Parent Company Statements

12 Months Ended

Dec. 31, 2024

Condensed Financial Information Disclosure [Abstract]

Parent Company Statements

Parent Company Statements

CONDENSED BALANCE SHEETS
	December 31,
(In thousands)	2024		2023
ASSETS
Cash and cash equivalents	$	83,209	$	10,064
Investment in subsidiaries	617,476		575,971
Other assets	1,423		4,252
Total assets	$	702,108	$	590,287
LIABILITIES AND SHAREHOLDERS' EQUITY
Subordinated debt and trust preferred securities	$	45,741	$	46,354
Other liabilities	1,349		1,583
Shareholders' equity	655,018		542,350
Total liabilities and shareholders' equity	$	702,108	$	590,287

CONDENSED STATEMENTS OF INCOME
	Years Ended December 31,
(In thousands)	2024		2023		2022
Income
Other income	$	62	$	147	$	1,130
Total Income	62		147		1,130
Expenses	6,677		10,865		7,333
(Loss) income before income tax and equity in undistributed earnings of subsidiaries	(6,615)		(10,718)		(6,203)
Income Tax Benefit	1,549		2,932		702
Equity in undistributed earnings of subsidiaries	54,503		45,183		60,307
Net Income	$	49,437	$	37,397	$	54,806

CONDENSED STATEMENTS OF CASH FLOWS
	Years Ended December 31,
(In thousands)	2024		2023		2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	49,437	$	37,397	$	54,806
Equity in undistributed earnings of subsidiaries	(54,503)		(45,183)		(60,307)
Stock based compensation	1,047		1,103		1,142
Amortization of debt issuance costs	7		7		26
Net change in other assets	2,829		(3,407)		759
Net change in other liabilities	(854)		(246)		(6,285)
Net cash (used in) provided by operating activities	(2,037)		(10,329)		(9,859)
CASH FLOWS FROM INVESTING ACTIVITIES
Net cash paid for acquisition	—		(25,574)		—
Investment in subsidiary	12,810		71,493		(1,787)
Net cash provided by (used in) investing activities	12,810		45,919		(1,787)
CASH FLOWS FROM FINANCING ACTIVITIES
Dividends paid	(13,822)		(12,981)		(12,735)
Employee and Director Stock Purchase Plans stock issuance	561		482		364
Proceeds from issuance of common stock	75,956		—		—
Treasury stock purchased	(323)		(4,876)		(2,957)
Riverview restricted stock (1)	—		—		776
Subordinated debt and trust preferred securities redemption	—		(10,000)		(16,778)
Net cash (used in) provided by financing activities	62,372		(27,375)		(31,330)
Net increase (decrease) in cash and cash equivalents	73,145		8,215		(42,976)
Cash and cash equivalents, beginning of year	10,064		1,849		44,825
Cash and cash equivalents, end of year	$	83,209	$	10,064	$	1,849

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