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Parent Company Financial Information | 12 Months Ended
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Dec. 31, 2023
Condensed Financial Information Disclosure [Abstract] |
Parent Company Financial Information | (22.) PARENT COMPANY FINANCIAL INFORMATION Condensed financial statements pertaining only to the Parent are presented below (in thousands).
Condensed Statements of Financial Condition |  | December 31, |
|  | 2023 |  |  | 2022 |
Assets: |  |  |  |  |  |
Cash and due from subsidiary |  | $ | 16,331 |  |  | $ | 23,802 |
Investment in and receivables due from subsidiary |  |  | 518,680 |  |  |  | 462,253 |
Other assets |  |  | 7,216 |  |  |  | 6,698 |
Total assets |  | $ | 542,227 |  |  | $ | 492,753 |
Liabilities and shareholders’ equity: |  |  |  |  |  |
Deposits |  | $ | 2 |  |  | $ | - |
Long-term borrowings, net of issuance costs of $468 and $778, respectively |  |  | 74,532 |  |  |  | 74,222 |
Other liabilities |  |  | 12,897 |  |  |  | 12,926 |
Shareholders’ equity |  |  | 454,796 |  |  |  | 405,605 |
Total liabilities and shareholders’ equity |  | $ | 542,227 |  |  | $ | 492,753 |
Condensed Statements of Income |  | Years ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Dividends from subsidiary and associated companies |  | $ | 18,000 |  |  | $ | 32,000 |  |  | $ | 24,000 |
Management and service fees from subsidiaries |  |  | 527 |  |  |  | 511 |  |  |  | 147 |
Other income (loss) |  |  | 463 |  |  |  | (4 | ) |  |  | 93 |
Total income |  |  | 18,990 |  |  |  | 32,507 |  |  |  | 24,240 |
Interest expense |  |  | 4,242 |  |  |  | 4,242 |  |  |  | 4,237 |
Operating expenses |  |  | 3,119 |  |  |  | 3,213 |  |  |  | 3,379 |
Total expense |  |  | 7,361 |  |  |  | 7,455 |  |  |  | 7,616 |
Income before income tax benefit and equity in undistributed earnings of subsidiary |  |  | 11,629 |  |  |  | 25,052 |  |  |  | 16,624 |
Income tax benefit |  |  | 1,647 |  |  |  | 1,848 |  |  |  | 1,999 |
Income before equity in undistributed earnings of subsidiary |  |  | 13,276 |  |  |  | 26,900 |  |  |  | 18,623 |
Equity in undistributed earnings of subsidiary |  |  | 36,988 |  |  |  | 29,673 |  |  |  | 59,074 |
Net income |  | $ | 50,264 |  |  | $ | 56,573 |  |  | $ | 77,697 |
(22.) PARENT COMPANY FINANCIAL INFORMATION (Continued)
Condensed Statements of Cash Flows |  | Years ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Cash flows from operating activities: |  |  |  |  |  |  |  |  |
Net income |  | $ | 50,264 |  |  | $ | 56,573 |  |  | $ | 77,697 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |  |  |  |
Equity in undistributed earnings of subsidiary |  |  | (36,988 | ) |  |  | (29,673 | ) |  |  | (59,074 | )
Depreciation and amortization |  |  | 76 |  |  |  | 77 |  |  |  | 367 |
Share-based compensation |  |  | 1,674 |  |  |  | 2,551 |  |  |  | 1,743 |
Decrease in other assets |  |  | (399 | ) |  |  | (577 | ) |  |  | (1,448 | )
Increase (decrease) in other liabilities |  |  | 111 |  |  |  | 7,477 |  |  |  | (86 | )
Net cash provided by operating activities |  |  | 14,738 |  |  |  | 36,428 |  |  |  | 19,199 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |
Capital investment in subsidiaries |  |  | (1,893 | ) |  |  | (1,551 | ) |  |  | - |
Net cash used in investing activities |  |  | (1,893 | ) |  |  | (1,551 | ) |  |  | - |
Cash flows from financing activities: |  |  |  |  |  |  |  |  |
Purchase of preferred and common shares |  |  | (571 | ) |  |  | (15,340 | ) |  |  | (9,235 | )
Proceeds from issuance of preferred and common shares |  |  | - |  |  |  | - |  |  |  | (43 | )
Dividends paid |  |  | (19,745 | ) |  |  | (19,053 | ) |  |  | (18,451 | )
Net cash used in financing activities |  |  | (20,316 | ) |  |  | (34,393 | ) |  |  | (27,729 | )
Net (decrease) increase in cash and cash equivalents |  |  | (7,471 | ) |  |  | 484 |  |  |  | (8,530 | )
Cash and cash equivalents as of beginning of year |  |  | 23,802 |  |  |  | 23,318 |  |  |  | 31,848 |
Cash and cash equivalents as of end of the year |  | $ | 16,331 |  |  | $ | 23,802 |  |  | $ | 23,318 |

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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/disclosureRef -Topic 205 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(Schedule I)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480922/205-10-S99-6 Reference 3: 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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