Annual report [Section 13 and 15(d), not S-K Item 405]

PARENT COMPANY FINANCIAL INFORMATION

v3.25.0.1
PARENT COMPANY FINANCIAL INFORMATION
 12 Months Ended
Dec. 31, 2024
Parent Company Financial Information [Abstract]  
PARENT COMPANY FINANCIAL INFORMATION
Note 23
PARENT COMPANY
 
FINANCIAL INFORMATION
The following are condensed statements of financial condition of the parent company
 
at December 31:
Parent Company Statements of Financial Condition
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(Dollars in Thousands, Except Per Share
 
Data)
2024
2023
ASSETS
Cash and Due From Subsidiary Bank
$
70,721
$
54,004
Equity Securities
622
569
Investment in Subsidiary Bank
483,632
445,441
Goodwill and Other Intangibles
3,678
3,838
Other Assets
4,072
10,758
Total Assets
$
562,725
$
514,610
 
LIABILITIES
Subordinated Notes Payable
$
52,887
$
52,887
Other Liabilities
14,521
21,098
Total Liabilities
67,408
73,985
 
SHAREOWNERS’ EQUITY
Common Stock, $
0.01
 
par value;
90,000,000
 
shares authorized;
16,974,513
 
and
16,950,222
shares issued and outstanding at December 31, 2024 and 2023, respectively
170
170
Additional Paid-In Capital
37,684
36,326
Retained Earnings
463,949
426,275
Accumulated Other Comprehensive Loss, Net of Tax
(6,486)
(22,146)
Total Shareowners’
 
Equity
495,317
440,625
Total Liabilities and Shareowners’
 
Equity
$
562,725
$
514,610
The operating results of the parent company for the three years ended December
 
31 are shown below:
Parent Company Statements of Operations
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(Dollars in Thousands)
2024
2023
2022
OPERATING INCOME
Income Received from Subsidiary Bank:
Administrative Fees
$
6,334
$
6,367
$
5,396
Dividends
35,000
30,000
23,000
Other Income
306
453
253
Total Operating
 
Income
41,640
36,820
28,649
 
OPERATING EXPENSE
Salaries and Associate Benefits
5,433
4,257
5,034
Interest on Subordinated Notes Payable
2,450
2,427
1,652
Professional Fees
1,842
859
616
Advertising
 
234
214
232
Legal Fees
794
683
370
Other
1,667
1,670
2,186
Total Operating
 
Expense
12,420
10,110
10,090
Earnings Before Income Taxes
 
and Equity in Undistributed
Earnings of Subsidiary Bank
29,220
26,710
18,559
Income Tax Benefit
(828)
(650)
(661)
Earnings Before Equity in Undistributed Earnings of Subsidiary Bank
30,048
27,360
19,220
Equity in Undistributed Earnings of Subsidiary Bank
22,867
24,898
14,192
Net Income Attributable to Common Shareowners
$
52,915
$
52,258
$
33,412
The cash flows for the parent company for the three years ended December 31 were
 
as follows:
Parent Company Statements of Cash Flows
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(Dollars in Thousands)
2024
2023
2022
CASH FLOWS FROM OPERATING
 
ACTIVITIES:
Net Income Attributable to Common Shareowners
$
52,915
$
52,258
$
33,412
Adjustments to Reconcile Net Income to Net Cash Provided By
 
Operating Activities:
Equity in Undistributed Earnings of Subsidiary Bank
(22,867)
(24,898)
(14,192)
Stock Compensation
1,801
1,468
1,278
Amortization of Intangible Asset
160
160
160
Increase in Other Assets
6,686
(117)
(336)
Increase in Other Liabilities
(6,191)
(1,557)
5,847
Net Cash Provided By Operating Activities
$
32,504
$
27,314
$
26,169
CASH FROM INVESTING ACTIVITIES:
Purchase of Equity Securities
$
(52)
$
(369)
$
(79)
Decrease (Increase) in Investment in Subsidiaries
-
-
770
Net Cash (Used in) Provided by Investing Activities
$
(52)
$
(369)
$
691
CASH FROM FINANCING ACTIVITIES:
Dividends Paid
(14,906)
(12,905)
(11,191)
Issuance of Common Stock Under Compensation Plans
1,501
937
1,300
Payments to Repurchase Common Stock
(2,330)
(3,710)
-
Net Cash Used In Financing Activities
$
(15,735)
$
(15,678)
$
(9,891)
Net Increase in Cash and Due from Subsidiary Bank
16,717
11,267
16,969
Cash and Due from Subsidiary Bank at Beginning of Year
54,004
42,737
25,768
Cash and Due from Subsidiary Bank at End of Year
$
70,721
$
54,004
$
42,737