XML 67 R52.htm IDEA: XBRL DOCUMENT
v3.22.4

Parent Company Statements (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2022
Condensed Financial Information Disclosure [Abstract] |
Condensed Balance Sheets |
CONDENSED BALANCE SHEETS |  |  |
| December 31,
(In thousands) | 2022 |  | 2021
ASSETS |  |  |
Cash and cash equivalents | $ | 1,849 |  |  | $ | 44,825 |
Investment in subsidiaries | 567,581 |  |  | 524,861 |
Other assets | 845 |  |  | 1,604 |
Total assets | $ | 570,275 |  |  | $ | 571,290 |
LIABILITIES AND SHAREHOLDERS' EQUITY |  |  |
Subordinated debt and trust preferred securities | $ | 56,941 |  |  | $ | 74,274 |
Other liabilities | 1,235 |  |  | 6,940 |
Shareholders' equity | 512,099 |  |  | 490,076 |
Total liabilities and shareholders' equity | $ | 570,275 |  |  | $ | 571,290 |
Condensed Statements of Income and Comprehensive Income |
CONDENSED STATEMENTS OF INCOME |  |  |  |  |
| Years Ended December 31,
(In thousands) | 2022 |  | 2021 |  | 2020
Income |  |  |  |  |
Dividends from subsidiaries | $ | — |  |  | $ | 3,897 |  |  | $ | 7,537 |
Other income | 1,130 |  |  | 35 |  |  | 13 |
Total Income | 1,130 |  |  | 3,932 |  |  | 7,550 |
Expenses | 7,333 |  |  | 15,391 |  |  | 3,715 |
(Loss) income before income tax and equity in undistributed earnings of subsidiaries | (6,203) |  |  | (11,459) |  |  | 3,835 |
Income Tax Benefit | 702 |  |  | 3,140 |  |  | 758 |
Equity in undistributed earnings of subsidiaries | 60,307 |  |  | 37,638 |  |  | 21,616 |
Net Income | $ | 54,806 |  |  | $ | 29,319 |  |  | $ | 26,209 |
Condensed Statement of Cash Flows |
CONDENSED STATEMENTS OF CASH FLOWS |  |  |  |  |
| Years Ended December 31,
(In thousands) | 2022 |  | 2021 |  | 2020
CASH FLOWS FROM OPERATING ACTIVITIES |  |  |  |  |
Net income | $ | 54,806 |  |  | $ | 29,319 |  |  | $ | 26,209 |
Equity in undistributed earnings of subsidiaries | (60,307) |  |  | (37,638) |  |  | (21,616) |
Stock based compensation | 1,142 |  |  | 696 |  |  | 414 |
Amortization of debt issuance costs | 26 |  |  | 26 |  |  | 32 |
Net change in other assets | 759 |  |  | (1,735) |  |  | 89 |
Net change in other liabilities | (6,285) |  |  | 13,356 |  |  | 9,687 |
Net cash (used in) provided by operating activities | (9,859) |  |  | 4,024 |  |  | 14,815 |
CASH FLOWS FROM INVESTING ACTIVITIES |  |  |  |  |
Net cash paid for acquisition | — |  |  | (792) |  |  | — |
Investment in subsidiary | (1,787) |  |  | (27,353) |  |  | (10,500) |
Purchases of premises and equipment | — |  |  | — |  |  | — |
Net cash used in investing activities | (1,787) |  |  | (28,145) |  |  | (10,500) |
CASH FLOWS FROM FINANCING ACTIVITIES |  |  |  |  |
Dividends paid | (12,735) |  |  | (8,872) |  |  | (6,504) |
Employee and Director Stock Purchase Plans stock issuance | 364 |  |  | 307 |  |  | 295 |
Proceeds from issuance of common stock | — |  |  | 70,545 |  |  | — |
Treasury stock purchased | (2,957) |  |  | (128) |  |  | (1,795) |
Riverview restricted stock (1) | 776 |  |  | — |  |  | — |
Subordinated debt and trust preferred securities (redemption) issuance | (16,778) |  |  | (6,870) |  |  | 17,510 |
Other, net | — |  |  | (283) |  |  | — |
Net cash (used in) provided by financing activities | (31,330) |  |  | 54,699 |  |  | 9,506 |
Net (decrease) increase in cash and cash equivalents | (42,976) |  |  | 30,578 |  |  | 13,821 |
Cash and cash equivalents, beginning of year | 44,825 |  |  | 14,247 |  |  | 426 |
Cash and cash equivalents, end of year | $ | 1,849 |  |  | $ | 44,825 |  |  | $ | 14,247 |
(1) Additionally, 2,500 shares of restricted stock were paid out in cash resulting in $776 thousand of cash consideration relating to stock awards.

X
- References No definition available. + Details
Name: | srt_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract
Namespace Prefix: | srt_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of condensed balance sheet, including, but not limited to, balance sheets of consolidated entities and consolidation eliminations. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 12 -Paragraph (a) -Subsection 04 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690 + Details
Name: | srt_ScheduleOfCondensedBalanceSheetTableTextBlock
Namespace Prefix: | srt_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of condensed cash flow statement, including, but not limited to, cash flow statements of consolidated entities and consolidation eliminations. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 12 -Paragraph (a) -Subsection 04 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690 + Details
Name: | srt_ScheduleOfCondensedCashFlowStatementTableTextBlock
Namespace Prefix: | srt_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of condensed income statement, including, but not limited to, income statements of consolidated entities and consolidation eliminations. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 12 -Paragraph (a) -Subsection 04 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690 + Details
Name: | srt_ScheduleOfCondensedIncomeStatementTableTextBlock
Namespace Prefix: | srt_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration