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Parent Company Financial Information (Tables)

12 Months Ended

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