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Parent Only Condensed Financial Statements (Tables)
 12 Months Ended
Dec. 31, 2024
Condensed Financial Information Disclosure [Abstract]  
Condensed Balance Sheets
CONDENSED BALANCE SHEETS
 
December 31, 2024 and 2023
(In thousands)20242023
ASSETS  
Cash and cash equivalents$303 $776 
Investment in Bank subsidiary428,907 274,596 
Other assets3,564 1,704 
Total assets$432,774 $277,076 
LIABILITIES AND SHAREHOLDERS’ EQUITY  
Liabilities:  
Senior debt and subordinated debentures$69,889 $69,744 
Other liabilities200 268 
Total liabilities70,089 70,012 
Shareholders’ equity:  
Common stock207,816 62,550 
Retained earnings209,984 210,548 
Accumulated other comprehensive loss, net of tax(55,115)(66,034)
Total shareholders’ equity362,685 207,064 
Total liabilities and shareholders’ equity$432,774 $277,076 
Condensed Statements of Income and Comprehensive Income (Loss)
CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (LOSS)
 
For the Years Ended December 31, 2024, 2023, and 2022
(In thousands)202420232022
Income:   
Dividends declared by Subsidiary (Company) - eliminated in consolidation$14,000 $6,963 $(38,000)
Other income30 11 6 
Total income14,030 6,974 (37,994)
Expenses:   
Interest on subordinated debentures and borrowings3,298 3,652 1,971 
Professional fees514 1,305 239 
Other expenses3,825 283 601 
Total expenses7,637 5,240 2,811 
Income (loss) before equity in undistributed net income of Subsidiary6,393 1,734 (40,805)
Equity in undistributed (deficit in distributed) net income of Subsidiary, net of distributions(477)22,256 66,583 
Income before income tax benefit5,916 23,990 25,778 
Benefit from income taxes1,750 1,546 867 
Net income$7,666 $25,536 $26,645 
Total other comprehensive income (loss) 10,919 15,193 (88,859)
Comprehensive income (loss)$18,585 $40,729 $(62,214)
Condensed Statements of Cash Flows
CONDENSED STATEMENTS OF CASH FLOWS
For the Years Ended December 31, 2024, 2023, and 2022
 
(In thousands)202420232022
Cash flows from operating activities:   
Net income$7,666 $25,536 $26,645 
Adjustments to reconcile net income to net cash provided by (used in) operating activities: 
Undistributed net income of subsidiary, net of distributions477 (22,256)(66,583)
Equity-based compensation879 858 776 
Amortization of unamortized issuance cost143 145 145 
Net (increase) decrease in other assets(2,015)(715)(499)
Net increase (decrease) in other liabilities(68)(542)390 
Benefit for deferred income taxes— — 15 
Net cash provided by (used in) operating activities7,082 3,026 (39,111)
Cash flows used in investing activities:   
Investment in subsidiary— — — 
Cash flows from financing activities:   
Proceeds from issuance of subordinated and senior debt— — 30,000 
Cash dividend payments on common stock(8,230)(5,657)(5,638)
Purchase and retirement of common stock(38)(1)(6,814)
Proceeds from exercise of stock options465 — 489 
Proceeds from stock issued under employee stock purchase plan248 206 216 
Net cash (used in) provided by financing activities(7,555)(5,452)18,253 
(Decrease) increase in cash and cash equivalents(473)(2,426)(20,858)
Cash and cash equivalents at beginning of year776 3,202 24,060 
Cash and cash equivalents at end of year$303 $776 $3,202 
Supplemental Disclosure of Cash Flow Information:
Cash paid during the year for interest$2,756 $4,180 $1,431