Parent Only Condensed Financial Statements (Tables)
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12 Months Ended |
Dec. 31, 2020 |
Condensed Financial Information Disclosure [Abstract] |
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Condensed Balance Sheets |
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 | |
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Condensed Statements of Income and Comprehensive Income |
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 | |
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Condensed Statements of Cash Flows |
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 | | | | | | | | | | | | | | | | | | | | | | |
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