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Parent Only Condensed Financial Statements (Tables) | 12 Months Ended
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Dec. 31, 2023
Condensed Financial Information Disclosure [Abstract] |
Condensed Balance Sheets | CONDENSED BALANCE SHEETS December 31, 2023 and 2022
(In thousands) |  | 2023 |  | 2022
ASSETS |  |  |  |
Cash and cash equivalents |  | $ | 776 |  |  | $ | 3,202 |
Investment in Bank subsidiary |  | 274,596 |  |  | 240,879 |
Other assets |  | 1,704 |  |  | 989 |
Total assets |  | $ | 277,076 |  |  | $ | 245,070 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |
Liabilities: |  |  |  |
Senior debt and subordinated debentures |  | $ | 69,744 |  |  | $ | 69,599 |
Other liabilities |  | 268 |  |  | 811 |
Total liabilities |  | 70,012 |  |  | 70,410 |
Shareholders’ equity: |  |  |  |
Common stock |  | 62,550 |  |  | 61,487 |
Retained earnings |  | 210,548 |  |  | 194,400 |
Accumulated other comprehensive loss, net of tax |  | (66,034) |  |  | (81,227) |
Total shareholders’ equity |  | 207,064 |  |  | 174,660 |
Total liabilities and shareholders’ equity |  | $ | 277,076 |  |  | $ | 245,070 |
Condensed Statements of Income and Comprehensive Income | CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (LOSS) For the Years Ended December 31, 2023, 2022, and 2021
(In thousands) |  | 2023 |  | 2022 |  | 2021
Income: |  |  |  |  |  |
Dividends declared by (Company) Subsidiary - eliminated in consolidation |  | $ | 6,963 |  |  | $ | (38,000) |  |  | $ | 7,679 |
Other income |  | 11 |  |  | 6 |  |  | 3 |
Total income |  | 6,974 |  |  | (37,994) |  |  | 7,682 |
Expenses: |  |  |  |  |  |
Interest on subordinated debentures and borrowings |  | 3,652 |  |  | 1,971 |  |  | 266 |
Professional fees |  | 1,305 |  |  | 239 |  |  | 296 |
Other expenses |  | 283 |  |  | 601 |  |  | 560 |
Total expenses |  | 5,240 |  |  | 2,811 |  |  | 1,122 |
Income (loss) before equity in undistributed net income of Subsidiary |  | 1,734 |  |  | (40,805) |  |  | 6,560 |
Equity in undistributed net income of Subsidiary, net of distributions |  | 22,256 |  |  | 66,583 |  |  | 21,496 |
Income before income tax benefit |  | 23,990 |  |  | 25,778 |  |  | 28,056 |
Benefit from income taxes |  | 1,546 |  |  | 867 |  |  | 345 |
Net income |  | $ | 25,536 |  |  | $ | 26,645 |  |  | $ | 28,401 |
Total other comprehensive income (loss) |  | 15,193 |  |  | (88,859) |  |  | (7,224) |
Comprehensive income (loss) |  | $ | 40,729 |  |  | $ | (62,214) |  |  | $ | 21,177 |
Condensed Statements of Cash Flows | CONDENSED STATEMENTS OF CASH FLOWS For the Years Ended December 31, 2023, 2022, and 2021
(In thousands) |  | 2023 |  | 2022 |  | 2021
Cash flows from operating activities: |  |  |  |  |  |
Net income |  | $ | 25,536 |  |  | $ | 26,645 |  |  | $ | 28,401 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: |  |  |  |  |  |
Undistributed net income of subsidiary, net of distributions |  | (22,256) |  |  | (66,583) |  |  | (21,496) |
Equity-based compensation |  | 858 |  |  | 776 |  |  | 562 |
Amortization of unamortized issuance cost |  | 145 |  |  | 145 |  |  | — |
Net (increase) decrease in other assets |  | (715) |  |  | (499) |  |  | 1 |
Net increase (decrease) in other liabilities |  | (542) |  |  | 390 |  |  | 307 |
Benefit for deferred income taxes |  | — |  |  | 15 |  |  | 6 |
Net cash provided by (used in) operating activities |  | 3,026 |  |  | (39,111) |  |  | 7,781 |
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 |  | (5,657) |  |  | (5,638) |  |  | (5,757) |
Purchase and retirement of common stock |  | (1) |  |  | (6,814) |  |  | (13,619) |
Proceeds from exercise of stock options |  | — |  |  | 489 |  |  | 256 |
Proceeds from stock issued under employee stock purchase plan |  | 206 |  |  | 216 |  |  | 204 |
Net cash (used in) provided by financing activities |  | (5,452) |  |  | 18,253 |  |  | 15,383 |
(Decrease) increase in cash and cash equivalents |  | (2,426) |  |  | (20,858) |  |  | 23,164 |
Cash and cash equivalents at beginning of year |  | 3,202 |  |  | 24,060 |  |  | 896 |
Cash and cash equivalents at end of year |  | $ | 776 |  |  | $ | 3,202 |  |  | $ | 24,060 |
Supplemental Disclosure of Cash Flow Information: |  |  |  |  |  |
Cash paid during the year for interest |  | $ | 4,180 |  |  | $ | 1,431 |  |  | $ | 119 |

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