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

PARENT COMPANY FINANCIAL INFORMATION

v3.25.4
PARENT COMPANY FINANCIAL INFORMATION
 12 Months Ended
Dec. 31, 2025
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)
2025
2024
ASSETS
Cash and Due From Subsidiary Bank
$
84,338
$
70,721
Equity Securities
713
622
Investment in Subsidiary Bank
519,386
483,632
Goodwill and Other Intangibles
-
3,678
Other Assets
199
4,072
Total Assets
$
604,636
$
562,725
 
LIABILITIES
Subordinated Notes Payable
$
42,582
$
52,887
Other Liabilities
9,203
14,521
Total Liabilities
51,785
67,408
 
SHAREOWNERS’ EQUITY
Common Stock, $
0.01
 
par value;
90,000,000
 
shares authorized;
17,084,386
 
and
16,974,513
shares issued and outstanding at December 31, 2025 and 2024, respectively
171
170
Additional Paid-In Capital
41,650
37,684
Retained Earnings
508,443
463,949
Accumulated Other Comprehensive Income (Loss), Net of Tax
2,587
(6,486)
Total Shareowners’
 
Equity
552,851
495,317
Total Liabilities and Shareowners’
 
Equity
$
604,636
$
562,725
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)
2025
2024
2023
OPERATING INCOME
Income Received from Subsidiary Bank:
Administrative Fees
$
8,364
$
6,334
$
6,367
Dividends
37,000
35,000
30,000
Other Income
1,261
306
453
Total Operating
 
Income
46,625
41,640
36,820
 
OPERATING EXPENSE
Salaries and Associate Benefits
6,635
5,433
4,257
Interest on Subordinated Notes Payable
1,924
2,450
2,427
Professional Fees
1,187
1,842
859
Advertising
 
261
234
214
Legal Fees
685
794
683
Other
1,527
1,667
1,670
Total Operating
 
Expense
12,219
12,420
10,110
Earnings Before Income Taxes
 
and Equity in Undistributed
Earnings of Subsidiary Bank
34,406
29,220
26,710
Income Tax Benefit
(234)
(828)
(650)
Earnings Before Equity in Undistributed Earnings of Subsidiary Bank
34,640
30,048
27,360
Equity in Undistributed Earnings of Subsidiary Bank
26,917
22,867
24,898
Net Income Attributable to Common Shareowners
$
61,557
$
52,915
$
52,258
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)
2025
2024
2023
CASH FLOWS FROM OPERATING
 
ACTIVITIES:
Net Income Attributable to Common Shareowners
$
61,557
$
52,915
$
52,258
Adjustments to Reconcile Net Income to Net Cash Provided By
 
Operating Activities:
Equity in Undistributed Earnings of Subsidiary Bank
(26,917)
(22,867)
(24,898)
Gain on sale of subsidiary
(773)
-
-
Stock Compensation
2,324
1,801
1,468
Amortization of Intangible Asset
107
160
160
Increase in Other Assets
4,206
6,686
(117)
Increase in Other Liabilities
(5,016)
(6,191)
(1,557)
Net Cash Provided By Operating Activities
$
35,488
32,504
27,314
CASH FROM INVESTING ACTIVITIES:
Purchase of Equity Securities
$
-
$
(52)
(369)
Decrease in Investment in Subsidiaries
1,781
-
-
Net Cash Received for Divestitures
2,375
-
-
Net Cash (Used in) Provided by Investing Activities
$
4,156
$
(52)
$
(369)
CASH FROM FINANCING ACTIVITIES:
Principal Payments of Subordinated Notes
(10,305)
-
-
Dividends Paid
(17,063)
(14,906)
(12,905)
Issuance of Common Stock Under Compensation Plans
1,341
1,501
937
Payments to Repurchase Common Stock
-
(2,330)
(3,710)
Net Cash Used In Financing Activities
$
(26,027)
$
(15,735)
$
(15,678)
Net Increase in Cash and Due from Subsidiary Bank
13,617
16,717
11,267
Cash and Due from Subsidiary Bank at Beginning of Year
70,721
54,004
42,737
Cash and Due from Subsidiary Bank at End of Year
$
84,338
$
70,721
$
54,004