Condensed Parent Only Financial Information (Tables)

12 Months Ended

Dec. 31, 2021

Condensed Balance Sheets


	December 31, 2021		December 31, 2020
	(In Thousands)
Assets
Cash and cash equivalents	$	331	$	3,268
Investments in subsidiaries, at equity	265,303		232,935
Premises and equipment, net	76		1,325
Right-of-use assets	—		3,797
Other assets	2,045		5,819
Total assets	$	267,755	$	247,144
Liabilities and Stockholders’ Equity
Junior subordinated notes and other borrowings	$	34,364	$	33,809
Lease liabilities	—		4,114
Accrued interest payable and other liabilities	969		3,059
Total liabilities	35,333		40,982
Stockholders’ equity	232,422		206,162
Total liabilities and stockholders’ equity	$	267,755	$	247,144

Condensed Statements of Income


	For the Year Ended December 31,
	2021		2020
	(In Thousands)
Net interest expense	$	2,539	$	2,540
Non-interest income
Consulting and rental income from consolidated subsidiaries	2,417		21,320
Other non-interest income	34		34
Total non-interest income	2,451		21,354
Non-interest expense	5,747		24,507
Loss before income tax benefit and equity in undistributed net income of consolidated subsidiaries	5,835		5,693
Income tax benefit	1,483		1,388
Loss before equity in undistributed net income of consolidated subsidiaries	4,352		4,305
Equity in undistributed net income of consolidated subsidiaries	40,107		21,283
Net income	$	35,755	$	16,978

Condensed Statements of Cash Flows


	For the Year Ended December 31,
	2021		2020
	(In Thousands)
Operating activities
Net income	$	35,755	$	16,978
Adjustments to reconcile net income to net cash used in operating activities:
Equity in undistributed earnings of consolidated subsidiaries	(40,107)		(21,283)
Share-based compensation	2,513		1,871
Excess tax (benefit) expense from share-based compensation	(27)		8
Payments on operating lease liabilities	—		(560)
Net decreases in other liabilities	(2,090)		(574)
Other, net	3,413		560
Net cash used in operating activities	(543)		(3,000)
Investing activities
Dividends received from subsidiaries	8,534		12,034

Net cash provided by investing activities	8,534		12,034
Financing activities
Net increase in long-term borrowed funds	55		55




Proceeds from purchased funds and other short-term debt	500		—
Purchase of treasury stock	(5,477)		(1,672)

Cash dividends paid	(6,166)		(5,652)
Net proceeds from purchases of ESPP shares	160		66
Net cash used in financing activities	(10,928)		(7,203)
Net (decrease) increase in cash and due from banks	(2,937)		1,831
Cash and cash equivalents at the beginning of the period	3,268		1,437
Cash and cash equivalents at the end of the period	$	331	$	3,268