Condensed Parent Only Financial Information

12 Months Ended

Dec. 31, 2024

Condensed Financial Information Disclosure [Abstract]

Condensed Parent Only Financial Information

Note 20 — Condensed Parent Only Financial Information

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

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 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 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