Condensed Financial Statements of Parent Company (Tables)

12 Months Ended

Dec. 31, 2022

Condensed Financial Information Disclosure [Abstract]

Schedule of Condensed Balance Sheets

Balance Sheets
	(In Thousands)
	2022		2021
Assets
Cash	$	16,901	$	19,293
Interest-bearing time deposits		498		1,234
Related party receivables:
Dividends and accounts receivable from subsidiary		2,114		4,636
Accrued interest receivable - municipals / interest     bearing time deposits		38		43
Securities - municipals		7,460		9,027
Investment in subsidiaries		319,371		340,733
Total Assets	$	346,382	$	374,966
Liabilities
Other borrowings	$	10,000	$	40,000
Subordinated notes, net of unamortized issuance costs		34,586		34,471
Dividends payable		2,832		2,461
Accrued interest payable		618		743
Accrued expenses		206		124
Total Liabilities		48,242		77,799
Stockholders' Equity		298,140		297,167
Total Liabilities and Stockholders' Equity	$	346,382	$	374,966

Schedule of Condensed Income and Comprehensive Income Statements

Statements of Income and Comprehensive Income
	(In Thousands)
	2022			2021			2020
Income
Dividends from subsidiaries	$	44,285		$	23,200		$	8,800
Interest - municipals / interest-bearing time deposits		308			253			382
Loss on sales of available-for-sale securities		-			293			-
Total income		44,593			23,746			9,182
Expenses
Interest		1,588			743			-
Operating expenses		1,176			1,335			923
Total expenses		2,764			2,078			923
Income Before Income Taxes and Equity in    Undistributed Earnings of Subsidiaries		41,829			21,668			8,259
Income Taxes (Benefit)		(535	)		(347	)		(184	)
		42,364			22,015			8,443
Equity in undistributed earnings of subsidiaries		(9,849	)		1,480			11,652
Net Income		32,515			23,495			20,095
Other Comprehensive Income (Loss):
Unrealized gains (losses) on securities, net of taxes		(35,049	)		(8,881	)		4,599
Comprehensive Income (Loss)	$	(2,534	)	$	14,614		$	24,694

Schedule of Condensed Cash Flow Statement

Statements of Cash Flows
	(In Thousands)
	2022			2021			2020
Cash Flows from Operating Activities
Net income	$	32,515		$	23,495		$	20,095
Adjustments to reconcile net income to net cash    provided by operating activities:
Equity in undistributed net income		9,849			(1,480	)		(11,652	)
Amortization of premiums on available-for-sale securities, net		61			81			154
Amortization of subordinated notes issuance fees		116			49			-
Stock-based compensation expense		899			822			1,024
Director stock awards		120			73			48
Gain on sale of available-for-sale securities		-			(293	)		-
Changes in assets and liabilities:
Other assets and liabilities		2,560			(456	)		1,742
Net cash provided by operating activities		46,120			22,291			11,411
Cash Flows from Investing Activities
Activity in available-for-sale securities:
Maturities, prepayments and calls		1,540			795			385
Sales		-			7,773			-
Purchases		(398	)		-			(745	)
Activity in certificates of deposit
Maturities		1,234			493			-
Purchases		(498	)		-			-
Cash used for acquisitions		(9,806	)		(79,235	)		-
Net cash used in investing activities		(7,928	)		(70,174	)		(360	)
Cash Flows from Financing Activities
Proceeds (repayments) of other borrowings		(30,000	)		35,000			-
Purchase of treasury stock		(308	)		(338	)		(383	)
Proceeds from issuance of subordinated notes		-			34,421			-
Payment of dividends		(10,276	)		(7,670	)		(7,186	)
Net cash provided by (used in) financing activities		(40,584	)		61,413			(7,569	)
Net Change in Cash and Cash Equivalents		(2,392	)		13,530			3,482
Cash and Cash Equivalents - Beginning of year		19,293			5,763			2,281
Cash and Cash Equivalents - End of year	$	16,901		$	19,293		$	5,763