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Parent Company Only Financial Information (Tables) | 12 Months Ended
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Dec. 31, 2022
Parent Company Only Financial Information |
Condensed Statement of Financial Condition | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31,
(In thousands) |  | 2022 |  | 2021
Assets | ​ | ​ | ​ | ​ | ​ | ​
Cash | ​ | $ | 11,296 | ​ | $ | 200
Investment securities- Available for Sale (at fair value) | ​ | ​ | 14,603 | ​ | ​ | 15,816
Investment in bank subsidiary | ​ | ​ | 153,245 | ​ | ​ | 154,405
Investment in non-bank subsidiaries | ​ | ​ | 929 | ​ | ​ | 929
Other assets | ​ | ​ | 8,273 | ​ | ​ | 7,566
Total Assets | ​ | $ | 188,346 | ​ | $ | 178,916
Liabilities and Shareholders' Equity | ​ | ​ | ​ | ​ | ​ | ​
Accrued interest and other liabilities | ​ | $ | 4,425 | ​ | $ | 5,094
Dividends payable | ​ | ​ | 1,199 | ​ | ​ | 993
Junior subordinated debt | ​ | ​ | 30,929 | ​ | ​ | 30,929
Shareholders' equity | ​ | ​ | 151,793 | ​ | ​ | 141,900
Total Liabilities and Shareholders' Equity | ​ | $ | 188,346 | ​ | $ | 178,916
​
Condensed Statement of Income | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended
​ | ​ | December 31,
(In thousands) |  | 2022 |  | 2021
Income: | ​ | ​ | ​ | ​ | ​ | ​
Dividend income from bank subsidiary | ​ | $ | 14,995 | ​ | $ | 18,791
Interest income on investments | ​ | ​ | 780 | ​ | ​ | 479
Other income | ​ | ​ | 63 | ​ | ​ | 1,740
Total other income | ​ | ​ | 843 | ​ | ​ | 2,219
Total Income | ​ | ​ | 15,838 | ​ | ​ | 21,010
Expenses: | ​ | ​ | ​ | ​ | ​ | ​
Interest expense | ​ | ​ | 1,451 | ​ | ​ | 1,264
Other expenses | ​ | ​ | 249 | ​ | ​ | 6,346
Total Expenses | ​ | ​ | 1,700 | ​ | ​ | 7,610
Income before income taxes and equity in undistributed net income of subsidiaries | ​ | ​ | 14,138 | ​ | ​ | 13,400
Applicable income tax benefit | ​ | ​ | 194 | ​ | ​ | 1,193
Net income before equity in undistributed net income of subsidiaries | ​ | ​ | 14,332 | ​ | ​ | 14,593
Equity in undistributed net income of subsidiaries: | ​ | ​ | ​ | ​ | ​ | ​
Bank | ​ | ​ | 10,716 | ​ | ​ | 5,177
Net Income | ​ | $ | 25,048 | ​ | $ | 19,770
​
Condensed Statement of Comprehensive Income | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended
​ | ​ | December 31,
Components of Comprehensive Income (in thousands) |  | 2022 |  | 2021
Net Income | ​ | $ | 25,048 | ​ | $ | 19,770
Unrealized losses on AFS Securities, net of tax | ​ | ​ | (954) | ​ | ​ | (749)
Unrealized gains on cash flow hedges, net of tax | ​ | ​ | 1,116 | ​ | ​ | 635
Other comprehensive income/(loss), net of tax | ​ | ​ | 162 | ​ | ​ | (114)
Comprehensive income | ​ | $ | 25,210 | ​ | $ | 19,656
​
Condensed Cash Flow Statement | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended
​ | ​ | December 31,
(In thousands) |  | 2022 |  | 2021
Operating Activities | ​ | ​ | ​ | ​ | ​ | ​
Net Income | ​ | $ | 25,048 | ​ | $ | 19,770
Adjustments to reconcile net income to net cash provided by operating activities: | ​ | ​ | ​ | ​ | ​ | ​
Equity in undistributed net income of subsidiaries | ​ | ​ | (10,716) | ​ | ​ | (5,177)
Increase in other assets | ​ | ​ | (448) | ​ | ​ | (1,518)
Increase/(decrease) in accrued interest payable and other liabilities | ​ | ​ | 655 | ​ | ​ | (2,595)
Stock compensation | ​ | ​ | 532 | ​ | ​ | 472
Net cash provided by operating activities | ​ | ​ | 15,071 | ​ | ​ | 10,952
Financing Activities | ​ | ​ | ​ | ​ | ​ | ​
Proceeds from issuance of common stock | ​ | ​ | 217 | ​ | ​ | 211
Repurchase of common stock | ​ | ​ | — | ​ | ​ | (7,175)
Cash dividends on common stock | ​ | ​ | (4,192) | ​ | ​ | (3,974)
Net cash used in financing activities | ​ | ​ | (3,975) | ​ | ​ | (10,938)
Increase in cash and cash equivalents | ​ | ​ | 11,096 | ​ | ​ | 14
Cash and cash equivalents at beginning of year | ​ | ​ | 200 | ​ | ​ | 186
Cash and cash equivalents at end of year | ​ | $ | 11,296 | ​ | $ | 200
​
Accumulated Other Comprehensive Income | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Components of Other Comprehensive Income/(Loss) (in thousands) |  | Before Tax Amount |  | Tax (Expense) Benefit |  | Net
For the year ended December 31, 2022 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Available for Sale Securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Unrealized holding losses | ​ | $ | (1,298) | ​ | $ | 344 | ​ | $ | (954)
Cash flow hedges: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Unrealized holding gains | ​ | ​ | 1,521 | ​ | ​ | (405) | ​ | ​ | 1,116
Other comprehensive income | ​ | $ | 223 | ​ | $ | (61) | ​ | $ | 162
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)

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