |
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Liabilities |
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Subordinated debentures |
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$ |
131,268 |
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$ |
130,638 |
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Other liabilities |
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|
1,492 |
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|
1,729 |
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Total liabilities |
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|
132,760 |
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|
132,367 |
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Stockholders' equity |
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|
796,386 |
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|
732,174 |
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Total liabilities and stockholders' equity |
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$ |
929,146 |
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$ |
864,541 |
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Statements of Income
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Year Ended December 31, |
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2025 |
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2024 |
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2023 |
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(in thousands) |
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Dividends from bank subsidiaries |
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$ |
51,500 |
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|
$ |
50,000 |
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$ |
44,500 |
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Interest income on securities |
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|
1,868 |
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|
1,627 |
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|
1,094 |
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Operating income |
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|
53,368 |
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|
51,627 |
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|
45,594 |
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Interest expense |
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|
6,306 |
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|
6,571 |
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|
6,482 |
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Other expense |
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6,995 |
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|
7,006 |
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|
5,817 |
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Total operating expense |
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13,301 |
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|
13,577 |
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|
12,299 |
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Income before taxes and undistributed income of subsidiary |
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|
40,067 |
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38,050 |
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|
33,295 |
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Income tax benefit |
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|
3,354 |
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|
3,235 |
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|
1,403 |
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Income before undistributed income of subsidiary |
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|
43,421 |
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41,285 |
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34,698 |
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Equity in undistributed income of subsidiary |
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|
32,668 |
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20,916 |
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|
45,343 |
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Net income |
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$ |
76,089 |
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$ |
62,201 |
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$ |
80,041 |
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Statements of Cash Flows
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Year Ended December 31, |
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|
2025 |
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|
2024 |
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2023 |
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(in thousands) |
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Cash Flows from Operating Activities: |
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Net income |
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$ |
76,089 |
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$ |
62,201 |
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$ |
80,041 |
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Adjustments to reconcile net income to net cash used in operating activities |
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Undistributed income of subsidiary |
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(32,668 |
) |
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(20,916 |
) |
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(45,343 |
) |
Depreciation and amortization |
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|
633 |
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|
494 |
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|
409 |
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Share-based compensation expense |
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|
3,598 |
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3,575 |
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|
2,680 |
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Change in other assets and liabilities |
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(372 |
) |
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|
1,382 |
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|
8,879 |
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Net cash provided by operating activities |
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|
47,280 |
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46,736 |
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46,666 |
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Cash Flows from Investing Activities: |
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Purchases of securities |
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(24,271 |
) |
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(23,989 |
) |
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(21,328 |
) |
Proceeds from matured, called and repayment of securities |
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|
17,413 |
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17,845 |
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|
7,000 |
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Net cash used in investing activities |
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(6,858 |
) |
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(6,144 |
) |
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(14,328 |
) |
Cash Flows from Financing Activities: |
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Proceeds from exercise of stock options |
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— |
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|
582 |
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— |
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Cash paid for employee vested shares surrendered due to employee tax liability |
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(996 |
) |
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(586 |
) |
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(785 |
) |
Repurchase of common stock |
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(9,404 |
) |
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(6,314 |
) |
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(4,084 |
) |
Cash dividends paid |
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(32,623 |
) |
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(30,380 |
) |
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(30,535 |
) |
Net cash used in financing activities |
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(43,023 |
) |
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(36,698 |
) |
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(35,404 |
) |
Net increase (decrease) in cash |
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(2,601 |
) |
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|
3,894 |
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|
(3,066 |
) |
Cash at beginning of year |
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|
11,386 |
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|
7,492 |
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|
10,558 |
|
Cash at end of year |
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$ |
8,785 |
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$ |
11,386 |
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$ |
7,492 |
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