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Parent Company Financial Statements | 12 Months Ended
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Dec. 31, 2024
Condensed Financial Information Disclosure [Abstract] |
Parent Company Financial Statements | PARENT COMPANY FINANCIAL STATEMENTS Following are the condensed statements of condition, income and cash flows for the Company's parent company: STATEMENTS OF CONDITION
|  | December 31,
(In thousands) |  | 2024 |  | 2023
ASSETS |  |  |  |
Cash |  | $ | 38,559 |  |  | $ | 35,219 |
Investment in subsidiary |  | 539,279 |  |  | 508,674 |
Other assets |  | 15,162 |  |  | 14,142 |
Total assets |  | $ | 593,000 |  |  | $ | 558,035 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |
Junior subordinated debentures |  | $ | 44,331 |  |  | $ | 44,331 |
Due to subsidiary |  | 238 |  |  | — |
Other liabilities |  | 17,201 |  |  | 18,640 |
Shareholders’ equity |  | 531,230 |  |  | 495,064 |
Total liabilities and shareholders’ equity |  | $ | 593,000 |  |  | $ | 558,035 |
STATEMENTS OF INCOME
|  | For the Year Ended December 31,
(In thousands) |  | 2024 |  | 2023 |  | 2022
Operating Income |  |  |  |  |  |
Dividend income from subsidiary |  | $ | 30,100 |  |  | $ | 22,500 |  |  | $ | 31,700 |
Other income |  | — |  |  | — |  |  | 19 |
Total operating income |  | 30,100 |  |  | 22,500 |  |  | 31,719 |
Operating Expenses |  |  |  |  |  |
Interest on borrowings |  | 2,131 |  |  | 2,150 |  |  | 2,140 |
Fees to Bank |  | 204 |  |  | 180 |  |  | 180 |
Other operating expenses |  | 876 |  |  | 915 |  |  | 794 |
Total operating expenses |  | 3,211 |  |  | 3,245 |  |  | 3,114 |
Income before equity in undistributed income of subsidiaries and income taxes |  | 26,889 |  |  | 19,255 |  |  | 28,605 |
Equity in undistributed income of subsidiaries |  | 25,386 |  |  | 23,389 |  |  | 32,129 |
Income before income taxes |  | 52,275 |  |  | 42,644 |  |  | 60,734 |
Income tax benefit |  | 729 |  |  | 739 |  |  | 705 |
Net Income |  | $ | 53,004 |  |  | $ | 43,383 |  |  | $ | 61,439 |
STATEMENTS OF CASH FLOWS
|  | For the Year Ended December 31,
(In thousands) |  | 2024 |  | 2023 |  | 2022
Operating Activities |  |  |  |  |  |
Net income |  | $ | 53,004 |  |  | $ | 43,383 |  |  | $ | 61,439 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |
Equity in undistributed income of subsidiaries |  | (25,387) |  |  | (23,389) |  |  | (32,129) |
(Increase) decrease in other assets |  | (1,166) |  |  | (4,884) |  |  | 9,219 |
Increase (decrease) in due to subsidiaries |  | 238 |  |  | 31 |  |  | (187) |
Increase (decrease) in other liabilities |  | 385 |  |  | 4,005 |  |  | (1,051) |
Net cash provided by operating activities |  | 27,074 |  |  | 19,146 |  |  | 37,291 |
Financing Activities |  |  |  |  |  |
Net proceeds from issuance of common stock |  | 2,678 |  |  | 2,533 |  |  | 2,198 |
Common stock repurchases |  | (1,608) |  |  | (2,000) |  |  | (10,240) |
Equity issuance costs |  | (246) |  |  |  |  |
Cash dividends paid on common stock |  | (24,558) |  |  | (24,536) |  |  | (23,512) |
Net cash used in financing activities |  | (23,734) |  |  | (24,003) |  |  | (31,554) |
Net increase (decrease) in cash, cash equivalents and restricted cash |  | 3,340 |  |  | (4,857) |  |  | 5,737 |
Cash, cash equivalents and restricted cash at beginning of year |  | 35,219 |  |  | 40,076 |  |  | 34,339 |
Cash, cash equivalents and restricted cash at end of year |  | $ | 38,559 |  |  | $ | 35,219 |  |  | $ | 40,076 |

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3 Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481231/810-10-45-11 + Details
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