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Condensed Financial Information of Parent Company | 12 Months Ended
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Dec. 31, 2023
Condensed Financial Information Disclosure [Abstract] |
Condensed Financial Information of Parent Company | Condensed Financial Information of Parent Company 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 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 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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- 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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