Parent Only Condensed Financial Information (Tables)

12 Months Ended

Dec. 31, 2019



STATEMENTS OF FINANCIAL CONDITION
	Years Ended December 31,
		2019		2018
		(In Thousands)
Assets
Cash and due from banks	$	199	$	1,200
Investment in subsidiaries		276,450		235,728
Restricted common stock		124		124
Other assets		691		792
Total assets		277,464		237,844
Liabilities and Stockholders' Equity
Liabilities
Subordinated debentures	$	36,810	$	36,577
Other Liabilities		1,181		1,052
Total liabilities		37,991		37,629
Stockholder's Equity		239,473		200,215
Total Liabilities and Stockholders' Equity	$	277,464	$	237,844



STATEMENTS OF OPERATIONS
		Years Ended December 31,
		2019		2018
		(In Thousands)
Dividends from Bank	$	12,033	$	13,936
Interest and dividends from investments		7		9
Total Income		12,040		13,945
Interest expense, borrowed money		2,313		1,110
Other		419		215
Total Expense		2,732		1325
Income before Income Tax Expense and Equity in Undistributed Earnings of Subsidiaries		9,308		12,620
Income tax benefit		(618)		(270)
Income before Equity in Undistributed Earnings of Subsidiaries		9,926		12,890
Equity in undistributed earnings of subsidiaries		11,108		3,873
Net Income	$	21,034	$	16,763



STATEMENTS OF CASH FLOWS
		Years Ended December 31,
		2019		2018
		(In Thousands)
Cash Flows from Operating Activities
Net Income	$	21,034	$	16,763
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization		233		116
Equity in undistributed (earnings) of subsidiaries		(11,108)		(3,873)
Decrease (increase) in other assets		101		(109)
(Decrease) increase in other liabilities		129		851
Net Cash Provided By Operating Activities		10,389		13,748
Cash Flows from Investing Activities
Additional investment in subsidiary		(25,769)		(36,887)
Net Cash Used In Investing Activities	$	(25,769)	$	(36,887)
Cash Flows from Financing Activities
Proceeds from issuance of preferred stock		5,310		-
Proceeds from issuance of common stock		19,129		506
Proceeds from issuance of subordinated debt		-		32,337
Cash dividends paid		(10,060)		(9,356)
Net Cash Provided by (Used in) Financing Activities		14,379		23,487
Net Increase (Decrease) in Cash and Cash Equivalents		(1,001)		348
Cash and Cash Equivalents - Beginning	$	1,200	$	852
Cash and Cash Equivalents - Ending	$	199	$	1,200