XML 52 R39.htm IDEA: XBRL DOCUMENT
v3.22.4

Parent Only Condensed Financial Statements (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2022
Condensed Financial Information Disclosure [Abstract] |
Condensed Balance Sheets | CONDENSED BALANCE SHEETS December 31, 2022 and 2021
(In thousands) |  | 2022 |  | 2021
ASSETS |  |  |  |
Cash and cash equivalents |  | $ | 3,202 |  |  | $ | 24,060 |
Investment in Bank subsidiary |  | 241,034 |  |  | 263,310 |
Other assets |  | 834 |  |  | 347 |
Total assets |  | $ | 245,070 |  |  | $ | 287,717 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |
Liabilities: |  |  |  |
Senior debt and subordinated debentures |  | $ | 69,599 |  |  | $ | 39,454 |
Other liabilities |  | 811 |  |  | 418 |
Total liabilities |  | 70,410 |  |  | 39,872 |
Shareholders’ equity: |  |  |  |
Common stock |  | 61,487 |  |  | 66,820 |
Retained earnings |  | 194,400 |  |  | 173,393 |
Accumulated other comprehensive income, net of tax |  | (81,227) |  |  | 7,632 |
Total shareholders’ equity |  | 174,660 |  |  | 247,845 |
Total liabilities and shareholders’ equity |  | $ | 245,070 |  |  | $ | 287,717 |
Condensed Statements of Income and Comprehensive Income | CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE (LOSS) INCOME For the Years Ended December 31, 2022, 2021, and 2020
(In thousands) |  | 2022 |  | 2021 |  | 2020
Income: |  |  |  |  |  |
Dividends declared by (Company) Subsidiary - eliminated in consolidation |  | $ | (38,000) |  |  | $ | 7,679 |  |  | $ | 15,622 |
Other income |  | 6 |  |  | 3 |  |  | 4 |
Total income |  | (37,994) |  |  | 7,682 |  |  | 15,626 |
Expenses: |  |  |  |  |  |
Interest on subordinated debentures and borrowings |  | 1,971 |  |  | 266 |  |  | 130 |
Professional fees |  | 239 |  |  | 296 |  |  | 283 |
Other expenses |  | 601 |  |  | 560 |  |  | 555 |
Total expenses |  | 2,811 |  |  | 1,122 |  |  | 968 |
(Loss) income before equity in undistributed net income of Subsidiary |  | (40,805) |  |  | 6,560 |  |  | 14,658 |
Equity in undistributed net income of Subsidiary, net of distributions |  | 66,583 |  |  | 21,496 |  |  | 5,328 |
Income before income tax benefit |  | 25,778 |  |  | 28,056 |  |  | 19,986 |
Benefit from income taxes |  | 867 |  |  | 345 |  |  | 361 |
Net income |  | $ | 26,645 |  |  | $ | 28,401 |  |  | $ | 20,347 |
Comprehensive (loss) income |  | $ | (62,214) |  |  | $ | 21,177 |  |  | $ | 32,386 |
Condensed Statements of Cash Flows | CONDENSED STATEMENTS OF CASH FLOWS For the Years Ended December 31, 2022, 2021, and 2020
(In thousands) |  | 2022 |  | 2021 |  | 2020
Cash flows from operating activities: |  |  |  |  |  |
Net income |  | $ | 26,645 |  |  | $ | 28,401 |  |  | $ | 20,347 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |
Undistributed net income of subsidiary, net of distributions |  | (66,583) |  |  | (21,496) |  |  | (5,328) |
Equity-based compensation |  | 497 |  |  | 405 |  |  | 470 |
Amortization of unamortized issuance cost |  | 145 |  |  | — |  |  | — |
Net (increase) decrease in other assets |  | (499) |  |  | 1 |  |  | (208) |
Net increase (decrease) in other liabilities |  | 669 |  |  | 464 |  |  | (31) |
Benefit for deferred income taxes |  | 15 |  |  | 6 |  |  | 75 |
Net cash (used in) provided by operating activities |  | (39,111) |  |  | 7,781 |  |  | 15,325 |
Cash flows used in investing activities: |  |  |  |  |  |
Investment in subsidiary |  | — |  |  | — |  |  | — |
Cash flows from financing activities: |  |  |  |  |  |
Proceeds from issuance of subordinated and senior debt |  | 30,000 |  |  | 34,299 |  |  | — |
Cash dividend payments on common stock |  | (5,638) |  |  | (5,757) |  |  | (5,530) |
Purchase and retirement of common stock |  | (6,814) |  |  | (13,619) |  |  | (11,052) |
Proceeds from exercise of stock options |  | 489 |  |  | 256 |  |  | 279 |
Proceeds from stock issued under employee stock purchase plan |  | 216 |  |  | 204 |  |  | 199 |
Net cash used in financing activities |  | 18,253 |  |  | 15,383 |  |  | (16,104) |
(Decrease) increase in cash and cash equivalents |  | (20,858) |  |  | 23,164 |  |  | (779) |
Cash and cash equivalents at beginning of year |  | 24,060 |  |  | 896 |  |  | 1,675 |
Cash and cash equivalents at end of year |  | $ | 3,202 |  |  | $ | 24,060 |  |  | $ | 896 |
Supplemental Disclosure of Cash Flow Information: |  |  |  |  |  |
Cash paid during the year for interest |  | $ | 1,431 |  |  | $ | 119 |  |  | $ | 153 |

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/2003/role/disclosureRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 3 -Paragraph i -Subsection 10 + 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/2003/role/disclosureRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 3 -Paragraph i -Subsection 10 + 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/2003/role/disclosureRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 3 -Paragraph i -Subsection 10 + Details
Name: | srt_ScheduleOfCondensedIncomeStatementTableTextBlock
Namespace Prefix: | srt_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration