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Parent Company Financial Information (Tables)

12 Months Ended

Dec. 31, 2022

Condensed Financial Information Disclosure [Abstract]

Condensed Statements of Financial Condition

Condensed Statements of Financial Condition		December 31,
		2022				2021
Assets:
Cash and due from subsidiary		$	23,802			$	23,318
Investment in and receivables due from subsidiary			462,253				555,310
Other assets			6,698				5,998
Total assets		$	492,753			$	584,626
Liabilities and shareholders’ equity:
Long-term borrowings, net of issuance costs of $778 and $1,089, respectively		$	74,222			$	73,911
Other liabilities			12,926				5,573
Shareholders’ equity			405,605				505,142
Total liabilities and shareholders’ equity		$	492,753			$	584,626

Condensed Statements of Income

Condensed Statements of Income		Years ended December 31,
		2022				2021				2020
Dividends from subsidiary and associated companies		$	32,000			$	24,000			$	23,000
Management and service fees from subsidiaries			511				147				146
Other (loss) income			(4	)			93				121
Total income			32,507				24,240				23,267
Interest expense			4,242				4,237				2,888
Operating expenses			3,213				3,379				3,171
Total expense			7,455				7,616				6,059
Income before income tax benefit and equity in undistributed earnings of subsidiary			25,052				16,624				17,208
Income tax benefit			1,848				1,999				1,399
Income before equity in undistributed earnings of subsidiary			26,900				18,623				18,607
Equity in undistributed earnings of subsidiary			29,673				59,074				19,725
Net income		$	56,573			$	77,697			$	38,332

Condensed Statements of Cash Flows

Condensed Statements of Cash Flows		Years ended December 31,
		2022				2021				2020
Cash flows from operating activities:
Net income		$	56,573			$	77,697			$	38,332
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed earnings of subsidiary			(29,673	)			(59,074	)			(19,725	)
Depreciation and amortization			77				367				209
Share-based compensation			2,551				1,743				1,333
Decrease in other assets			(577	)			(1,448	)			(48	)
Increase (decrease) in other liabilities			7,477				(86	)			497
Net cash provided by operating activities			36,428				19,199				20,598
Cash flows from investing activities:
Capital investment in subsidiaries			(1,551	)			-				(11,966	)
Purchase of premises and equipment			-				-				(11	)
Net cash paid for acquisition			-				-				-
Net cash used in investing activities			(1,551	)			-				(11,977	)
Cash flows from financing activities:
Issuance of long-term debt, net of issuance costs			-				-				34,221
Purchase of preferred and common shares			(15,340	)			(9,235	)			(209	)
Proceeds from issuance of preferred and common shares			-				(43	)			-
Dividends paid			(19,053	)			(18,451	)			(17,957	)
Net cash (used in) provided by financing activities			(34,393	)			(27,729	)			16,055
Net (decrease) increase in cash and cash equivalents			484				(8,530	)			24,676
Cash and cash equivalents as of beginning of year			23,318				31,848				7,172
Cash and cash equivalents as of end of the year		$	23,802			$	23,318			$	31,848

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- References

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- 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

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- 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

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- 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

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