Condensed Financial Information of Parent Company (Tables)

12 Months Ended

Dec. 31, 2024

Condensed Financial Information Disclosure [Abstract]

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