PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION (Tables)

12 Months Ended

Dec. 31, 2019

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION

Schedule of condensed balance sheets

	December 31,
(In thousands)	2019		2018
Assets:
Cash and cash equivalents	$	3,663	$	1,537
Other assets		174		103
Investment in the Bank		573,410		532,105
Total assets	$	577,247	$	533,745
Liabilities and stockholders’ equity:
Subordinated debentures	$	78,920	$	78,781
Other liabilities		1,173		1,134
Total liabilities		80,093		79,915
Total stockholders’ equity		497,154		453,830
Total liabilities and stockholders’ equity	$	577,247	$	533,745

Schedule of condensed statements of income

	Year Ended December 31,
(In thousands)	2019		2018		2017
Dividends from the Bank	$	24,500	$	15,000	$	—
Interest expense		4,539		4,539		4,588
Non-interest expense		104		135		147
Income (loss) before income taxes and equity in undistributed earnings of the Bank		19,857		10,326		(4,735)
Income tax benefit		(994)		(1,005)		(1,774)
Income (loss) before equity in undistributed earnings of the Bank		20,851		11,331		(2,961)
Equity in undistributed earnings of the Bank		30,840		27,896		23,500
Net income	$	51,691	$	39,227	$	20,539

Schedule of condensed statements of cash flows

	Year Ended December 31,
(In thousands)	2019		2018		2017
Cash flows from operating activities:
Net income	$	51,691	$	39,227	$	20,539
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Equity in undistributed earnings of the Bank		(30,840)		(27,896)		(23,500)
Amortization		139		140		139
(Increase) decrease in other assets		(73)		108		18
Increase (decrease) in other liabilities		39		11		(398)
Net cash provided by (used in) operating activities		20,956		11,590		(3,202)
Cash flows from financing activities:
Repayment of junior subordinated debentures		—		—		(352)
Net proceeds from issuance of common stock		1,102		1,017		951
Purchase of treasury stock		(625)		—		—
Repurchase of surrendered stock from vesting of stock plans		(887)		(586)		(350)
Cash dividends paid		(18,420)		(18,342)		(18,238)
Net cash used in financing activities		(18,830)		(17,911)		(17,989)
Net increase (decrease) in cash and cash equivalents		2,126		(6,321)		(21,191)
Cash and cash equivalents at beginning of year		1,537		7,858		29,049
Cash and cash equivalents at end of year	$	3,663	$	1,537	$	7,858