Condensed Financial Information of Parent Company

12 Months Ended

Dec. 31, 2022

Condensed Financial Information Disclosure [Abstract]

Condensed Financial Information of Parent Company

Condensed Financial Information of Parent Company

Following are the condensed balance sheets of the Company (parent company only) and the related condensed statements of income and cash flows.

	Condensed Balance Sheets December 31,
(In thousands)	2022		2021
Assets
Cash and due from banks	$	5,081	$	132,050
Short-term investments	26,834		585
Securities available-for-sale, at fair value	490,829		566,835
Loans, net	74,810		40,515
Payments in advance of funding	293,775		291,427
Investments in subsidiaries	164,907		164,650
Premises and equipment, net	19,525		17,443
Accounts and drafts receivable from customers	95,779		4,992
Other assets	119,627		90,948
Total assets	$	1,291,167	$	1,309,445
Liabilities and Shareholders’ Equity
Liabilities:
Accounts and drafts payable	$	1,057,463	$	1,041,070
Other liabilities	27,379		22,577
Total liabilities	1,084,842		1,063,647
Total shareholders’ equity	206,325		245,798
Total liabilities and shareholders’ equity	$	1,291,167	$	1,309,445

	Condensed Statements of Income For the Years Ended December 31,
(In thousands)	2022		2021		2020
Income from subsidiaries – management fees	$	4,315	$	3,115	$	2,854
Processing fees	74,382		72,579		72,513
Financial fees	42,243		31,847		22,565
Other fees	2,606		970		1,533
Net interest income after provision for (release of) credit losses	13,435		11,316		10,932
Total revenue	136,981		119,827		110,397
Expenses:
Salaries and employee benefits	94,047		80,434		77,577
Other expenses	32,406		27,406		25,347
Total expenses	126,453		107,840		102,924
Income before income tax and equity in undistributed income of subsidiaries	10,528		11,987		7,473
Income tax expense	1,242		635		340
Income before undistributed income of subsidiaries	9,286		11,352		7,133
Equity in undistributed income of subsidiaries	25,618		17,252		18,043
Net income	$	34,904	$	28,604	$	25,176

	Condensed Statements of Cash Flows For the Years Ended December 31,
(In thousands)	2022		2021		2020
Cash flows from operating activities:
Net income	$	34,904	$	28,604	$	25,176
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Equity in undistributed income of subsidiaries	(25,618)		(17,252)		(18,043)
Net change in other assets	(4,640)		(212)		6,054
Net change in other liabilities	6,462		(9,307)		(6,525)
Stock-based compensation expense	6,732		2,859		2,267
Other, net	25,412		20,921		18,236
Net cash provided by operating activities	43,252		25,613		27,165
Cash flows from investing activities:
Net decrease (increase) in securities	3,064		(226,090)		65,689
Net (increase) decrease in loans	(34,295)		8,799		(2,545)
Net (increase) decrease in payments in advance of funding	(2,347)		(96,864)		11,595
Purchase of bank-owned life insurance	(4,000)		(25,119)		—
Purchases of premises and equipment, net	(5,851)		(2,233)		(1,810)
Asset acquisition of TouchPoint	(4,814)		—		—
Net cash (used in) provided by investing activities	(48,243)		(341,507)		72,929
Cash flows from financing activities:
Net (increase) decrease in accounts and drafts receivable from customers	(90,787)		6		59,404
Net increase in accounts and drafts payable	16,393		208,650		148,935
Short-term borrowings	—		—		(18,000)
Cash dividends paid	(15,442)		(15,446)		(15,599)
Purchase of common shares for treasury	(5,299)		(30,997)		(6,825)
Other financing activities, net	(594)		(850)		(1,098)
Net cash (used in) provided by financing activities	(95,729)		161,363		166,817
Net (decrease) increase in cash and cash equivalents	(100,720)		(154,531)		266,911
Cash and cash equivalents at beginning of year	132,635		287,166		20,255
Cash and cash equivalents at end of year	$	31,915	$	132,635	$	287,166