Condensed Parent Only Financial Information

12 Months Ended

Dec. 31, 2022

Condensed Financial Information Disclosure [Abstract]

Condensed Parent Only Financial Information

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

Condensed Balance Sheets


	December 31, 2022		December 31, 2021
	(In Thousands)
Assets
Cash and cash equivalents	$	3,129	$	331
Investments in subsidiaries, at equity	294,109		265,303
Premises and equipment, net	66		76

Other assets	1,239		2,045
Total assets	$	298,543	$	267,755
Liabilities and Stockholders’ Equity
Junior subordinated notes and other borrowings	$	34,341	$	34,364

Accrued interest payable and other liabilities	3,562		969
Total liabilities	37,903		35,333
Stockholders’ equity	260,640		232,422
Total liabilities and stockholders’ equity	$	298,543	$	267,755

Condensed Statements of Income


	For the Year Ended December 31,
	2022		2021		2020
	(In Thousands)
Net interest expense	$	2,295	$	2,539	$	2,540
Non-interest income
Consulting and rental income from consolidated subsidiaries	5,794		2,417		21,320
Other non-interest income	69		34		34
Total non-interest income	5,863		2,451		21,354
Non-interest expense	7,633		5,747		24,507
Loss before income tax benefit and equity in undistributed net income of consolidated subsidiaries	4,065		5,835		5,693
Income tax benefit	1,387		1,483		1,388
Loss before equity in undistributed net income of consolidated subsidiaries	2,678		4,352		4,305
Equity in undistributed net income of consolidated subsidiaries	43,536		40,107		21,283
Net income	$	40,858	$	35,755	$	16,978

Condensed Statements of Cash Flows


	For the Year Ended December 31,
	2022		2021		2020
	(In Thousands)
Operating activities
Net income	$	40,858	$	35,755	$	16,978
Adjustments to reconcile net income to net cash used in operating activities:
Equity in undistributed earnings of consolidated subsidiaries	(43,536)		(40,107)		(21,283)
Share-based compensation	2,584		2,513		1,871
Excess tax (benefit) expense from share-based compensation	(91)		(27)		8
Payments on operating lease liabilities	—		—		(560)
Net increase (decreases) in other liabilities	2,592		(2,090)		(574)
Other, net	(538)		3,413		560
Net cash used in operating activities	1,869		(543)		(3,000)
Investing activities
Dividends received from subsidiaries	2,008		8,534		12,034
Proceeds from redemption of Trust II stock	315		—		—

Net cash provided by investing activities	2,323		8,534		12,034
Financing activities
Net (decrease) increase in long-term borrowed funds	(357)		55		55
Proceeds from issuance of subordinated notes payable	20,000		—		—
Repayment of subordinated notes payable	(9,090)		—		—
Repayment of junior subordinated debentures	(10,076)		—		—
Proceeds from issuance of preferred stock	11,992		—		—


Proceeds from purchased funds and other short-term debt	(500)		500		—
Purchase of treasury stock	(6,126)		(5,477)		(1,672)

Preferred stock dividends paid	(683)		—		—
Cash dividends paid	(6,688)		(6,166)		(5,652)
Net proceeds from purchases of ESPP shares	134		160		66
Net cash used in financing activities	(1,394)		(10,928)		(7,203)
Net (decrease) increase in cash and due from banks	2,798		(2,937)		1,831
Cash and cash equivalents at the beginning of the period	331		3,268		1,437
Cash and cash equivalents at the end of the period	$	3,129	$	331	$	3,268