| Condensed Financial Information of Parent Company Only Disclosure [Text Block] |
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NOTE 22.
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PARENT COMPANY FINANCIAL INFORMATION
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The following information presents the condensed balance sheet of the Company as of December 31, 2024 and 2023 and the condensed statements of income and cash flows for the years ended December 31, 2024, 2023 and 2022.
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CONDENSED BALANCE SHEETS
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(In Thousands)
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December 31, 2024
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December 31, 2023
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ASSETS
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Cash and due from banks
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$ |
22,584 |
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$ |
20,014 |
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Investment in subsidiary
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1,675,847 |
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1,501,777 |
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Other assets
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864 |
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557 |
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Total assets
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$ |
1,699,295 |
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$ |
1,522,348 |
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LIABILITIES AND STOCKHOLDERS' EQUITY
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Liabilities:
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Other borrowings
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$ |
64,743 |
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$ |
64,735 |
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Other liabilities
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18,280 |
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17,708 |
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Total liabilities
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83,023 |
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82,443 |
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Stockholders' equity:
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Preferred stock, par value $0.001 per share; 1,000,000 authorized and undesignated at December 31, 2024 and December 31, 2023
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- |
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- |
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Common stock, par value $0.001 per share; 200,000,000 shares authorized: 54,569,427 shares
issued and outstanding at December 31, 2024; and 54,461,580 shares issued and
outstanding at December 31, 2023
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at December 31, 2021
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54 |
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54 |
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Additional paid-in capital
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235,781 |
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232,605 |
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Retained earnings
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1,412,616 |
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1,254,841 |
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Accumulated other comprehensive loss
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(32,179 |
) |
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(47,595 |
) |
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Total stockholders' equity
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1,616,272 |
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1,439,905 |
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Total liabilities and stockholders' equity
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$ |
1,699,295 |
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$ |
1,522,348 |
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CONDENSED STATEMENTS OF INCOME
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FOR THE YEARS ENDED DECEMBER 31, 2024, 2023, and 2022.
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(In Thousands)
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2024
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2023
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2022
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Income:
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Dividends received from subsidiary
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$ |
71,887 |
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$ |
62,500 |
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$ |
57,500 |
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Other income
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92 |
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44 |
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- |
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Total income
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71,979 |
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62,544 |
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57,500 |
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Expense:
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Other expenses
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2,683 |
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2,829 |
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2,822 |
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Total expenses
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2,683 |
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2,829 |
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2,822 |
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Equity in undistributed earnings of subsidiary
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157,884 |
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147,076 |
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196,764 |
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Net income
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227,180 |
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206,791 |
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251,442 |
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Dividends on preferred stock
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- |
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- |
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- |
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Net income available to common stockholders
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$ |
227,180 |
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$ |
206,791 |
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$ |
251,442 |
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STATEMENTS OF CASH FLOW
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FOR THE YEARS ENDED DECEMBER 31, 2024, 2023, and 2022.
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(In Thousands)
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2024
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2023
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2022
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Operating activities
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Net income
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$ |
227,180 |
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$ |
206,791 |
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$ |
251,442 |
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Adjustments to reconcile net income to net cash provided by operating activities:
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Other
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(1,374 |
) |
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2,227 |
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(290 |
) |
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Equity in undistributed earnings of subsidiary
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(157,887 |
) |
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(147,076 |
) |
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(197,221 |
) |
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Net cash provided by operating activities
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67,919 |
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61,942 |
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53,931 |
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Investing activities
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Other
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- |
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(300 |
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750 |
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Net cash used in investing activities
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- |
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(300 |
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750 |
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Financing activities
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Proceeds from issuance of subordinated notes
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- |
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- |
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- |
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Redemption of subordinated notes
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- |
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- |
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- |
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Dividends paid on common stock
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(65,412 |
) |
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(60,923 |
) |
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(49,942 |
) |
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Net cash used in financing activities
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(65,412 |
) |
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(60,923 |
) |
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(49,942 |
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Net change in cash and cash equivalents
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2,570 |
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722 |
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4,739 |
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Cash and cash equivalents at beginning of year
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20,014 |
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19,292 |
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14,553 |
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Cash and cash equivalents at end of year
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$ |
22,521 |
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$ |
20,014 |
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$ |
19,292 |
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