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Parent Company Only Financial Information | 12 Months Ended
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Dec. 31, 2022
Parent Company Only Financial Information |
Parent Company Only Financial Information | 23. Parent Company Only Financial Information Condensed Statements 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 Statements 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 Statements 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 Statements of Cash Flows ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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 Loss ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
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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- 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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