v3.25.4
Condensed Financial Information of Parent Company (Tables)
 12 Months Ended
Dec. 31, 2025
Condensed Financial Information of Parent Company [Abstract]  
Condensed Balance Sheets
Condensed Balance Sheets
(in thousands)
 
December 31,
  
2025
    
2024
  
Assets
            
Investment in subsidiaries/affiliates (equity method)
  
$
653,075
    
$
559,452
  
Short-term investments
    
21,996
      
6,551
  
Cash
    
5,467
      
20,014
  
Property and equipment
    
270
      
385
  
Other
    
2,898
      
2,013
  
Total assets
  
$
683,706
    
$
588,415
  
                 
Liabilities and Stockholders’ Equity
                
Liabilities
                
Cash dividends declared to stockholders
  
$
6,647
    
$
6,031
  
Notes payable to subsidiary
    
35,000
      
35,000
  
Other
    
1,641
      
1,608
  
Total liabilities
    
43,288
      
42,639
  
Stockholders’ equity
    
640,418
      
545,776
  
Total liabilities and stockholders’ equity
  
$
683,706
    
$
588,415
  
Condensed Statements of Income and Comprehensive Income
Condensed Statements of Income and Comprehensive Income
(in thousands)
 
Year Ended December 31,
  
2025
    
2024
    
2023
  
Statements of Income
                  
Revenues
                  
Dividends from subsidiaries
  
$
10,000
    
$
15,000
    
$
13,000
  
Other
    
1,299
      
669
      
638
  
Total revenues
    
11,299
      
15,669
      
13,638
  
Expenses
                        
Operating expenses
    
1,265
      
1,314
      
1,202
  
Interest
    
1,529
      
1,120
      
787
  
Total expenses
    
2,794
      
2,434
      
1,989
  
Income before income tax benefit and equity in undistributed net income (loss) of subsidiaries
    
8,505
      
13,235
      
11,649
  
Income tax benefit
    
(1,559
)
    
(635
)
    
(375
)
Income before equity in undistributed net income (loss) of subsidiaries
    
10,064
      
13,870
      
12,024
  
Equity in undistributed net income (loss) of subsidiaries
    
69,277
      
36,992
      
(7,598
)
Net income
  
$
79,341
    
$
50,862
    
$
4,426
  
Statements of Comprehensive Income
                        
Net income
  
$
79,341
    
$
50,862
    
$
4,426
  
Other comprehensive income, net of tax
                        
Unrealized gain - subsidiaries
    
19,905
      
4,681
      
6,018
  
Other comprehensive income,  net of tax
    
19,905
      
4,681
      
6,018
  
Comprehensive income
  
$
99,246
    
$
55,543
    
$
10,444
  
Condensed Statements of Cash Flows
Condensed Statements of Cash Flows
(in thousands)

Year Ended December 31,
  
2025
    
2024
    
2023
  
Cash flows from operating activities:
                  
Net income
  
$
79,341
    
$
50,862
    
$
4,426
  
Adjustments:
                        
Equity in undistributed net (income) loss of subsidiaries
    
(69,277
)
    
(36,992
)
    
7,598
  
Other
    
(738
)
    
3,159
      
(168
)
Net adjustments
    
(70,015
)
    
(33,833
)
    
7,430
  
Net cash provided
    
9,326
      
17,029
      
11,856
  
Cash flows from investing activities:
                        
Net (purchase) sale of short-term investments
    
(15,445
)
    
(5,082
)
    
5,856
  
Net purchase of property and equipment
    
—
      
—
      
(45
)
Investment in subsidiaries
    
(4,441
)
    
(10,924
)
    
(819
)
Other
    
—
      
—
      
30
  
Net cash (used) received
    
(19,886
)
    
(16,006
)
    
5,022
  
Cash flows from financing activities:
                        
Cash dividends paid
    
(25,674
)
    
(22,701
)
    
(21,894
)
Issuance of common stock
    
21,687
      
33,649
      
9,771
  
Net cash (used) received
    
(3,987
)
    
10,948
      
(12,123
)
Net change in cash
    
(14,547
)
    
11,971
      
4,755
  
Cash at beginning of year
    
20,014
      
8,043
      
3,288
  
Cash at end of year
  
$
5,467
    
$
20,014
    
$
8,043