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v3.24.1

Parent Company Statements (Tables) | 12 Months Ended
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Dec. 31, 2023
Condensed Financial Information Disclosure [Abstract] |
Condensed Balance Sheets |
CONDENSED BALANCE SHEETS |  |  |
| December 31,
(In thousands) | 2023 |  | 2022
ASSETS |  |  |
Cash and cash equivalents | $ | 10,064 |  |  | $ | 1,849 |
Investment in subsidiaries | 575,971 |  |  | 567,581 |
Other assets | 4,252 |  |  | 845 |
Total assets | $ | 590,287 |  |  | $ | 570,275 |
LIABILITIES AND SHAREHOLDERS' EQUITY |  |  |
Subordinated debt and trust preferred securities | $ | 46,354 |  |  | $ | 56,941 |
Other liabilities | 1,583 |  |  | 1,235 |
Shareholders' equity | 542,350 |  |  | 512,099 |
Total liabilities and shareholders' equity | $ | 590,287 |  |  | $ | 570,275 |
Condensed Statements of Income and Comprehensive Income |
CONDENSED STATEMENTS OF INCOME |  |  |  |  |
| Years Ended December 31,
(In thousands) | 2023 |  | 2022 |  | 2021
Income |  |  |  |  |
Dividends from subsidiaries | $ | — |  |  | $ | — |  |  | $ | 3,897 |
Other income | 147 |  |  | 1,130 |  |  | 35 |
Total Income | 147 |  |  | 1,130 |  |  | 3,932 |
Expenses | 10,865 |  |  | 7,333 |  |  | 15,391 |
(Loss) income before income tax and equity in undistributed earnings of subsidiaries | (10,718) |  |  | (6,203) |  |  | (11,459) |
Income Tax Benefit | 2,932 |  |  | 702 |  |  | 3,140 |
Equity in undistributed earnings of subsidiaries | 45,183 |  |  | 60,307 |  |  | 37,638 |
Net Income | $ | 37,397 |  |  | $ | 54,806 |  |  | $ | 29,319 |
Condensed Statement of Cash Flows |
CONDENSED STATEMENTS OF CASH FLOWS |  |  |  |  |
| Years Ended December 31,
(In thousands) | 2023 |  | 2022 |  | 2021
CASH FLOWS FROM OPERATING ACTIVITIES |  |  |  |  |
Net income | $ | 37,397 |  |  | $ | 54,806 |  |  | $ | 29,319 |
Equity in undistributed earnings of subsidiaries | (45,183) |  |  | (60,307) |  |  | (37,638) |
Stock based compensation | 1,103 |  |  | 1,142 |  |  | 696 |
Amortization of debt issuance costs | 7 |  |  | 26 |  |  | 26 |
Net change in other assets | (3,407) |  |  | 759 |  |  | (1,735) |
Net change in other liabilities | (246) |  |  | (6,285) |  |  | 13,356 |
Net cash (used in) provided by operating activities | (10,329) |  |  | (9,859) |  |  | 4,024 |
CASH FLOWS FROM INVESTING ACTIVITIES |  |  |  |  |
Net cash paid for acquisition | (25,574) |  |  | — |  |  | (792) |
Investment in subsidiary | 71,493 |  |  | (1,787) |  |  | (27,353) |
Net cash provided by (used in) investing activities | 45,919 |  |  | (1,787) |  |  | (28,145) |
CASH FLOWS FROM FINANCING ACTIVITIES |  |  |  |  |
Dividends paid | (12,981) |  |  | (12,735) |  |  | (8,872) |
Employee and Director Stock Purchase Plans stock issuance | 482 |  |  | 364 |  |  | 307 |
Proceeds from issuance of common stock | — |  |  | — |  |  | 70,545 |
Treasury stock purchased | (4,876) |  |  | (2,957) |  |  | (128) |
Riverview restricted stock (1) | — |  |  | 776 |  |  | — |
Subordinated debt and trust preferred securities redemption | (10,000) |  |  | (16,778) |  |  | (6,870) |
Other, net | — |  |  | — |  |  | (283) |
Net cash (used in) provided by financing activities | (27,375) |  |  | (31,330) |  |  | 54,699 |
Net increase (decrease) in cash and cash equivalents | 8,215 |  |  | (42,976) |  |  | 30,578 |
Cash and cash equivalents, beginning of year | 1,849 |  |  | 44,825 |  |  | 14,247 |
Cash and cash equivalents, end of year | $ | 10,064 |  |  | $ | 1,849 |  |  | $ | 44,825 |
(1) Additionally, 2,500 shares of restricted stock were paid out in cash resulting in $776 thousand of cash consideration relating to stock awards.

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