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Parent Company Financial Statements (Tables) | 12 Months Ended
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Dec. 31, 2022
Parent Company Financial Statements [Abstract] |
Condensed Balance Sheets | Condensed Balance Sheets
(in thousands) December 31 |  | 2022 |  |  | 2021 |
Assets: |  |  |  |  |  |
Cash on deposit |  | $ | 2,933 |  |  | $ | 3,263 |
Investment in and advances to subsidiaries |  |  | 679,425 |  |  |  | 749,002 |
Goodwill |  |  | 4,973 |  |  |  | 4,973 |
Premises and equipment, net |  |  | 133 |  |  |  | 114 |
Deferred tax asset |  |  | 260 |  |  |  | 890 |
Other assets |  |  | 4,808 |  |  |  | 5,427 |
Total assets |  | $ | 692,532 |  |  | $ | 763,669 |
Liabilities and shareholders’ equity: |  |  |  |  |  |  |  |
Long-term debt |  | $ | 61,341 |  |  | $ | 61,341 |
Other liabilities |  |  | 3,144 |  |  |  | 4,126 |
Total liabilities |  |  | 64,485 |  |  |  | 65,467 |
Shareholders’ equity |  |  | 628,047 |  |  |  | 698,202 |
Total liabilities and shareholders’ equity |  | $ | 692,532 |  |  | $ | 763,669 |
Condensed Statements of Income and Comprehensive Income (loss) | Condensed Statements of Income and Comprehensive Income (Loss)
(in thousands) Year Ended December 31 |  | 2022 |  |  | 2021 |  |  | 2020 |
Income: |  |  |  |  |  |  |  |  |
Dividends from subsidiaries |  | $ | 31,544 |  |  | $ | 33,319 |  |  | $ | 29,593 |
Other income |  |  | 710 |  |  |  | 482 |  |  |  | 476 |
Total income |  |  | 32,254 |  |  |  | 33,801 |  |  |  | 30,069 |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |
Interest expense |  |  | 2,060 |  |  |  | 1,090 |  |  |  | 1,519 |
Depreciation expense |  |  | 75 |  |  |  | 70 |  |  |  | 112 |
Other expenses |  |  | 4,833 |  |  |  | 5,878 |  |  |  | 3,302 |
Total expenses |  |  | 6,968 |  |  |  | 7,038 |  |  |  | 4,933 |
Income before income taxes and equity in undistributed income of subsidiaries |  |  | 25,286 |  |  |  | 26,763 |  |  |  | 25,136 |
Income tax benefit |  |  | (1,808 | ) |  |  | (1,700 | ) |  |  | (576 | )
Income before equity in undistributed income of subsidiaries |  |  | 27,094 |  |  |  | 28,463 |  |  |  | 25,712 |
Equity in undistributed income of subsidiaries |  |  | 54,720 |  |  |  | 59,476 |  |  |  | 33,792 |
Net income |  | $ | 81,814 |  |  | $ | 87,939 |  |  | $ | 59,504 |
Other comprehensive income (loss): |  |  |  |  |  |  |  |  |  |  |  |
Unrealized holding gains (losses) on debt securities available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |
Unrealized holding gains (losses) arising during the period |  |  | (168,060 | ) |  |  | (24,827 | ) |  |  | 13,839 |
Less: Reclassification adjustments for realized gains (losses) included in net income |  |  | (81 | ) |  |  | 60 |  |  |  | 1,251 |
Tax expense (benefit) |  |  | (43,675 | ) |  |  | (6,471 | ) |  |  | 3,273 |
Other comprehensive income (loss), net of tax |  |  | (124,304 | ) |  |  | (18,416 | ) |  |  | 9,315 |
Comprehensive income (loss) |  | $ | (42,490 | ) |  | $ | 69,523 |  |  | $ | 68,819 |
Condensed Statements of Cash Flows | Condensed Statements of Cash Flows
(in thousands) Year Ended December 31 |  | 2022 |  |  | 2021 |  |  | 2020 |
Cash flows from operating activities: |  |  |  |  |  |  |  |  |
Net income |  | $ | 81,814 |  |  | $ | 87,939 |  |  | $ | 59,504 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Depreciation |  |  | 76 |  |  |  | 69 |  |  |  | 112 |
Equity in undistributed earnings of subsidiaries |  |  | (54,720 | ) |  |  | (59,476 | ) |  |  | (33,792 | )
Deferred taxes |  |  | 630 |  |  |  | 3,759 |  |  |  | 451 |
Stock-based compensation |  |  | 1,366 |  |  |  | 850 |  |  |  | 944 |
Changes in: |  |  |  |  |  |  |  |  |  |  |  |
Other assets |  |  | 611 |  |  |  | (5,403 | ) |  |  | (115 | )
Other liabilities |  |  | (1,115 | ) |  |  | 1,037 |  |  |  | (318 | )
Net cash provided by operating activities |  |  | 28,662 |  |  |  | 28,775 |  |  |  | 26,786 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |  |
Net purchases of premises and equipment |  |  | (95 | ) |  |  | (66 | ) |  |  | (55 | )
Net cash used in investing activities |  |  | (95 | ) |  |  | (66 | ) |  |  | (55 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |  |  |
Issuance of common stock |  |  | 1,041 |  |  |  | 965 |  |  |  | 926 |
Repurchase of common stock |  |  | 0 |  |  |  | 0 |  |  |  | (1,099 | )
Dividends paid |  |  | (29,938 | ) |  |  | (27,916 | ) |  |  | (27,142 | )
Net cash used in financing activities |  |  | (28,897 | ) |  |  | (26,951 | ) |  |  | (27,315 | )
Net increase (decrease) in cash and cash equivalents |  |  | (330 | ) |  |  | 1,758 |  |  |  | (584 | )
Cash and cash equivalents at beginning of year |  |  | 3,263 |  |  |  | 1,505 |  |  |  | 2,089 |
Cash and cash equivalents at end of year |  | $ | 2,933 |  |  | $ | 3,263 |  |  | $ | 1,505 |

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