Parent Company Only Financial Information

12 Months Ended

Dec. 31, 2024

Parent Company Only Financial Information

Parent Company Only Financial Information

21. Parent Company Only Financial Information

Condensed Statements of Financial Condition

	December 31,
(in thousands)	2024		2023
Assets
Cash	$	5,208	$	9,739
Investment securities- available for sale (at fair value)		13,463		13,591
Investment in bank subsidiary		185,974		164,878
Investment in non-bank subsidiaries		929		929
Other assets		11,323		9,794
Total Assets	$	216,897	$	198,931
Liabilities and Shareholders' Equity
Accrued interest and other liabilities	$	5,249	$	4,799
Dividends payable		1,424		1,330
Junior subordinated debt		30,929		30,929
Shareholders' equity		179,295		161,873
Total Liabilities and Shareholders' Equity	$	216,897	$	198,931

Condensed Statements of Income

	December 31,
(in thousands)	2024		2023
Income:
Dividend income from bank subsidiary	$	6,052	$	6,130
Interest income on investments		1,676		1,715
Other income		78		75
Total other income		1,754		1,790
Total Income		7,806		7,920
Expenses:
Interest expense		2,034		1,950
Other expenses		608		715
Total Expenses		2,642		2,665
Income before income taxes and equity in undistributed net income of subsidiaries		5,164		5,255
Applicable income tax benefit		204		213
Net income before equity in undistributed net income of subsidiaries		5,368		5,468
Equity in undistributed net income of subsidiaries:
Bank		15,201		9,592
Net Income	$	20,569	$	15,060

Condensed Statements of Comprehensive Income

	December 31,
Components of Comprehensive Income (in thousands)	2024		2023
Net Income	$	20,569	$	15,060
Unrealized losses on AFS securities, net of tax		(110)		(771)
Unrealized losses on cash flow hedges, net of tax		(197)		(228)
Other comprehensive loss, net of tax		(307)		(999)
Comprehensive income	$	20,262	$	14,061

Condensed Statements of Cash Flows

	December 31,
(in thousands)	2024		2023
Operating Activities
Net Income	$	20,569	$	15,060
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed net income of subsidiaries		(15,201)		(9,592)
Increase in other assets		(1,675)		(1,323)
Increase in accrued interest payable and other liabilities		253		273
Stock compensation		475		527
Net cash provided by operating activities		4,421		4,945
Investing Activities
Proceeds from principal paydowns on AFS securities		163		43
Net cash provided by investing activities		163		43
Financing Activities
Proceeds from issuance of common stock		290		293
Repurchase of common stock		(4,032)		(1,495)
Cash dividends on common stock		(5,373)		(5,343)
Net cash used in financing activities		(9,115)		(6,545)
Decrease in cash and cash equivalents		(4,531)		(1,557)
Cash and cash equivalents at beginning of year		9,739		11,296
Cash and cash equivalents at end of year	$	5,208	$	9,739