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Parent Company Only Financial Information (Tables)

12 Months Ended

Dec. 31, 2021

Parent Company Only Financial Information

Condensed Statement 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 Statement 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 Statement 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 Cash Flow Statement

​

​	​	​	​	​	​	​
​	​	​	​	​	​	​
​	​	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 Income

​

​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​
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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