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Parent Only Condensed Financial Information

12 Months Ended

Dec. 31, 2023

Parent Only Condensed Financial Information [Abstract]

Parent Only Condensed Financial Information

Note 20 - Parent Only Condensed Financial Information

STATEMENTS OF FINANCIAL CONDITION
	Years Ended December 31,
		2023			2022
	(In Thousands)
Assets
Cash and due from banks	$	1,290		$	1,553
Investment in subsidiaries		349,775			327,960
Restricted common stock		124			124
Other assets		1,172			110
Total assets		352,361			329,747
Liabilities and Stockholders' Equity
Liabilities
Subordinated debentures	$	37,624		$	37,508
Other liabilities		682			985
Total liabilities		38,306			38,493
Stockholders' Equity		314,055			291,254
Total Liabilities and Stockholders' Equity	$	352,361		$	329,747

STATEMENTS OF OPERATIONS
	Years Ended December 31,
		2023			2022			2021
	(In Thousands)
Dividends from Bank	$	20,580		$	22,338		$	15,885
Interest and dividends from investments		2			-			-
Total Income		20,582			22,338			15,885
Interest expense, borrowed money		2,725			2,299			2,230
Other		422			366			353
Total Expense		3,147			2,665			2,583
Income before Income Tax Benefit and Equity in Undistributed Earnings of Subsidiaries		17,435			19,673			13,302
Income tax benefit		(924)			(843)			(777)
Income before Equity in Undistributed Earnings of Subsidiaries		18,359			20,516			14,079
Equity in undistributed earnings of subsidiaries		11,124			25,063			20,161
Net Income	$	29,483		$	45,579		$	34,240

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Note 20 - Parent Only Condensed Financial Information

STATEMENTS OF CASH FLOWS
	Years Ended December 31,
		2023			2022			2021
	(In Thousands)
Cash Flows from Operating Activities
Net Income	$	29,483		$	45,579		$	34,240
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization		116			233			233
Equity in undistributed earnings of subsidiaries		(11,124)			(25,063)			(20,161)
Decrease (increase) in other assets		(1,062)			1,223			(781)
(Decrease) increase in other liabilities		(303)			(149)			10
Net Cash Provided By Operating Activities		17,110			21,823			13,541
Cash Flows from Investing Activities
Additional investment in subsidiary		(8,227)			(2,220)			(289)
Net Cash Used In Investing Activities	$	(8,227)		$	(2,220)		$	(289)
Cash Flows from Financing Activities
Proceeds from issuance of preferred stock		15,270			6,810			3,200
Redemption of preferred stock		(11,230)			(14,730)			-
Proceeds from issuance of common stock		1,773			639			765
Cash dividends paid		(11,142)			(11,175)			(10,935)
Purchase of treasury stock		(3,816)			(3,406)			(4,207)
Net Cash Used in Financing Activities		(9,145)			(21,862)			(11,177)
Net Increase (Decrease) in Cash and Cash Equivalents		(263)			(2,259)			2,075
Cash and Cash Equivalents - Beginning	$	1,553		$	3,812		$	1,737
Cash and Cash Equivalents - Ending	$	1,290		$	1,553		$	3,812

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- References

No definition available.

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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
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.5-04(Schedule I))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480922/205-10-S99-6

Reference 3: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481231/810-10-45-11

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