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Parent Company Only Financial Information | 12 Months Ended
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Dec. 31, 2021
Parent Company Only Financial Information |
Parent Company Only Financial Information | 26. Parent Company Only Financial Information Condensed Statements of Financial Condition ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31,
(In thousands) |  | 2021 |  | 2020
Assets | ​ | ​ | ​ | ​ | ​ | ​
Cash | ​ | $ | 200 | ​ | $ | 186
Investment securities- Available for Sale (at fair value) | ​ | ​ | 15,816 | ​ | ​ | 12,198
Investment in bank subsidiary | ​ | ​ | 154,405 | ​ | ​ | 150,895
Investment in non-bank subsidiaries | ​ | ​ | 929 | ​ | ​ | 929
Other assets | ​ | ​ | 7,566 | ​ | ​ | 7,082
Total Assets | ​ | $ | 178,916 | ​ | $ | 171,290
Liabilities and Shareholders' Equity | ​ | ​ | ​ | ​ | ​ | ​
Accrued interest and other liabilities | ​ | $ | 5,094 | ​ | $ | 8,404
Dividends payable | ​ | ​ | 993 | ​ | ​ | 910
Junior subordinated debt | ​ | ​ | 30,929 | ​ | ​ | 30,929
Shareholders' equity | ​ | ​ | 141,900 | ​ | ​ | 131,047
Total Liabilities and Shareholders' Equity | ​ | $ | 178,916 | ​ | $ | 171,290
​ Condensed Statements of Income ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended
​ | ​ | December 31,
(In thousands) |  | 2021 |  | 2020
Income: | ​ | ​ | ​ | ​ | ​ | ​
Dividend income from bank subsidiary | ​ | $ | 18,791 | ​ | $ | 7,328
Interest income on investments | ​ | ​ | 479 | ​ | ​ | 603
Other income | ​ | ​ | 1,740 | ​ | ​ | 61
Total other income | ​ | ​ | 2,219 | ​ | ​ | 664
Total Income | ​ | ​ | 21,010 | ​ | ​ | 7,992
Expenses: | ​ | ​ | ​ | ​ | ​ | ​
Interest expense | ​ | ​ | 1,264 | ​ | ​ | 1,354
Other expenses | ​ | ​ | 6,346 | ​ | ​ | 3,607
Total Expenses | ​ | ​ | 7,610 | ​ | ​ | 4,961
Income before income taxes and equity in undistributed net income of subsidiaries | ​ | ​ | 13,400 | ​ | ​ | 3,031
Applicable income tax benefit | ​ | ​ | 1,193 | ​ | ​ | 982
Net income before equity in undistributed net income of subsidiaries | ​ | ​ | 14,593 | ​ | ​ | 4,013
Equity in undistributed net income of subsidiaries: | ​ | ​ | ​ | ​ | ​ | ​
Bank | ​ | ​ | 5,177 | ​ | ​ | 9,828
Net Income | ​ | $ | 19,770 | ​ | $ | 13,841
​ Condensed Statements of Comprehensive Income ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended
​ | ​ | December 31,
Components of Comprehensive Income (in thousands) |  | 2021 |  | 2020
Net Income | ​ | $ | 19,770 | ​ | $ | 13,841
Unrealized losses on AFS Securities, net of tax | ​ | ​ | (749) | ​ | ​ | (3,330)
Unrealized gains/(losses) on cash flow hedges, net of tax | ​ | ​ | 635 | ​ | ​ | (869)
Other comprehensive loss, net of tax | ​ | ​ | (114) | ​ | ​ | (4,199)
Comprehensive income | ​ | $ | 19,656 | ​ | $ | 9,642
​ Condensed Statements of Cash Flows ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended
​ | ​ | December 31,
(In thousands) |  | 2021 |  | 2020
Operating Activities | ​ | ​ | ​ | ​ | ​ | ​
Net Income | ​ | $ | 19,770 | ​ | $ | 13,841
Adjustments to reconcile net income to net cash provided by operating activities: | ​ | ​ | ​ | ​ | ​ | ​
Equity in undistributed net income of subsidiaries | ​ | ​ | (5,177) | ​ | ​ | (9,828)
Increase in other assets | ​ | ​ | (1,518) | ​ | ​ | (1,490)
(Decrease)/increase in accrued interest payable and other liabilities | ​ | ​ | (2,595) | ​ | ​ | 3,286
Stock compensation | ​ | ​ | 472 | ​ | ​ | 345
Net cash provided by operating activities | ​ | ​ | 10,952 | ​ | ​ | 6,154
Financing Activities | ​ | ​ | ​ | ​ | ​ | ​
Proceeds from issuance of common stock | ​ | ​ | 211 | ​ | ​ | 198
Repurchase of common stock | ​ | ​ | (7,175) | ​ | ​ | (2,754)
Cash dividends on common stock | ​ | ​ | (3,974) | ​ | ​ | (3,646)
Net cash used in financing activities | ​ | ​ | (10,938) | ​ | ​ | (6,202)
Increase/(decrease) in cash and cash equivalents | ​ | ​ | 14 | ​ | ​ | (48)
Cash and cash equivalents at beginning of year | ​ | ​ | 186 | ​ | ​ | 234
Cash and cash equivalents at end of year | ​ | $ | 200 | ​ | $ | 186
​ Accumulated Other Comprehensive Loss ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Components of Other Comprehensive Loss (in thousands) |  | Before Tax Amount |  | Tax (Expense) Benefit |  | Net
For the year ended December 31, 2021 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Available for Sale Securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Unrealized holding losses | ​ | $ | (1,022) | ​ | $ | 273 | ​ | $ | (749)
Cash flow hedges: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Unrealized holding gains | ​ | ​ | 867 | ​ | ​ | (232) | ​ | ​ | 635
Other comprehensive loss | ​ | $ | (155) | ​ | $ | 41 | ​ | $ | (114)
For the year ended December 31, 2020 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Available for Sale Securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Unrealized holding losses | ​ | $ | (4,548) | ​ | $ | 1,218 | ​ | $ | (3,330)
Cash flow hedges: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Unrealized holding losses | ​ | ​ | (1,187) | ​ | ​ | 318 | ​ | ​ | (869)
Other comprehensive loss | ​ | $ | (5,735) | ​ | $ | 1,536 | ​ | $ | (4,199)
​

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 10 -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(Schedule I)) -URI http://asc.fasb.org/extlink&oid=120391182&loc=d3e5864-122674 Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=123454820&loc=d3e5283-111683 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690 + Details
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