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Condensed Financial Information of Parent Company (Tables) | 12 Months Ended
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Dec. 31, 2024
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) | 2024 |  | 2023
Assets |  |  |
Cash and due from banks | $ | 242,693 |  |  | $ | 17,003 |
Short-term investments | 50,410 |  |  | 186,169 |
Securities available-for-sale, at fair value | 428,422 |  |  | 399,339 |
Loans, net | 53,841 |  |  | 70,833 |
Payments in advance of funding | 208,530 |  |  | 198,861 |
Investments in subsidiaries | 194,102 |  |  | 188,304 |
Premises and equipment, net | 33,909 |  |  | 29,765 |
Investments in bank-owned life insurance | 50,325 |  |  | 49,159 |
Goodwill | 21,216 |  |  | 17,172 |
Other intangible assets, net | 5,007 |  |  | 3,346 |
Accounts and drafts receivable from customers | 55,906 |  |  | 110,651 |
Other assets | 56,872 |  |  | 51,180 |
Total assets | $ | 1,401,233 |  |  | $ | 1,321,782 |
Liabilities and Shareholders’ Equity |  |  |
Liabilities: |  |  |
Accounts and drafts payable | $ | 1,143,661 |  |  | $ | 1,069,338 |
Other liabilities | 28,542 |  |  | 22,635 |
Total liabilities | 1,172,203 |  |  | 1,091,973 |
Total shareholders’ equity | 229,030 |  |  | 229,809 |
Total liabilities and shareholders’ equity | $ | 1,401,233 |  |  | $ | 1,321,782 |
Condensed Income Statement |
| Condensed Statements of Income For the Years Ended December 31,
(In thousands) | 2024 |  | 2023 |  | 2022
Equity in undistributed income of subsidiaries | $ | 2,349 |  |  | $ | 19,281 |  |  | $ | 10,618 |
Dividends received from subsidiaries | 20,000 |  |  | 7,500 |  |  | 15,000 |
Income from subsidiaries – management fees | 4,304 |  |  | 4,230 |  |  | 4,315 |
Processing fees | 80,287 |  |  | 77,219 |  |  | 74,382 |
Financial fees | 41,965 |  |  | 44,436 |  |  | 42,243 |
Other fees | 4,485 |  |  | 3,804 |  |  | 2,606 |
Net interest income after provision for (release of ) credit losses | 20,466 |  |  | 19,287 |  |  | 13,435 |
Total revenue | 173,856 |  |  | 175,757 |  |  | 162,599 |
Expenses: |  |  |  |  |
Salaries and employee benefits | 106,568 |  |  | 105,114 |  |  | 94,047 |
Other expenses | 50,640 |  |  | 40,440 |  |  | 32,406 |
Total expenses | 157,208 |  |  | 145,554 |  |  | 126,453 |
Income before income tax expense | 16,648 |  |  | 30,203 |  |  | 36,146 |
Income tax (benefit) expense | (2,520) |  |  | 144 |  |  | 1,242 |
Net income | $ | 19,168 |  |  | $ | 30,059 |  |  | $ | 34,904 |
Condensed Cash Flow Statement |
| Condensed Statements of Cash Flows For the Years Ended December 31,
(In thousands) | 2024 |  | 2023 |  | 2022
Cash flows from operating activities: |  |  |  |  |
Net income | $ | 19,168 |  |  | $ | 30,059 |  |  | $ | 34,904 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |
Equity in undistributed income of subsidiaries | (2,349) |  |  | (19,281) |  |  | (10,618) |
Net change in other assets | (6,259) |  |  | (4,427) |  |  | (4,640) |
Net change in other liabilities | 1,737 |  |  | (2,870) |  |  | 6,462 |
Share-based compensation expense | 3,199 |  |  | 4,139 |  |  | 6,732 |
Other, net | 12,612 |  |  | 10,149 |  |  | 10,412 |
Net cash provided by operating activities | 28,108 |  |  | 17,769 |  |  | 43,252 |
Cash flows from investing activities: |  |  |  |  |
Proceeds from sales of securities available-for-sale | 33,130 |  |  | 86,722 |  |  | 3,838 |
Proceeds from maturities of securities available-for-sale | 49,712 |  |  | 23,032 |  |  | 44,566 |
Purchases of securities available-for-sale | (119,744) |  |  | (15,332) |  |  | (45,340) |
Net decrease (increase) in loans | 16,992 |  |  | 3,977 |  |  | (34,295) |
Net (increase) decrease in payments in advance of funding | (9,669) |  |  | 94,914 |  |  | (2,347) |
Purchase of bank-owned life insurance | — |  |  | — |  |  | (4,000) |
Purchases of premises and equipment, net | (9,286) |  |  | (14,262) |  |  | (5,851) |
Asset acquisition | (2,954) |  |  | — |  |  | (4,814) |
Net cash (used in) provided by investing activities | (41,819) |  |  | 179,051 |  |  | (48,243) |
Cash flows from financing activities: |  |  |  |  |
Net decrease (increase) in accounts and drafts receivable from customers | 54,746 |  |  | (14,872) |  |  | (90,787) |
Net increase in accounts and drafts payable | 74,323 |  |  | 11,875 |  |  | 16,393 |
Cash dividends paid | (16,463) |  |  | (15,959) |  |  | (15,442) |
Purchase of common shares for treasury | (7,248) |  |  | (5,773) |  |  | (5,299) |
Other financing activities, net | (1,716) |  |  | (834) |  |  | (594) |
Net cash provided by (used in) financing activities | 103,642 |  |  | (25,563) |  |  | (95,729) |
Net increase (decrease) in cash and cash equivalents | 89,931 |  |  | 171,257 |  |  | (100,720) |
Cash and cash equivalents at beginning of year | 203,172 |  |  | 31,915 |  |  | 132,635 |
Cash and cash equivalents at end of year | $ | 293,103 |  |  | $ | 203,172 |  |  | $ | 31,915 |

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