Condensed Financial Information of Parent Company (Tables)

Following are the condensed balance sheets of the Company (parent company only) and the related condensed statements of income and cash flows.


	Condensed Balance Sheets December 31,
(In thousands)	2025		2024
Assets
Cash and due from banks	$	16,302	$	242,693
Short-term investments	22,507		50,410
Investment securities available-for-sale, at fair value	708,710		428,422
Loans, net	47,236		53,841
Payments in advance of funding	164,514		208,530
Investments in subsidiaries	206,012		194,102
Premises and equipment, net	29,086		30,311
Investments in bank-owned life insurance	52,195		50,325
Goodwill	16,027		16,197
Other intangible assets, net	3,728		4,914
Accounts and drafts receivable from customers	69,425		55,906
Other assets	41,955		51,169
Assets from discontinued operations	$	—	$	14,413
Total assets	$	1,377,697	$	1,401,233
Liabilities and Shareholders’ Equity
Liabilities:
Accounts and drafts payable	$	1,116,251	$	1,123,995

Other liabilities	18,448		25,894
Liabilities from discontinued operations	—		22,314
Total liabilities	1,134,699		1,172,203
Total shareholders’ equity	242,998		229,030
Total liabilities and shareholders’ equity	$	1,377,697	$	1,401,233


	Condensed Statements of Income For the Years Ended December 31,
(In thousands)	2025		2024		2023
Equity in undistributed income of subsidiaries	$	9,817	$	2,349	$	19,281
Dividends received from subsidiaries	20,000		20,000		7,500
Income from subsidiaries – management fees	4,285		4,304		4,230
Processing fees	63,897		64,492		59,382
Financial fees	39,038		41,252		43,790
Other	1,830		2,991		1,745
Net interest income after provision for (release of) credit losses	27,299		20,466		19,287
Total revenue	166,166		155,854		155,215
Expenses:
Salaries and employee benefits	94,878		92,514		90,809
Other expenses	41,692		47,465		37,095
Total expenses	136,570		139,979		127,904
Income from continuing operations, before income tax expense	29,596		15,875		27,311
Income tax benefit	(1,516)		(2,683)		(579)
Net income from continuing operations	$	31,112	$	18,558	$	27,890
Income from discontinued operations, net of tax	$	4,004	$	610	$	2,169
Net income	$	35,116	$	19,168	$	30,059


	Condensed Statements of Cash Flows For the Years Ended December 31,
(In thousands)	2025		2024		2023
Cash flows from operating activities:
Net income	$	35,116	$	19,168	$	30,059
Less: net income from discontinued operations	4,004		610		2,169
Net income from continuing operations	31,112		18,558		27,890
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed income of subsidiaries	(9,817)		(2,349)		(19,281)
Net change in other assets	2,100		(7,999)		(3,907)
Net change in other liabilities	(7,447)		2,143		(2,449)
Share-based compensation expense	4,186		3,052		4,007
Other, net	10,418		12,485		9,958
Net cash provided by operating activities - continuing operations	30,552		25,890		16,218
Net cash (used in) provided by operating activities - discontinued operations	(1,371)		2,206		1,551
Net cash provided by operating activities	29,181		28,096		17,769
Cash flows from investing activities:
Proceeds from sales of investment securities available-for-sale	105,870		33,130		86,722
Proceeds from maturities of investment securities available-for-sale	67,591		49,712		23,032
Purchases of investment securities available-for-sale	(435,237)		(119,744)		(15,332)
Net decrease in loans	6,605		16,992		3,977
Proceeds from sale of TEM business	18,000		—		—
Net decrease (increase) in payments in advance of funding	44,016		(9,669)		94,914

Purchases of premises and equipment, net	(5,494)		(8,469)		(11,876)
Asset acquisition	—		(2,954)		—
Net cash (used in) provided by investing activities - continuing operations	(198,649)		(41,002)		181,437
Net cash used in investing activities - discontinued operations	(99)		(817)		(2,386)
Net cash (used in) provided by investing activities	(198,748)		(41,819)		179,051
Cash flows from financing activities:
Net (increase) decrease in accounts and drafts receivable from customers	(13,519)		54,746		(14,872)
Net (decrease) increase in accounts and drafts payable	(7,745)		72,757		13,514

Cash dividends paid	(16,511)		(16,463)		(15,959)
Purchase of common shares for treasury	(25,988)		(7,248)		(5,773)
Other financing activities, net	(1,299)		(1,704)		(834)
Net cash (used in) provided by financing activities - continuing operations	(65,062)		102,088		(23,924)
Net cash (used in) provided by financing activities - discontinued operations	(19,665)		1,566		(1,639)
Net cash (used in) provided by financing activities	(84,727)		103,654		(25,563)
Net (decrease) increase in cash and cash equivalents	(254,294)		89,931		171,257
Cash and cash equivalents at beginning of year	293,103		203,172		31,915
Cash and cash equivalents at end of year	$	38,809	$	293,103	$	203,172