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Parent Only Condensed Financial Information (Tables) | 12 Months Ended
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Dec. 31, 2021
Parent Only Condensed Financial Information [Abstract] |
Statements of Financial Condition | STATEMENTS OF FINANCIAL CONDITION Years Ended December 31, 2021 2020 (In Thousands)Assets Cash and due from banks$ 3,812 $1,737Investment in subsidiaries 307,165 284,965Restricted common stock 124 124Other assets 1,331 550Total assets 312,432 287,376Liabilities and Stockholders' Equity Liabilities Subordinated debentures$ 37,275 $37,042Other Liabilities 1,133 1,123Total liabilities 38,408 38,165Stockholder's Equity 274,024 249,211Total Liabilities and Stockholders' Equity$ 312,432 $287,376
Statements of Operations | STATEMENTS OF OPERATIONS Years Ended December 31, 2021 2020 (In Thousands)Dividends from Bank$ 15,885 $17,327Interest and dividends from investments - 2Total Income 15,885 17,329Interest expense, borrowed money 2,230 2,256Other 353 289Total Expense 2,583 2545Income before Income Tax Expense and Equity in Undistributed Earnings of Subsidiaries 13,302 14,784Income tax benefit (777) (765)Income before Equity in Undistributed Earnings of Subsidiaries 14,079 15,549Equity in undistributed earnings of subsidiaries 20,161 5,308Net Income$ 34,240 $20,857
Statements of Cash Flows | STATEMENTS OF CASH FLOWS Years Ended December 31, 2021 2020 (In Thousands)Cash Flows from Operating Activities Net Income$ 34,240 $ 20,857 Adjustments to reconcile net income to net cash provided by operating activities: Amortization 233 232 Equity in undistributed earnings of subsidiaries (20,161) (5,308)Decrease (increase) in other assets (781) 141 (Decrease) increase in other liabilities 10 (58)Net Cash Provided By Operating Activities 13,541 15,864 Cash Flows from Investing Activities Additional investment in subsidiary (289) -Net Cash Used In Investing Activities$ (289) $ -Cash Flows from Financing Activities Proceeds from issuance of preferred stock 3,200 11,192 Redemption of preferred stock - (10,485) Proceeds from issuance of common stock 765 362 Cash dividends paid (10,935) (10,525) Purchase of treasury stock (4,207) (4,870)Net Cash Provided by (Used in) Financing Activities (11,177) (14,326)Net Increase (Decrease) in Cash and Cash Equivalents 2,075 1,538 Cash and Cash Equivalents - Beginning$ 1,737 $ 199 Cash and Cash Equivalents - Ending$ 3,812 $ 1,737

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