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Condensed Financial Statements of Parent Company (Tables)

12 Months Ended

Dec. 31, 2024

Condensed Financial Information Disclosure [Abstract]

Schedule of Condensed Balance Sheets


Balance Sheets
		(In Thousands)
		2024				2023
Assets
Cash		$	4,554			$	3,790
Interest-bearing time deposits			2,457				2,466
Related party receivables:
Dividends and accounts receivable from subsidiary			4,010				3,884
Accrued interest receivable - available-for-sale securities / interest bearing time deposits			47				46
Securities - US Treasuries / municipals			4,391				5,675
Investment in subsidiaries			358,127				338,893
Other assets			49				44
Total Assets		$	373,635			$	354,798

Liabilities
Subordinated notes, net of unamortized issuance costs			34,818				34,702
Dividends payable			2,996				2,974
Accrued interest payable			474				474
Accrued expenses			136				105
Total Liabilities			38,424				38,255
Stockholders' Equity			335,211				316,543
Total Liabilities and Stockholders' Equity		$	373,635			$	354,798

Schedule of Condensed Income and Comprehensive Income Statements


Statements of Income and Comprehensive Income
		(In Thousands)
		2024				2023				2022
Income
Dividends from subsidiaries		$	12,100			$	7,500			$	44,285
Distributed earnings of dissolved subsidiary			-				1,005				-
Interest - available-for-sale securities / interest-bearing time deposits			240				162				308
Noninterest income			23				4				-
Total income			12,363				8,671				44,593
Expenses
Interest			1,138				1,258				1,588
Operating expenses			1,178				1,143				1,176
Total expenses			2,316				2,401				2,764

Income Before Income Taxes and Equity in Undistributed Earnings of Subsidiaries			10,047				6,270				41,829
Income Taxes (Benefit)			(452	)			(495	)			(535	)
			10,499				6,765				42,364
Equity in undistributed (distributions in excess of) earnings of subsidiaries			15,439				16,022				(9,849	)
Net Income			25,938				22,787				32,515
Other Comprehensive Income (Loss):
Unrealized gains (losses) on securities, net of taxes			3,789				9,221				(35,049	)
Comprehensive Income (Loss)		$	29,727			$	32,008			$	(2,534	)

Schedule of Condensed Cash Flow Statement


Statements of Cash Flows
		(In Thousands)
		2024				2023				2022
Cash Flows from Operating Activities
Net income		$	25,938			$	22,787			$	32,515
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed (distributions in excess of) net income			(15,439	)			(16,022	)			9,849
Amortization of premiums on available-for-sale securities, net			13				29				61
Amortization of subordinated notes issuance fees			116				116				116
Stock-based compensation expense			1,361				1,281				899
Director stock awards			188				180				120
Changes in assets and liabilities:
Other assets and liabilities			(100	)			(1,981	)			2,560
Net cash provided by operating activities			12,077				6,390				46,120
Cash Flows from Investing Activities
Activity in available-for-sale securities:
Maturities, prepayments and calls			1,580				1,445				1,540
Sales			-				1,105				-
Purchases			(316	)			-				(398	)
Activity in certificates of deposit
Maturities			739				-				1,234
Purchases			(730	)			(498	)			(498	)
Cash used for acquisitions			-				-				(9,806	)
Net cash provided by (used in) investing activities			1,273				2,052				(7,928	)
Cash Flows from Financing Activities
Repayments of other borrowings			-				(10,000	)			(30,000	)
Purchase of treasury stock			(664	)			(218	)			(308	)
Payment of dividends			(11,922	)			(11,335	)			(10,276	)
Net cash used in financing activities			(12,586	)			(21,553	)			(40,584	)
Net Change in Cash and Cash Equivalents			764				(13,111	)			(2,392	)
Cash and Cash Equivalents - Beginning of year			3,790				16,901				19,293
Cash and Cash Equivalents - End of year		$	4,554			$	3,790			$	16,901