Parent Only Condensed Financial Information (Tables)

12 Months Ended

Dec. 31, 2024



STATEMENTS OF FINANCIAL CONDITION
	Years Ended December 31,
		2024		2023
	(In Thousands)
Assets
Cash and due from banks	$	3,289	$	1,290
Investment in subsidiaries		364,781		349,775
Restricted common stock		124		124
Other assets		402		1,172
Total assets		368,596		352,361
Liabilities and Stockholders' Equity
Liabilities
Subordinated debentures	$	42,961	$	37,624
Other liabilities		1,710		682
Total liabilities		44,671		38,306
Stockholders' Equity		323,925		314,055
Total Liabilities and Stockholders' Equity	$	368,596	$	352,361



STATEMENTS OF OPERATIONS
	Years Ended December 31,
		2024		2023		2022
	(In Thousands)
Dividends from Bank	$	19,387	$	20,580	$	22,338
Interest and dividends from investments		2		2		-
Total Income		19,389		20,582		22,338
Interest expense, borrowed money		3,894		2,725		2,299
Other		442		422		366
Total Expense		4,336		3,147		2,665
Income before Income Tax Benefit and Equity in Undistributed Earnings of Subsidiaries		15,053		17,435		19,673
Income tax benefit		(1,273)		(924)		(843)
Income before Equity in Undistributed Earnings of Subsidiaries		16,326		18,359		20,516
Equity in undistributed earnings of subsidiaries		2,297		11,124		25,063
Net Income	$	18,623	$	29,483	$	45,579



STATEMENTS OF CASH FLOWS
	Years Ended December 31,
		2024		2023		2022
	(In Thousands)
Cash Flows from Operating Activities
Net Income	$	18,623	$	29,483	$	45,579
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization		83		116		233
Equity in undistributed earnings of subsidiaries		(2,297)		(11,124)		(25,063)
Decrease (increase) in other assets		770		(1,062)		1,223
(Decrease) increase in other liabilities		1,028		(303)		(149)
Net Cash Provided By Operating Activities		18,207		17,110		21,823
Cash Flows from Investing Activities
Additional investment in subsidiary		(9,690)		(8,227)		(2,220)
Net Cash Used In Investing Activities	$	(9,690)	$	(8,227)	$	(2,220)
Cash Flows from Financing Activities
Proceeds from issuance of preferred stock		9,690		15,270		6,810
Redemption of preferred stock		(10,010)		(11,230)		(14,730)
Proceeds from issuance of common stock		824		1,773		639
Proceeds from issuance of subordinated debt		38,754		-		-
Redemption of subordinated debt		(33,500)		-		-
Cash dividends paid		(12,276)		(11,142)		(11,175)
Purchase of treasury stock		-		(3,816)		(3,406)
Net Cash Provided by (Used in) Financing Activities		(6,518)		(9,145)		(21,862)
Net Increase (Decrease) in Cash and Cash Equivalents		1,999		(263)		(2,259)
Cash and Cash Equivalents - Beginning	$	1,290	$	1,553	$	3,812
Cash and Cash Equivalents - Ending	$	3,289	$	1,290	$	1,553