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PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION (Tables) | 12 Months Ended
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Dec. 31, 2019
PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION |
Schedule of condensed balance sheets |
|  | December 31,
(In thousands) |  | 2019 |  | 2018
Assets: |  |  |  |  |  |
Cash and cash equivalents |  | $ | 3,663 |  | $ | 1,537
Other assets |  |  | 174 |  |  | 103
Investment in the Bank |  |  | 573,410 |  |  | 532,105
Total assets |  | $ | 577,247 |  | $ | 533,745
Liabilities and stockholders’ equity: |  |  |  |  |  |
Subordinated debentures |  | $ | 78,920 |  | $ | 78,781
Other liabilities |  |  | 1,173 |  |  | 1,134
Total liabilities |  |  | 80,093 |  |  | 79,915
Total stockholders’ equity |  |  | 497,154 |  |  | 453,830
Total liabilities and stockholders’ equity |  | $ | 577,247 |  | $ | 533,745
Schedule of condensed statements of income |
|  | Year Ended December 31,
(In thousands) |  | 2019 |  | 2018 |  | 2017
Dividends from the Bank |  | $ | 24,500 |  | $ | 15,000 |  | $ | —
Interest expense |  |  | 4,539 |  |  | 4,539 |  |  | 4,588
Non-interest expense |  |  | 104 |  |  | 135 |  |  | 147
Income (loss) before income taxes and equity in undistributed earnings of the Bank |  |  | 19,857 |  |  | 10,326 |  |  | (4,735)
Income tax benefit |  |  | (994) |  |  | (1,005) |  |  | (1,774)
Income (loss) before equity in undistributed earnings of the Bank |  |  | 20,851 |  |  | 11,331 |  |  | (2,961)
Equity in undistributed earnings of the Bank |  |  | 30,840 |  |  | 27,896 |  |  | 23,500
Net income |  | $ | 51,691 |  | $ | 39,227 |  | $ | 20,539
Schedule of condensed statements of cash flows |
|  | Year Ended December 31,
(In thousands) |  | 2019 |  | 2018 |  | 2017
Cash flows from operating activities: |  |  |  |  |  |  |  |  |
Net income |  | $ | 51,691 |  | $ | 39,227 |  | $ | 20,539
Adjustments to reconcile net income to net cash provided by (used in) operating activities: |  |  |  |  |  |  |  |  |
Equity in undistributed earnings of the Bank |  |  | (30,840) |  |  | (27,896) |  |  | (23,500)
Amortization |  |  | 139 |  |  | 140 |  |  | 139
(Increase) decrease in other assets |  |  | (73) |  |  | 108 |  |  | 18
Increase (decrease) in other liabilities |  |  | 39 |  |  | 11 |  |  | (398)
Net cash provided by (used in) operating activities |  |  | 20,956 |  |  | 11,590 |  |  | (3,202)
Cash flows from financing activities: |  |  |  |  |  |  |  |  |
Repayment of junior subordinated debentures |  |  | — |  |  | — |  |  | (352)
Net proceeds from issuance of common stock |  |  | 1,102 |  |  | 1,017 |  |  | 951
Purchase of treasury stock |  |  | (625) |  |  | — |  |  | —
Repurchase of surrendered stock from vesting of stock plans |  |  | (887) |  |  | (586) |  |  | (350)
Cash dividends paid |  |  | (18,420) |  |  | (18,342) |  |  | (18,238)
Net cash used in financing activities |  |  | (18,830) |  |  | (17,911) |  |  | (17,989)
Net increase (decrease) in cash and cash equivalents |  |  | 2,126 |  |  | (6,321) |  |  | (21,191)
Cash and cash equivalents at beginning of year |  |  | 1,537 |  |  | 7,858 |  |  | 29,049
Cash and cash equivalents at end of year |  | $ | 3,663 |  | $ | 1,537 |  | $ | 7,858

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