Condensed Financial Information of Parent Company

12 Months Ended

Dec. 31, 2023

Condensed Financial Information Disclosure [Abstract]

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