Condensed Parent Only Financial Information

12 Months Ended

Dec. 31, 2023

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, 2023		December 31, 2022
	(In Thousands)
Assets
Cash and cash equivalents	$	2,027	$	3,129
Investments in subsidiaries, at equity	339,854		294,109
Premises and equipment, net	51		66

Other assets	697		1,239
Total assets	$	342,629	$	298,543
Liabilities and Stockholders’ Equity
Junior subordinated notes and other borrowings	$	49,396	$	34,341

Accrued interest payable and other liabilities	3,645		3,562
Total liabilities	53,041		37,903
Stockholders’ equity	289,588		260,640
Total liabilities and stockholders’ equity	$	342,629	$	298,543

Condensed Statements of Income


	For the Year Ended December 31,
	2023		2022		2021
	(In Thousands)
Net interest expense	$	1,989	$	2,295	$	2,539
Non-interest income
Consulting and rental income from consolidated subsidiaries	5,644		5,794		2,417
Other non-interest income	43		69		34
Total non-interest income	5,687		5,863		2,451
Non-interest expense	8,234		7,633		5,747
Loss before income tax benefit and equity in undistributed net income of consolidated subsidiaries	4,536		4,065		5,835
Income tax benefit	337		1,387		1,483
Loss before equity in undistributed net income of consolidated subsidiaries	4,199		2,678		4,352
Equity in undistributed net income of consolidated subsidiaries	41,226		43,536		40,107
Net income	$	37,027	$	40,858	$	35,755

Condensed Statements of Cash Flows


	For the Year Ended December 31,
	2023		2022		2021
	(In Thousands)
Operating activities
Net income	$	37,027	$	40,858	$	35,755
Adjustments to reconcile net income to net cash used in operating activities:
Equity in undistributed earnings of consolidated subsidiaries	(41,226)		(43,536)		(40,107)
Share-based compensation	2,977		2,584		2,513
Excess tax benefit from share-based compensation	(91)		(91)		(27)

Net (decrease) increase in other liabilities	(1,854)		2,592		(2,090)
Other, net	1,207		(538)		3,413
Net cash (used in) provided by operating activities	(1,960)		1,869		(543)
Investing activities
Dividends received from subsidiaries	12,100		2,008		8,534
Proceeds from redemption of Trust II stock	—		315		—
Capital contributions to subsidiaries	(15,000)		—		—
Net cash (used in) provided by investing activities	(2,900)		2,323		8,534
Financing activities
Net increase (decreases) in long-term borrowed funds	54		(357)		55
Proceeds from issuance of subordinated notes payable	15,000		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	(2,971)		(6,126)		(5,477)

Preferred stock dividends paid	(875)		(683)		—
Cash dividends paid	(7,578)		(6,688)		(6,166)
Net proceeds from purchases of ESPP shares	128		134		160
Net cash provided by (used in) financing activities	3,758		(1,394)		(10,928)
Net (decrease) increase in cash and due from banks	(1,102)		2,798		(2,937)
Cash and cash equivalents at the beginning of the period	3,129		331		3,268
Cash and cash equivalents at the end of the period	$	2,027	$	3,129	$	331