Parent Only Condensed Financial Information (Tables)

12 Months Ended

Dec. 31, 2020



STATEMENTS OF FINANCIAL CONDITION
	Years Ended December 31,
		2020		2019
		(In Thousands)
Assets
Cash and due from banks	$	1,737	$	199
Investment in subsidiaries		284,965		276,450
Restricted common stock		124		124
Other assets		550		691
Total assets		287,376		277,464
Liabilities and Stockholders' Equity
Liabilities
Subordinated debentures	$	37,042	$	36,810
Other Liabilities		1,123		1,181
Total liabilities		38,165		37,991
Stockholder's Equity		249,211		239,473
Total Liabilities and Stockholders' Equity	$	287,376	$	277,464



STATEMENTS OF OPERATIONS
		Years Ended December 31,
		2020		2019
		(In Thousands)
Dividends from Bank	$	17,327	$	12,033
Interest and dividends from investments		2		7
Total Income		17,329		12,040
Interest expense, borrowed money		2,256		2,313
Other		289		419
Total Expense		2,545		2732
Income before Income Tax Expense and Equity in Undistributed Earnings of Subsidiaries		14,784		9,308
Income tax benefit		(765)		(618)
Income before Equity in Undistributed Earnings of Subsidiaries		15,549		9,926
Equity in undistributed earnings of subsidiaries		5,308		11,108
Net Income	$	20,857	$	21,034



STATEMENTS OF CASH FLOWS
		Years Ended December 31,
		2020		2019
		(In Thousands)
Cash Flows from Operating Activities
Net Income	$	20,857	$	21,034
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization		232		233
Equity in undistributed (earnings) of subsidiaries		(5,308)		(11,108)
Decrease (increase) in other assets		141		101
(Decrease) increase in other liabilities		(58)		129
Net Cash Provided By Operating Activities		15,864		10,389
Cash Flows from Investing Activities
Additional investment in subsidiary		-		(25,769)
Net Cash Used In Investing Activities	$	-	$	(25,769)
Cash Flows from Financing Activities
Proceeds from issuance of preferred stock		11,192		5,310
Redemption of preferred stock		(10,485)		-
Proceeds from issuance of common stock		362		19,129
Proceeds from issuance of subordinated debt		-		-
Cash dividends paid		(10,525)		(10,060)
Purchase of treasury stock		(4,870)		-
Net Cash Provided by (Used in) Financing Activities		(14,326)		14,379
Net Increase (Decrease) in Cash and Cash Equivalents		1,538		(1,001)
Cash and Cash Equivalents - Beginning	$	199	$	1,200
Cash and Cash Equivalents - Ending	$	1,737	$	199