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Condensed Financial Information of Parent Company (Tables) | 12 Months Ended
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Dec. 31, 2022
Condensed Financial Information Disclosure [Abstract] |
Condensed Balance Sheet | Following are the condensed balance sheets of the Company (parent company only) and the related condensed statements of income and cash flows.
| Condensed Balance Sheets December 31,
(In thousands) | 2022 |  | 2021
Assets |  |  |
Cash and due from banks | $ | 5,081 |  |  | $ | 132,050 |
Short-term investments | 26,834 |  |  | 585 |
Securities available-for-sale, at fair value | 490,829 |  |  | 566,835 |
Loans, net | 74,810 |  |  | 40,515 |
Payments in advance of funding | 293,775 |  |  | 291,427 |
Investments in subsidiaries | 164,907 |  |  | 164,650 |
Premises and equipment, net | 19,525 |  |  | 17,443 |
Accounts and drafts receivable from customers | 95,779 |  |  | 4,992 |
Other assets | 119,627 |  |  | 90,948 |
Total assets | $ | 1,291,167 |  |  | $ | 1,309,445 |
Liabilities and Shareholders’ Equity |  |  |
Liabilities: |  |  |
Accounts and drafts payable | $ | 1,057,463 |  |  | $ | 1,041,070 |
Other liabilities | 27,379 |  |  | 22,577 |
Total liabilities | 1,084,842 |  |  | 1,063,647 |
Total shareholders’ equity | 206,325 |  |  | 245,798 |
Total liabilities and shareholders’ equity | $ | 1,291,167 |  |  | $ | 1,309,445 |
Condensed Income Statement |
| Condensed Statements of Income For the Years Ended December 31,
(In thousands) | 2022 |  | 2021 |  | 2020
Income from subsidiaries – management fees | $ | 4,315 |  |  | $ | 3,115 |  |  | $ | 2,854 |
Processing fees | 74,382 |  |  | 72,579 |  |  | 72,513 |
Financial fees | 42,243 |  |  | 31,847 |  |  | 22,565 |
Other fees | 2,606 |  |  | 970 |  |  | 1,533 |
Net interest income after provision for (release of) credit losses | 13,435 |  |  | 11,316 |  |  | 10,932 |
Total revenue | 136,981 |  |  | 119,827 |  |  | 110,397 |
Expenses: |  |  |  |  |
Salaries and employee benefits | 94,047 |  |  | 80,434 |  |  | 77,577 |
Other expenses | 32,406 |  |  | 27,406 |  |  | 25,347 |
Total expenses | 126,453 |  |  | 107,840 |  |  | 102,924 |
Income before income tax and equity in undistributed income of subsidiaries | 10,528 |  |  | 11,987 |  |  | 7,473 |
Income tax expense | 1,242 |  |  | 635 |  |  | 340 |
Income before undistributed income of subsidiaries | 9,286 |  |  | 11,352 |  |  | 7,133 |
Equity in undistributed income of subsidiaries | 25,618 |  |  | 17,252 |  |  | 18,043 |
Net income | $ | 34,904 |  |  | $ | 28,604 |  |  | $ | 25,176 |
Condensed Cash Flow Statement |
| Condensed Statements of Cash Flows For the Years Ended December 31,
(In thousands) | 2022 |  | 2021 |  | 2020
Cash flows from operating activities: |  |  |  |  |
Net income | $ | 34,904 |  |  | $ | 28,604 |  |  | $ | 25,176 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: |  |  |  |  |
Equity in undistributed income of subsidiaries | (25,618) |  |  | (17,252) |  |  | (18,043) |
Net change in other assets | (4,640) |  |  | (212) |  |  | 6,054 |
Net change in other liabilities | 6,462 |  |  | (9,307) |  |  | (6,525) |
Stock-based compensation expense | 6,732 |  |  | 2,859 |  |  | 2,267 |
Other, net | 25,412 |  |  | 20,921 |  |  | 18,236 |
Net cash provided by operating activities | 43,252 |  |  | 25,613 |  |  | 27,165 |
Cash flows from investing activities: |  |  |  |  |
Net decrease (increase) in securities | 3,064 |  |  | (226,090) |  |  | 65,689 |
Net (increase) decrease in loans | (34,295) |  |  | 8,799 |  |  | (2,545) |
Net (increase) decrease in payments in advance of funding | (2,347) |  |  | (96,864) |  |  | 11,595 |
Purchase of bank-owned life insurance | (4,000) |  |  | (25,119) |  |  | — |
Purchases of premises and equipment, net | (5,851) |  |  | (2,233) |  |  | (1,810) |
Asset acquisition of TouchPoint | (4,814) |  |  | — |  |  | — |
Net cash (used in) provided by investing activities | (48,243) |  |  | (341,507) |  |  | 72,929 |
Cash flows from financing activities: |  |  |  |  |
Net (increase) decrease in accounts and drafts receivable from customers | (90,787) |  |  | 6 |  |  | 59,404 |
Net increase in accounts and drafts payable | 16,393 |  |  | 208,650 |  |  | 148,935 |
Short-term borrowings | — |  |  | — |  |  | (18,000) |
Cash dividends paid | (15,442) |  |  | (15,446) |  |  | (15,599) |
Purchase of common shares for treasury | (5,299) |  |  | (30,997) |  |  | (6,825) |
Other financing activities, net | (594) |  |  | (850) |  |  | (1,098) |
Net cash (used in) provided by financing activities | (95,729) |  |  | 161,363 |  |  | 166,817 |
Net (decrease) increase in cash and cash equivalents | (100,720) |  |  | (154,531) |  |  | 266,911 |
Cash and cash equivalents at beginning of year | 132,635 |  |  | 287,166 |  |  | 20,255 |
Cash and cash equivalents at end of year | $ | 31,915 |  |  | $ | 132,635 |  |  | $ | 287,166 |

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