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Condensed Financial Information of Parent Company (Tables) | 12 Months Ended
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Dec. 31, 2023
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) | 2023 |  | 2022
Assets |  |  |
Cash and due from banks | $ | 17,003 |  |  | $ | 5,081 |
Short-term investments | 186,169 |  |  | 26,834 |
Securities available-for-sale, at fair value | 399,339 |  |  | 490,829 |
Loans, net | 70,833 |  |  | 74,810 |
Payments in advance of funding | 198,861 |  |  | 293,775 |
Investments in subsidiaries | 188,304 |  |  | 164,907 |
Premises and equipment, net | 29,765 |  |  | 19,525 |
Investments in bank-owned life insurance | 49,159 |  |  | 47,998 |
Goodwill | 17,172 |  |  | 17,172 |
Other intangible assets, net | 3,346 |  |  | 4,126 |
Accounts and drafts receivable from customers | 110,651 |  |  | 95,779 |
Other assets | 51,180 |  |  | 50,331 |
Total assets | $ | 1,321,782 |  |  | $ | 1,291,167 |
Liabilities and Shareholders’ Equity |  |  |
Liabilities: |  |  |
Accounts and drafts payable | $ | 1,069,338 |  |  | $ | 1,057,463 |
Other liabilities | 22,635 |  |  | 27,379 |
Total liabilities | 1,091,973 |  |  | 1,084,842 |
Total shareholders’ equity | 229,809 |  |  | 206,325 |
Total liabilities and shareholders’ equity | $ | 1,321,782 |  |  | $ | 1,291,167 |
Condensed Income Statement |
| Condensed Statements of Income For the Years Ended December 31,
(In thousands) | 2023 |  | 2022 |  | 2021
Equity in undistributed income of subsidiaries | $ | 19,281 |  |  | $ | 10,618 |  |  | $ | 2,252 |
Dividends received from subsidiaries | 7,500 |  |  | 15,000 |  |  | 15,000 |
Income from subsidiaries – management fees | 4,230 |  |  | 4,315 |  |  | 3,115 |
Processing fees | 77,219 |  |  | 74,382 |  |  | 72,579 |
Financial fees | 44,436 |  |  | 42,243 |  |  | 31,847 |
Other fees | 3,804 |  |  | 2,606 |  |  | 970 |
Net interest income after provision for (release of) credit losses | 19,287 |  |  | 13,435 |  |  | 11,316 |
Total revenue | 175,757 |  |  | 162,599 |  |  | 137,079 |
Expenses: |  |  |  |  |
Salaries and employee benefits | 105,114 |  |  | 94,047 |  |  | 80,434 |
Other expenses | 40,440 |  |  | 32,406 |  |  | 27,406 |
Total expenses | 145,554 |  |  | 126,453 |  |  | 107,840 |
Income before income tax expense | 30,203 |  |  | 36,146 |  |  | 29,239 |
Income tax expense | 144 |  |  | 1,242 |  |  | 635 |
Net income | $ | 30,059 |  |  | $ | 34,904 |  |  | $ | 28,604 |
Condensed Cash Flow Statement |
| Condensed Statements of Cash Flows For the Years Ended December 31,
(In thousands) | 2023 |  | 2022 |  | 2021
Cash flows from operating activities: |  |  |  |  |
Net income | $ | 30,059 |  |  | $ | 34,904 |  |  | $ | 28,604 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |
Equity in undistributed income of subsidiaries | (19,281) |  |  | (10,618) |  |  | (2,252) |
Net change in other assets | (4,427) |  |  | (4,640) |  |  | (212) |
Net change in other liabilities | (2,870) |  |  | 6,462 |  |  | (9,307) |
Stock-based compensation expense | 4,139 |  |  | 6,732 |  |  | 2,859 |
Other, net | 10,149 |  |  | 10,412 |  |  | 5,921 |
Net cash provided by operating activities | 17,769 |  |  | 43,252 |  |  | 25,613 |
Cash flows from investing activities: |  |  |  |  |
Proceeds from sales of securities available-for-sale | 86,722 |  |  | 3,838 |  |  | 63,774 |
Proceeds from maturities of securities available-for-sale | 23,032 |  |  | 44,566 |  |  | 95,787 |
Purchases of securities available-for-sale | (15,332) |  |  | (45,340) |  |  | (385,651) |
Net decrease (increase) in loans | 3,977 |  |  | (34,295) |  |  | 8,799 |
Net decrease (increase) in payments in advance of funding | 94,914 |  |  | (2,347) |  |  | (96,864) |
Purchase of bank-owned life insurance | — |  |  | (4,000) |  |  | (25,119) |
Purchases of premises and equipment, net | (14,262) |  |  | (5,851) |  |  | (2,233) |
Asset acquisition of TouchPoint | — |  |  | (4,814) |  |  | — |
Net cash provided by (used in) investing activities | 179,051 |  |  | (48,243) |  |  | (341,507) |
Cash flows from financing activities: |  |  |  |  |
Net (increase) decrease in accounts and drafts receivable from customers | (14,872) |  |  | (90,787) |  |  | 6 |
Net increase in accounts and drafts payable | 11,875 |  |  | 16,393 |  |  | 208,650 |
Cash dividends paid | (15,959) |  |  | (15,442) |  |  | (15,446) |
Purchase of common shares for treasury | (5,773) |  |  | (5,299) |  |  | (30,997) |
Other financing activities, net | (834) |  |  | (594) |  |  | (850) |
Net cash (used in) provided by financing activities | (25,563) |  |  | (95,729) |  |  | 161,363 |
Net increase (decrease) in cash and cash equivalents | 171,257 |  |  | (100,720) |  |  | (154,531) |
Cash and cash equivalents at beginning of year | 31,915 |  |  | 132,635 |  |  | 287,166 |
Cash and cash equivalents at end of year | $ | 203,172 |  |  | $ | 31,915 |  |  | $ | 132,635 |

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