Parent Company Statements

12 Months Ended

Dec. 31, 2022

Condensed Financial Information Disclosure [Abstract]

Parent Company Statements

Parent Company Statements

CONDENSED BALANCE SHEETS
	December 31,
(In thousands)	2022		2021
ASSETS
Cash and cash equivalents	$	1,849	$	44,825
Investment in subsidiaries	567,581		524,861
Other assets	845		1,604
Total assets	$	570,275	$	571,290
LIABILITIES AND SHAREHOLDERS' EQUITY
Subordinated debt and trust preferred securities	$	56,941	$	74,274
Other liabilities	1,235		6,940
Shareholders' equity	512,099		490,076
Total liabilities and shareholders' equity	$	570,275	$	571,290

CONDENSED STATEMENTS OF INCOME
	Years Ended December 31,
(In thousands)	2022		2021		2020
Income
Dividends from subsidiaries	$	—	$	3,897	$	7,537
Other income	1,130		35		13
Total Income	1,130		3,932		7,550
Expenses	7,333		15,391		3,715
(Loss) income before income tax and equity in undistributed earnings of subsidiaries	(6,203)		(11,459)		3,835
Income Tax Benefit	702		3,140		758
Equity in undistributed earnings of subsidiaries	60,307		37,638		21,616
Net Income	$	54,806	$	29,319	$	26,209

CONDENSED STATEMENTS OF CASH FLOWS
	Years Ended December 31,
(In thousands)	2022		2021		2020
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	54,806	$	29,319	$	26,209
Equity in undistributed earnings of subsidiaries	(60,307)		(37,638)		(21,616)
Stock based compensation	1,142		696		414
Amortization of debt issuance costs	26		26		32
Net change in other assets	759		(1,735)		89
Net change in other liabilities	(6,285)		13,356		9,687
Net cash (used in) provided by operating activities	(9,859)		4,024		14,815
CASH FLOWS FROM INVESTING ACTIVITIES
Net cash paid for acquisition	—		(792)		—
Investment in subsidiary	(1,787)		(27,353)		(10,500)
Purchases of premises and equipment	—		—		—
Net cash used in investing activities	(1,787)		(28,145)		(10,500)
CASH FLOWS FROM FINANCING ACTIVITIES
Dividends paid	(12,735)		(8,872)		(6,504)
Employee and Director Stock Purchase Plans stock issuance	364		307		295
Proceeds from issuance of common stock	—		70,545		—
Treasury stock purchased	(2,957)		(128)		(1,795)
Riverview restricted stock (1)	776		—		—
Subordinated debt and trust preferred securities (redemption) issuance	(16,778)		(6,870)		17,510
Other, net	—		(283)		—
Net cash (used in) provided by financing activities	(31,330)		54,699		9,506
Net (decrease) increase in cash and cash equivalents	(42,976)		30,578		13,821
Cash and cash equivalents, beginning of year	44,825		14,247		426
Cash and cash equivalents, end of year	$	1,849	$	44,825	$	14,247

(1) Additionally, 2,500 shares of restricted stock were paid out in cash resulting in $776 thousand of cash consideration relating to stock awards.