XML 64 R53.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Condensed Parent Only Financial Information (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2024
Condensed Financial Information Disclosure [Abstract] |
Condensed Balance Sheet | Condensed Balance Sheets
|  | December 31, 2024 |  |  | December 31, 2023 |
|  | (In Thousands) |
Assets |  |  |  |  |  |
Cash and cash equivalents |  | $ | 5,384 |  |  | $ | 2,027 |
Investments in subsidiaries, at equity |  |  | 379,604 |  |  |  | 339,854 |
Premises and equipment, net |  |  | 67 |  |  |  | 51 |
Other assets |  |  | 2,908 |  |  |  | 697 |
Total assets |  | $ | 387,963 |  |  | $ | 342,629 |
Liabilities and Stockholders’ Equity |  |  |  |  |  |
Subordinated notes and other borrowings |  | $ | 54,689 |  |  | $ | 49,396 |
Accrued interest payable and other liabilities |  |  | 4,685 |  |  |  | 3,645 |
Total liabilities |  |  | 59,374 |  |  |  | 53,041 |
Stockholders’ equity |  |  | 328,589 |  |  |  | 289,588 |
Total liabilities and stockholders’ equity |  | $ | 387,963 |  |  | $ | 342,629 |
Condensed Income Statement | Condensed Statements of Income
|  | For the Year Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
|  | (In Thousands) |
Net interest expense |  | $ | 3,283 |  |  | $ | 1,989 |  |  | $ | 2,295 |
Non-interest income |  |  |  |  |  |  |  |  |
Dividends from subsidiaries |  |  | 11,500 |  |  |  | 12,100 |  |  |  | 2,000 |
Consulting and rental income from consolidated subsidiaries |  |  | 5,812 |  |  |  | 5,644 |  |  |  | 5,794 |
Other non-interest income |  |  | 10 |  |  |  | 43 |  |  |  | 69 |
Total non-interest income |  |  | 17,322 |  |  |  | 17,787 |  |  |  | 7,863 |
Non-interest expense |  |  | 8,375 |  |  |  | 8,234 |  |  |  | 7,633 |
Gain (loss) before income tax benefit and equity in undistributed net income of consolidated subsidiaries |  |  | 5,664 |  |  |  | 7,564 |  |  |  | (2,065 | )
Income tax benefit |  |  | 1,940 |  |  |  | 337 |  |  |  | 1,387 |
Gain (loss) before equity in undistributed net income of consolidated subsidiaries |  |  | 7,604 |  |  |  | 7,901 |  |  |  | (678 | )
Equity in undistributed net income of consolidated subsidiaries |  |  | 36,641 |  |  |  | 29,126 |  |  |  | 41,536 |
Net income |  | $ | 44,245 |  |  | $ | 37,027 |  |  | $ | 40,858 |
Condensed Cash Flow Statement | Condensed Statements of Cash Flows
|  | For the Year Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
|  | (In Thousands) |
Operating activities |  |  |  |  |  |  |  |  |
Net income |  | $ | 44,245 |  |  | $ | 37,027 |  |  | $ | 40,858 |
Adjustments to reconcile net income to net cash used in operating activities: |  |  |  |  |  |  |  |  |
Equity in undistributed earnings of consolidated subsidiaries |  |  | (36,641 | ) |  |  | (29,126 | ) |  |  | (41,536 | )
Share-based compensation |  |  | 2,785 |  |  |  | 2,977 |  |  |  | 2,584 |
Excess tax benefit from share-based compensation |  |  | (219 | ) |  |  | (91 | ) |  |  | (91 | )
Net (decrease) increase in other liabilities |  |  | (146 | ) |  |  | (1,854 | ) |  |  | 2,592 |
Other, net |  |  | (1,639 | ) |  |  | 1,207 |  |  |  | (530 | )
Net cash provided by operating activities |  |  | 8,385 |  |  |  | 10,140 |  |  |  | 3,877 |
Investing activities |  |  |  |  |  |  |  |  |
Proceeds from redemption of Trust II stock |  |  | — |  |  |  | — |  |  |  | 315 |
Capital contributions to subsidiaries |  |  | — |  |  |  | (15,000 | ) |  |  | — |
Net cash (used in) provided by investing activities |  |  | — |  |  |  | (15,000 | ) |  |  | 315 |
Financing activities |  |  |  |  |  |  |  |  |
Net increase (decreases) in long-term borrowed funds |  |  | 293 |  |  |  | 54 |  |  |  | (357 | )
Proceeds from issuance of subordinated notes payable |  |  | 20,000 |  |  |  | 15,000 |  |  |  | 20,000 |
Repayment of subordinated notes payable |  |  | (15,000 | ) |  |  | — |  |  |  | (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 | )
Purchase of treasury stock |  |  | (1,270 | ) |  |  | (2,971 | ) |  |  | (6,126 | )
Preferred stock dividends paid |  |  | (875 | ) |  |  | (875 | ) |  |  | (683 | )
Cash dividends paid |  |  | (8,320 | ) |  |  | (7,578 | ) |  |  | (6,688 | )
Net proceeds from purchases of ESPP shares |  |  | 144 |  |  |  | 128 |  |  |  | 134 |
Net cash (used in) provided by financing activities |  |  | (5,028 | ) |  |  | 3,758 |  |  |  | (1,394 | )
Net increase (decrease) in cash and due from banks |  |  | 3,357 |  |  |  | (1,102 | ) |  |  | 2,798 |
Cash and cash equivalents at the beginning of the period |  |  | 2,027 |  |  |  | 3,129 |  |  |  | 331 |
Cash and cash equivalents at the end of the period |  | $ | 5,384 |  |  | $ | 2,027 |  |  | $ | 3,129 |

X
- References No definition available. + Details
Name: | srt_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract
Namespace Prefix: | srt_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of condensed balance sheet, including, but not limited to, balance sheets of consolidated entities and consolidation eliminations. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name Regulation S-X (SX) -Number 210 -Section 12 -Subsection 04 -Paragraph a -Publisher SEC Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3 + Details
Name: | srt_ScheduleOfCondensedBalanceSheetTableTextBlock
Namespace Prefix: | srt_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of condensed cash flow statement, including, but not limited to, cash flow statements of consolidated entities and consolidation eliminations. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name Regulation S-X (SX) -Number 210 -Section 12 -Subsection 04 -Paragraph a -Publisher SEC Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3 + Details
Name: | srt_ScheduleOfCondensedCashFlowStatementTableTextBlock
Namespace Prefix: | srt_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of condensed income statement, including, but not limited to, income statements of consolidated entities and consolidation eliminations. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name Regulation S-X (SX) -Number 210 -Section 12 -Subsection 04 -Paragraph a -Publisher SEC Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3 + Details
Name: | srt_ScheduleOfCondensedIncomeStatementTableTextBlock
Namespace Prefix: | srt_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration