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Parent Only Condensed Financial Information (Tables) | 12 Months Ended
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Dec. 31, 2022
Parent Only Condensed Financial Information [Abstract] |
Statements of Financial Condition |
STATEMENTS OF FINANCIAL CONDITION |  |  |  |  |
| Years Ended December 31,
|  | 2022 |  |  | 2021
|  | (In Thousands)
Assets |  |  |  |  |
Cash and due from banks | $ | 1,553 |  | $ | 3,812
Investment in subsidiaries |  | 327,960 |  |  | 307,165
Restricted common stock |  | 124 |  |  | 124
Other assets |  | 110 |  |  | 1,331
Total assets |  | 329,747 |  |  | 312,432
Liabilities and Stockholders' Equity |  |  |  |  |
Liabilities |  |  |  |  |
Subordinated debentures | $ | 37,508 |  | $ | 37,275
Other Liabilities |  | 985 |  |  | 1,133
Total liabilities |  | 38,493 |  |  | 38,408
Stockholder's Equity |  | 291,254 |  |  | 274,024
Total Liabilities and Stockholders' Equity | $ | 329,747 |  | $ | 312,432
Statements of Operations |
STATEMENTS OF OPERATIONS |  |  |  |  |
|  | Years Ended December 31,
|  | 2022 |  |  | 2021
|  | (In Thousands)
Dividends from Bank | $ | 22,338 |  | $ | 15,885
Interest and dividends from investments |  | - |  |  | -
Total Income |  | 22,338 |  |  | 15,885
Interest expense, borrowed money |  | 2,299 |  |  | 2,230
Other |  | 366 |  |  | 353
Total Expense |  | 2,665 |  |  | 2,583
Income before Income Tax Expense and Equity in Undistributed Earnings of Subsidiaries |  | 19,673 |  |  | 13,302
Income tax benefit |  | (843) |  |  | (777)
Income before Equity in Undistributed Earnings of Subsidiaries |  | 20,516 |  |  | 14,079
Equity in undistributed earnings of subsidiaries |  | 25,063 |  |  | 20,161
Net Income | $ | 45,579 |  | $ | 34,240
Statements of Cash Flows |
STATEMENTS OF CASH FLOWS |  |  |  |  |
|  | Years Ended December 31,
|  | 2022 |  |  | 2021
|  | (In Thousands)
Cash Flows from Operating Activities |  |  |  |  |
Net Income | $ | 45,579 |  | $ | 34,240
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |
Amortization |  | 233 |  |  | 233
Equity in undistributed earnings of subsidiaries |  | (25,063) |  |  | (20,161)
Decrease (increase) in other assets |  | 1,223 |  |  | (781)
(Decrease) increase in other liabilities |  | (149) |  |  | 10
Net Cash Provided By Operating Activities |  | 21,823 |  |  | 13,541
Cash Flows from Investing Activities |  |  |  |  |
Additional investment in subsidiary |  | (2,220) |  |  | (289)
Net Cash Used In Investing Activities | $ | (2,220) |  | $ | (289)
Cash Flows from Financing Activities |  |  |  |  |
Proceeds from issuance of preferred stock |  | 6,810 |  |  | 3,200
Redemption of preferred stock |  | (14,730) |  |  | -
Proceeds from issuance of common stock |  | 639 |  |  | 765
Cash dividends paid |  | (11,175) |  |  | (10,935)
Purchase of treasury stock |  | (3,406) |  |  | (4,207)
Net Cash Provided by (Used in) Financing Activities |  | (21,862) |  |  | (11,177)
Net Increase (Decrease) in Cash and Cash Equivalents |  | (2,259) |  |  | 2,075
Cash and Cash Equivalents - Beginning | $ | 3,812 |  | $ | 1,737
Cash and Cash Equivalents - Ending | $ | 1,553 |  | $ | 3,812

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