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Parent Only Condensed Financial Statements
 12 Months Ended
Dec. 31, 2022
Condensed Financial Information Disclosure [Abstract]  
Parent Only Condensed Financial Statements PARENT ONLY CONDENSED FINANCIAL STATEMENTS
 
CONDENSED BALANCE SHEETS
 
December 31, 2022 and 2021
(In thousands)20222021
ASSETS  
Cash and cash equivalents$3,202 $24,060 
Investment in Bank subsidiary241,034 263,310 
Other assets834 347 
Total assets$245,070 $287,717 
LIABILITIES AND SHAREHOLDERS’ EQUITY  
Liabilities:  
Senior debt and subordinated debentures$69,599 $39,454 
Other liabilities811 418 
Total liabilities70,410 39,872 
Shareholders’ equity:  
Common stock61,487 66,820 
Retained earnings194,400 173,393 
Accumulated other comprehensive income, net of tax(81,227)7,632 
Total shareholders’ equity174,660 247,845 
Total liabilities and shareholders’ equity$245,070 $287,717 
CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE (LOSS) INCOME
 
For the Years Ended December 31, 2022, 2021, and 2020
(In thousands)202220212020
Income:   
Dividends declared by (Company) Subsidiary - eliminated in consolidation$(38,000)$7,679 $15,622 
Other income6 3 4 
Total income(37,994)7,682 15,626 
Expenses:   
Interest on subordinated debentures and borrowings1,971 266 130 
Professional fees239 296 283 
Other expenses601 560 555 
Total expenses2,811 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 distributions66,583 21,496 5,328 
Income before income tax benefit25,778 28,056 19,986 
Benefit from income taxes867 345 361 
Net income$26,645 $28,401 $20,347 
Comprehensive (loss) income$(62,214)$21,177 $32,386 
CONDENSED STATEMENTS OF CASH FLOWS
For the Years Ended December 31, 2022, 2021, and 2020
 
(In thousands)202220212020
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 compensation497 405 470 
Amortization of unamortized issuance cost145 — — 
Net (increase) decrease in other assets(499)1 (208)
Net increase (decrease) in other liabilities669 464 (31)
Benefit for deferred income taxes15 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 debt30,000 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 options489 256 279 
Proceeds from stock issued under employee stock purchase plan216 204 199 
Net cash used in financing activities18,253 15,383 (16,104)
(Decrease) increase in cash and cash equivalents(20,858)23,164 (779)
Cash and cash equivalents at beginning of year24,060 896 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