Condensed Parent Only Financial Information (Tables)

12 Months Ended

Dec. 31, 2020

Condensed Balance Sheets


	December 31, 2020		December 31, 2019
	(In Thousands)
Assets
Cash and cash equivalents	$	3,268	$	1,437
Investments in subsidiaries, at equity	232,935		222,377
Premises and equipment, net	1,325		1,592
Right-of-use assets	3,797		4,234
Other assets	5,819		6,436
Total assets	$	247,144	$	236,076
Liabilities and Stockholders’ Equity
Junior subordinated notes and other borrowings	$	33,809	$	33,754
Lease liabilities	4,114		4,533
Accrued interest payable and other liabilities	3,059		3,633
Total liabilities	40,982		41,920
Stockholders’ equity	206,162		194,156
Total liabilities and stockholders’ equity	$	247,144	$	236,076

Condensed Statements of Income


	For the Year Ended December 31,
	2020		2019
	(In Thousands)
Net interest expense	$	2,540	$	2,949
Non-interest income
Consulting and rental income from consolidated subsidiaries	21,320		20,468
Other non-interest income	34		84
Total non-interest income	21,354		20,552
Non-interest expense	24,507		24,121
Loss before income tax benefit and equity in undistributed net income of consolidated subsidiaries	5,693		6,518
Income tax benefit	1,388		1,659
Loss before equity in undistributed net income of consolidated subsidiaries	4,305		4,859
Equity in undistributed net income of consolidated subsidiaries	21,283		28,183
Net income	$	16,978	$	23,324

Condensed Statements of Cash Flows


	For the Year Ended December 31,
	2020		2019
	(In Thousands)
Operating activities
Net income	$	16,978	$	23,324
Adjustments to reconcile net income to net cash used in operating activities:
Equity in undistributed earnings of consolidated subsidiaries	(21,283)		(28,183)
Share-based compensation	1,871		1,566
Excess tax expense (benefit) from share-based compensation	8		(37)
Payments on operating lease liabilities	(560)		(547)
Net (decreases) increases in other liabilities	(574)		843
Other, net	560		(750)
Net cash used in operating activities	(3,000)		(3,784)
Investing activities
Dividends received from subsidiaries	12,034		14,034

Net cash provided by investing activities	12,034		14,034
Financing activities
Net increase (decrease) in long-term borrowed funds	55		(48)
Proceeds from issuance of subordinated notes payable	—		15,000
Repayment of subordinated notes payable	—		(15,000)


Purchase of treasury stock	(1,672)		(7,248)

Cash dividends paid	(5,652)		(5,216)
Net proceeds from purchases of ESPP shares	66		—
Net cash used in financing activities	(7,203)		(12,512)
Net increase (decrease) in cash and due from banks	1,831		(2,262)
Cash and cash equivalents at the beginning of the period	1,437		3,699
Cash and cash equivalents at the end of the period	$	3,268	$	1,437