Parent Only Condensed Financial Statements (Tables)

12 Months Ended

Dec. 31, 2020

CONDENSED BALANCE SHEETS

December 31, 2020 and 2019


(In thousands)	2020		2019
ASSETS
Cash and cash equivalents	$	896	$	1,675
Investment in Bank subsidiary	249,037		231,671
Other assets	354		220
Total assets	$	250,287	$	233,566
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities:
Junior subordinated debentures due to subsidiary grantor trust	$	5,155	$	5,155
Other liabilities	111		283
Total liabilities	5,266		5,438
Shareholders’ equity:



Common stock	79,416		89,379
Retained earnings	150,749		135,932
Accumulated other comprehensive income, net of tax	14,856		2,817
Total shareholders’ equity	245,021		228,128
Total liabilities and shareholders’ equity	$	250,287	$	233,566

CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

For the Years Ended December 31, 2020, 2019, and 2018


(In thousands)	2020		2019		2018
Income:
Dividends declared by Subsidiary - eliminated in consolidation	$	15,622	$	20,100	$	2,850
Other income	4		6		6
Total income	15,626		20,106		2,856
Expenses:
Interest on junior subordinated deferrable interest debentures	130		210		199
Professional fees	283		209		217
Other expenses	555		437		548
Total expenses	968		856		964
Income before equity in undistributed net income of Subsidiary	14,658		19,250		1,892
Equity in undistributed net income of Subsidiary, net of distributions	5,328		1,932		19,075
Income before income tax benefit	19,986		21,182		20,967
Benefit from income taxes	361		261		322


Net income	$	20,347	$	21,443	$	21,289

Comprehensive income	$	32,386	$	28,667	$	13,912

CONDENSED STATEMENTS OF CASH FLOWS

For the Years Ended December 31, 2020, 2019, and 2018


(In thousands)	2020		2019		2018
Cash flows from operating activities:
Net income	$	20,347	$	21,443	$	21,289
Adjustments to reconcile net income to net cash provided by operating activities:
Undistributed net income of subsidiary, net of distributions	(5,328)		(1,932)		(19,075)
Equity-based compensation	470		555		482

Net (increase) decrease in other assets	(208)		136		372
Net (decrease) increase in other liabilities	(31)		69		166
Benefit for deferred income taxes	75		10		11
Net cash provided by operating activities	15,325		20,281		3,245
Cash flows used in investing activities:
Investment in subsidiary	—		—		—
Cash flows from financing activities:



Cash dividend payments on common stock	(5,530)		(5,805)		(4,270)

Purchase and retirement of common stock	(11,052)		(15,619)		(894)
Proceeds from exercise of stock options	279		276		738
Proceeds from stock issued under employee stock purchase plan	199		216		211


Net cash used in financing activities	(16,104)		(20,932)		(4,215)
Decrease in cash and cash equivalents	(779)		(651)		(970)
Cash and cash equivalents at beginning of year	1,675		2,326		3,296
Cash and cash equivalents at end of year	$	896	$	1,675	$	2,326

Supplemental Disclosure of Cash Flow Information:
Cash paid during the year for interest	$	153	$	215	$	185