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Parent Only Condensed Financial Statements (Tables) | 12 Months Ended
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Dec. 31, 2020
Condensed Financial Information Disclosure [Abstract] |
Condensed Balance Sheets | CONDENSED BALANCE SHEETS December 31, 2020 and 2019
(In thousands) |  | 2020 |  | 2019
ASSETS |  |  |  |
Cash and cash equivalents |  | $ | 896 |  |  | $ | 1,675 |
Investment in Bank subsidiary |  | 249,037 |  |  | 231,671 |
Other assets |  | 354 |  |  | 220 |
Total assets |  | $ | 250,287 |  |  | $ | 233,566 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |
Liabilities: |  |  |  |
Junior subordinated debentures due to subsidiary grantor trust |  | $ | 5,155 |  |  | $ | 5,155 |
Other liabilities |  | 111 |  |  | 283 |
Total liabilities |  | 5,266 |  |  | 5,438 |
Shareholders’ equity: |  |  |  |
Common stock |  | 79,416 |  |  | 89,379 |
Retained earnings |  | 150,749 |  |  | 135,932 |
Accumulated other comprehensive income, net of tax |  | 14,856 |  |  | 2,817 |
Total shareholders’ equity |  | 245,021 |  |  | 228,128 |
Total liabilities and shareholders’ equity |  | $ | 250,287 |  |  | $ | 233,566 |
Condensed Statements of Income and Comprehensive Income | CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the Years Ended December 31, 2020, 2019, and 2018
(In thousands) |  | 2020 |  | 2019 |  | 2018
Income: |  |  |  |  |  |
Dividends declared by Subsidiary - eliminated in consolidation |  | $ | 15,622 |  |  | $ | 20,100 |  |  | $ | 2,850 |
Other income |  | 4 |  |  | 6 |  |  | 6 |
Total income |  | 15,626 |  |  | 20,106 |  |  | 2,856 |
Expenses: |  |  |  |  |  |
Interest on junior subordinated deferrable interest debentures |  | 130 |  |  | 210 |  |  | 199 |
Professional fees |  | 283 |  |  | 209 |  |  | 217 |
Other expenses |  | 555 |  |  | 437 |  |  | 548 |
Total expenses |  | 968 |  |  | 856 |  |  | 964 |
Income before equity in undistributed net income of Subsidiary |  | 14,658 |  |  | 19,250 |  |  | 1,892 |
Equity in undistributed net income of Subsidiary, net of distributions |  | 5,328 |  |  | 1,932 |  |  | 19,075 |
Income before income tax benefit |  | 19,986 |  |  | 21,182 |  |  | 20,967 |
Benefit from income taxes |  | 361 |  |  | 261 |  |  | 322 |
Net income |  | $ | 20,347 |  |  | $ | 21,443 |  |  | $ | 21,289 |
Comprehensive income |  | $ | 32,386 |  |  | $ | 28,667 |  |  | $ | 13,912 |
Condensed Statements of Cash Flows | CONDENSED STATEMENTS OF CASH FLOWS For the Years Ended December 31, 2020, 2019, and 2018
(In thousands) |  | 2020 |  | 2019 |  | 2018
Cash flows from operating activities: |  |  |  |  |  |
Net income |  | $ | 20,347 |  |  | $ | 21,443 |  |  | $ | 21,289 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |
Undistributed net income of subsidiary, net of distributions |  | (5,328) |  |  | (1,932) |  |  | (19,075) |
Equity-based compensation |  | 470 |  |  | 555 |  |  | 482 |
Net (increase) decrease in other assets |  | (208) |  |  | 136 |  |  | 372 |
Net (decrease) increase in other liabilities |  | (31) |  |  | 69 |  |  | 166 |
Benefit for deferred income taxes |  | 75 |  |  | 10 |  |  | 11 |
Net cash provided by operating activities |  | 15,325 |  |  | 20,281 |  |  | 3,245 |
Cash flows used in investing activities: |  |  |  |  |  |
Investment in subsidiary |  | — |  |  | — |  |  | — |
Cash flows from financing activities: |  |  |  |  |  |
Cash dividend payments on common stock |  | (5,530) |  |  | (5,805) |  |  | (4,270) |
Purchase and retirement of common stock |  | (11,052) |  |  | (15,619) |  |  | (894) |
Proceeds from exercise of stock options |  | 279 |  |  | 276 |  |  | 738 |
Proceeds from stock issued under employee stock purchase plan |  | 199 |  |  | 216 |  |  | 211 |
Net cash used in financing activities |  | (16,104) |  |  | (20,932) |  |  | (4,215) |
Decrease in cash and cash equivalents |  | (779) |  |  | (651) |  |  | (970) |
Cash and cash equivalents at beginning of year |  | 1,675 |  |  | 2,326 |  |  | 3,296 |
Cash and cash equivalents at end of year |  | $ | 896 |  |  | $ | 1,675 |  |  | $ | 2,326 |
Supplemental Disclosure of Cash Flow Information: |  |  |  |  |  |
Cash paid during the year for interest |  | $ | 153 |  |  | $ | 215 |  |  | $ | 185 |

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