Parent Company Only Financial Information

12 Months Ended

Dec. 31, 2022

Parent Company Only Financial Information

Parent Company Only Financial Information

23. Parent Company Only Financial Information

Condensed Statements of Financial Condition

	December 31,
(In thousands)	2022		2021
Assets
Cash	$	11,296	$	200
Investment securities- Available for Sale (at fair value)		14,603		15,816
Investment in bank subsidiary		153,245		154,405
Investment in non-bank subsidiaries		929		929
Other assets		8,273		7,566
Total Assets	$	188,346	$	178,916
Liabilities and Shareholders' Equity
Accrued interest and other liabilities	$	4,425	$	5,094
Dividends payable		1,199		993
Junior subordinated debt		30,929		30,929
Shareholders' equity		151,793		141,900
Total Liabilities and Shareholders' Equity	$	188,346	$	178,916

Condensed Statements of Income

	Year Ended
	December 31,
(In thousands)	2022		2021
Income:
Dividend income from bank subsidiary	$	14,995	$	18,791
Interest income on investments		780		479
Other income		63		1,740
Total other income		843		2,219
Total Income		15,838		21,010
Expenses:
Interest expense		1,451		1,264
Other expenses		249		6,346
Total Expenses		1,700		7,610
Income before income taxes and equity in undistributed net income of subsidiaries		14,138		13,400
Applicable income tax benefit		194		1,193
Net income before equity in undistributed net income of subsidiaries		14,332		14,593
Equity in undistributed net income of subsidiaries:
Bank		10,716		5,177
Net Income	$	25,048	$	19,770

Condensed Statements of Comprehensive Income

	Year Ended
	December 31,
Components of Comprehensive Income (in thousands)	2022		2021
Net Income	$	25,048	$	19,770
Unrealized losses on AFS Securities, net of tax		(954)		(749)
Unrealized gains on cash flow hedges, net of tax		1,116		635
Other comprehensive income/(loss), net of tax		162		(114)
Comprehensive income	$	25,210	$	19,656

Condensed Statements of Cash Flows

	Year Ended
	December 31,
(In thousands)	2022		2021
Operating Activities
Net Income	$	25,048	$	19,770
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed net income of subsidiaries		(10,716)		(5,177)
Increase in other assets		(448)		(1,518)
Increase/(decrease) in accrued interest payable and other liabilities		655		(2,595)
Stock compensation		532		472
Net cash provided by operating activities		15,071		10,952
Financing Activities
Proceeds from issuance of common stock		217		211
Repurchase of common stock		—		(7,175)
Cash dividends on common stock		(4,192)		(3,974)
Net cash used in financing activities		(3,975)		(10,938)
Increase in cash and cash equivalents		11,096		14
Cash and cash equivalents at beginning of year		200		186
Cash and cash equivalents at end of year	$	11,296	$	200

Accumulated Other Comprehensive Loss

Components of Other Comprehensive Income/(Loss) (in thousands)	Before Tax Amount		Tax (Expense) Benefit		Net
For the year ended December 31, 2022
Available for Sale Securities:
Unrealized holding losses	$	(1,298)	$	344	$	(954)
Cash flow hedges:
Unrealized holding gains		1,521		(405)		1,116
Other comprehensive income	$	223	$	(61)	$	162
For the year ended December 31, 2021
Available for Sale Securities:
Unrealized holding losses	$	(1,022)	$	273	$	(749)
Cash flow hedges:
Unrealized holding gains		867		(232)		635
Other comprehensive loss	$	(155)	$	41	$	(114)