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Parent Company Financial Information (Tables) | 12 Months Ended
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Dec. 31, 2023
Condensed Financial Information Disclosure [Abstract] |
Condensed Statements of Financial Condition |
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 |
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 |
Condensed Statements of Cash Flows |
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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