CONDENSED PARENT COMPANY FINANCIAL STATEMENTS

12 Months Ended

Dec. 31, 2022

Condensed Financial Information Disclosure [Abstract]

CONDENSED PARENT COMPANY FINANCIAL STATEMENTS

19. CONDENSED PARENT COMPANY FINANCIAL STATEMENTS

The condensed balance sheets of the parent company are as follows:

	December 31,
	2022		2021
	(In thousands)
ASSETS:
Cash equivalents	$	763	$	4,083
Investment in subsidiaries		233,882		226,015
ESOP loan receivable		3,697		4,356
Other assets		13,784		13,819
TOTAL ASSETS	$	252,126	$	248,273
LIABILITIES:
ESOP loan payable	$	3,697	$	4,356
Other liabilities		20,286		20,229
EQUITY		228,143		223,688
TOTAL LIABILITIES AND EQUITY	$	252,126	$	248,273

The condensed statements of net income for the parent company are as follows:

	Years Ended December 31,
	2022			2021			2020
	(In thousands)
INCOME:
Dividends from subsidiaries	$	8,152		$	13,024		$	15,812
ESOP loan interest income		349			402			457
Other income		2			1			1
Total income		8,503			13,427			16,270
OPERATING EXPENSE:
Salaries and employee benefits		2,011			2,153			1,420
ESOP interest		349			402			457
Other expenses		1,283			998			406
Total operating expense		3,643			3,553			2,283
Income before equity in undistributed income of subsidiaries and income taxes		4,860			9,874			13,987
Equity in undistributed income (loss) of subsidiaries		20,595			13,009			(3,123	)
Net income before taxes		25,455			22,883			10,864
Income tax benefit		(432	)		(816	)		(351	)
Net income	$	25,887		$	23,699		$	11,215

The condensed statements of cash flows of the parent company are as follows:

	Years Ended December 31,
	2022			2021			2020
	(In thousands)
OPERATING ACTIVITIES:
Net income	$	25,887		$	23,699		$	11,215
Equity in undistributed (income) loss of subsidiaries		(20,595	)		(13,009	)		3,123
Net amortization of premiums on subordinated debt		40			27			—
Change in other liabilities		(642	)		(353	)		(672	)
Change in other assets		694			(142	)		335
Other, net		1,757			1,989			1,385
Net cash provided by operating activities		7,141			12,211			15,386
INVESTING ACTIVITIES:
Purchase of securities		(107	)		(105	)		(122	)
Sales of securities		107			105			122
Net cash provided by investing activities		—			—			—
FINANCING ACTIVITIES:
Cash dividends paid		(5,281	)		(4,677	)		(5,037	)
Common stock repurchased		(6,351	)		(23,281	)		(10,519	)
Proceeds from issuance of subordinated debt		—			20,000			—
Payment of subordinated debt issue costs		—			(394	)		—
Issuance of common stock in connection with stock option exercises		1,171			193			43
Net cash used in financing activities		(10,461	)		(8,159	)		(15,513	)
NET CHANGE IN CASH AND
CASH EQUIVALENTS		(3,320	)		4,052			(127	)
CASH AND CASH EQUIVALENTS
Beginning of year		4,083			31			158
End of year	$	763		$	4,083		$	31
Supplemental cash flow information:
Net change in due to broker for common stock repurchased	$	—		$	(160	)	$	160