Parent Only Condensed Financial Information (Tables)

12 Months Ended

Dec. 31, 2022

Parent Only Condensed Financial Information [Abstract]

Statements of Financial Condition

STATEMENTS OF FINANCIAL CONDITION
	Years Ended December 31,
		2022		2021
		(In Thousands)
Assets
Cash and due from banks	$	1,553	$	3,812
Investment in subsidiaries		327,960		307,165
Restricted common stock		124		124
Other assets		110		1,331
Total assets		329,747		312,432
Liabilities and Stockholders' Equity
Liabilities
Subordinated debentures	$	37,508	$	37,275
Other Liabilities		985		1,133
Total liabilities		38,493		38,408
Stockholder's Equity		291,254		274,024
Total Liabilities and Stockholders' Equity	$	329,747	$	312,432

Statements of Operations

STATEMENTS OF OPERATIONS
		Years Ended December 31,
		2022		2021
		(In Thousands)
Dividends from Bank	$	22,338	$	15,885
Interest and dividends from investments		-		-
Total Income		22,338		15,885
Interest expense, borrowed money		2,299		2,230
Other		366		353
Total Expense		2,665		2,583
Income before Income Tax Expense and Equity in Undistributed Earnings of Subsidiaries		19,673		13,302
Income tax benefit		(843)		(777)
Income before Equity in Undistributed Earnings of Subsidiaries		20,516		14,079
Equity in undistributed earnings of subsidiaries		25,063		20,161
Net Income	$	45,579	$	34,240

Statements of Cash Flows

STATEMENTS OF CASH FLOWS
		Years Ended December 31,
		2022		2021
		(In Thousands)
Cash Flows from Operating Activities
Net Income	$	45,579	$	34,240
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization		233		233
Equity in undistributed earnings of subsidiaries		(25,063)		(20,161)
Decrease (increase) in other assets		1,223		(781)
(Decrease) increase in other liabilities		(149)		10
Net Cash Provided By Operating Activities		21,823		13,541
Cash Flows from Investing Activities
Additional investment in subsidiary		(2,220)		(289)
Net Cash Used In Investing Activities	$	(2,220)	$	(289)
Cash Flows from Financing Activities
Proceeds from issuance of preferred stock		6,810		3,200
Redemption of preferred stock		(14,730)		-
Proceeds from issuance of common stock		639		765
Cash dividends paid		(11,175)		(10,935)
Purchase of treasury stock		(3,406)		(4,207)
Net Cash Provided by (Used in) Financing Activities		(21,862)		(11,177)
Net Increase (Decrease) in Cash and Cash Equivalents		(2,259)		2,075
Cash and Cash Equivalents - Beginning	$	3,812	$	1,737
Cash and Cash Equivalents - Ending	$	1,553	$	3,812