Parent Company Only Financial Statements (Tables)

12 Months Ended

Dec. 31, 2020

Condensed financial statements of the Parent Company only are as follows:

Condensed Statements of Financial Condition


	At December 31,
	2020		2019
	(In Thousands)
ASSETS
Cash and due from banks	$	22,780	$	6,418
Investment in subsidiary	178,651		201,097
Premises and equipment, net	3		7
Deferred income taxes, net	205		187
Other assets	2,525		2,853
Total assets	$	204,164	$	210,562
LIABILITIES AND SHAREHOLDERS’ EQUITY
Subordinated debentures	$	25,258	$	25,207
Accrued expenses and other liabilities	2,304		2,958
Shareholders’ equity	176,602		182,397
Total liabilities and shareholders’ equity	$	204,164	$	210,562

Condensed Statements of Income


	Year Ended December 31,
	2020		2019		2018
	(In Thousands)
Interest income	$	16	$	17	$	15
Dividend income from subsidiary	24,600		7,500		4,000
Total income	24,616		7,517		4,015
Expenses	4,325		3,488		3,444
Income before equity in undistributed earnings of subsidiaries	20,291		4,029		571
Equity in undistributed earnings of subsidiaries	(14,387)		14,187		16,862
Net Income	$	5,904	$	18,216	$	17,433

Condensed Statements of Cash Flows


	For the Years Ended December 31,
	2020		2019		2018
	(In Thousands)
Cash flows from operating activities
Net income	$	5,904	$	18,216	$	17,433
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed earnings	14,387		(14,187)		(16,862)
Decrease in other assets	327		84		6,131
Increase in deferred income taxes, net	(18)		(57)		(76)
Decrease in other liabilities	(654)		(26)		(1,296)
Stock-based compensation	1,770		1,020		1,290
Amortization of debt issuance costs	52		52		52
Net cash provided by operating activities	21,768		5,102		6,672
Cash flows from investing activities
Decrease in premises and equipment, net	4		4		6
Net cash provided by investing activities	4		4		6
Cash flows from financing activities
Proceeds from exercise of options & warrants	16		30		936
Dividends paid on common stock	(4,389)		(4,079)		(3,759)
Repurchase of common stock	(1,037)		(988)		—


Net cash used in financing activities	(5,410)		(5,037)		(2,823)
Net increase in cash and cash equivalents	16,362		69		3,855
Cash and cash equivalents:
Beginning of year	6,418		6,349		2,494
End of year	$	22,780	$	6,418	$	6,349
Supplemental disclosures of cash flows information:
Cash paid for:
Interest	—		—		—
Income taxes	—		—		—