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Parent Only Condensed Financial Statements
 12 Months Ended
Dec. 31, 2023
Condensed Financial Information Disclosure [Abstract]  
Parent Only Condensed Financial Statements PARENT ONLY CONDENSED FINANCIAL STATEMENTS
 
CONDENSED BALANCE SHEETS
 
December 31, 2023 and 2022
(In thousands)20232022
ASSETS  
Cash and cash equivalents$776 $3,202 
Investment in Bank subsidiary274,596 240,879 
Other assets1,704 989 
Total assets$277,076 $245,070 
LIABILITIES AND SHAREHOLDERS’ EQUITY  
Liabilities:  
Senior debt and subordinated debentures$69,744 $69,599 
Other liabilities268 811 
Total liabilities70,012 70,410 
Shareholders’ equity:  
Common stock62,550 61,487 
Retained earnings210,548 194,400 
Accumulated other comprehensive loss, net of tax(66,034)(81,227)
Total shareholders’ equity207,064 174,660 
Total liabilities and shareholders’ equity$277,076 $245,070 
CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (LOSS)
 
For the Years Ended December 31, 2023, 2022, and 2021
(In thousands)202320222021
Income:   
Dividends declared by (Company) Subsidiary - eliminated in consolidation$6,963 $(38,000)$7,679 
Other income11 6 3 
Total income6,974 (37,994)7,682 
Expenses:   
Interest on subordinated debentures and borrowings3,652 1,971 266 
Professional fees1,305 239 296 
Other expenses283 601 560 
Total expenses5,240 2,811 1,122 
Income (loss) before equity in undistributed net income of Subsidiary1,734 (40,805)6,560 
Equity in undistributed net income of Subsidiary, net of distributions22,256 66,583 21,496 
Income before income tax benefit23,990 25,778 28,056 
Benefit from income taxes1,546 867 345 
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
For the Years Ended December 31, 2023, 2022, and 2021
 
(In thousands)202320222021
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 compensation858 776 562 
Amortization of unamortized issuance cost145 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 activities3,026 (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 plan206 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 year3,202 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