Condensed Parent Only Financial Information

12 Months Ended

Dec. 31, 2019

The following represents the condensed financial information of the Corporation only:

Condensed Balance Sheets



	December 31, 2019		December 31, 2018
	(In Thousands)
Assets
Cash and cash equivalents	$	1,437	$	3,699
Investments in subsidiaries, at equity	222,377		206,973
Premises and equipment, net	1,592		2,036
Right-of-use assets	4,234		—
Other assets	6,436		5,444
Total assets	$	236,076	$	218,152
Liabilities and Stockholders’ Equity
Junior subordinated notes and other borrowings	$	33,754	$	33,802
Lease liabilities	4,533		—
Accrued interest payable and other liabilities	3,633		3,643
Total liabilities	41,920		37,445
Stockholders’ equity	194,156		180,707
Total liabilities and stockholders’ equity	$	236,076	$	218,152

Condensed Statements of Income



	For the Year Ended December 31,
	2019		2018
	(In Thousands)
Net interest expense	$	2,949	$	2,703
Non-interest income
Consulting and rental income from consolidated subsidiaries	20,468		20,267
Other non-interest income	84		33
Total non-interest income	20,552		20,300
Non-interest expense	24,121		22,866
Loss before income tax benefit and equity in undistributed net income of consolidated subsidiaries	6,518		5,269
Income tax benefit	1,659		1,478
Loss before equity in undistributed net income of consolidated subsidiaries	4,859		3,791
Equity in undistributed net income of consolidated subsidiaries	28,183		20,094
Net income	$	23,324	$	16,303

Condensed Statements of Cash Flows



	For the Year Ended December 31,
	2019			2018
	(In Thousands)
Operating activities
Net income	$	23,324		$	16,303
Adjustments to reconcile net income to net cash used in operating activities:
Equity in undistributed earnings of consolidated subsidiaries	(28,183		)	(20,094		)
Share-based compensation	1,566			1,004
Excess tax benefit from share-based compensation	(37		)	(24		)
Payments on operating lease liabilities	(547		)	—
Net increase in other liabilities	843			321
Other, net	(750		)	72
Net cash used in operating activities	(3,784		)	(2,418		)
Investing activities
Dividends received from subsidiaries	14,034			10,034
Net cash provided by investing activities	14,034			10,034
Financing activities
Net (decrease) increase in long-term borrowed funds	(48		)	60
Proceeds from issuance of subordinated notes payable	15,000			—
Repayment of subordinated notes payable	(15,000		)	—
Purchase of treasury stock	(7,248		)	(533		)
Cash dividends paid	(5,216		)	(4,916		)
Net cash used in financing activities	(12,512		)	(5,389		)
Net (decrease) increase in cash and due from banks	(2,262		)	2,227
Cash and cash equivalents at the beginning of the period	3,699			1,472
Cash and cash equivalents at the end of the period	$	1,437		$	3,699