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Parent Company financial statements | 12 Months Ended
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Dec. 31, 2023
Parent Company financial statements |
Parent Company financial statements | 17. Parent Company financial statements: CONDENSED BALANCE SHEETS ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(Dollars in thousands) |  | 2023 |  | 2022 |
Assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash and cash equivalents | ​ | $ | 188 | ​ | $ | 359 | ​
Equity securities | ​ | ​ | 98 | ​ | ​ | 110 | ​
Investment in bank subsidiary | ​ |  | 372,348 | ​ |  | 346,734 | ​
Other assets | ​ |  | 936 | ​ |  | 1,295 | ​
Total assets | ​ | $ | 373,570 | ​ | $ | 348,498 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Liabilities and Stockholders’ Equity: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Subordinated debt | ​ | $ | 33,000 | ​ | $ | 33,000 | ​
Accrued interest payable | ​ | ​ | 148 | ​ | ​ | 148 | ​
Stockholders’ equity | ​ |  | 340,422 | ​ |  | 315,350 | ​
Total liabilities and stockholders’ equity | ​ | $ | 373,570 | ​ | $ | 348,498 | ​
​ CONDENSED STATEMENTS OF INCOME ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(Dollars in thousands) |  | 2023 |  | 2022 |  | 2021 |
Income: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Dividends from subsidiaries | ​ | $ | 20,158 | ​ | $ | 11,325 | ​ | $ | 17,593 | ​
Other income | ​ | ​ | 4 | ​ | ​ | 3 | ​ | ​ | 4 | ​
Unrealized holding (losses) gains on equity securities | ​ |  | (11) | ​ |  | (31) | ​ |  | 2 | ​
Total income | ​ |  | 20,151 | ​ |  | 11,297 | ​ |  | 17,599 | ​
Expense: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Acquisition related expenses | ​ | ​ | 1,580 | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest expense on subordinated debt | ​ | ​ | 1,774 | ​ | ​ | 1,774 | ​ | ​ | 1,774 | ​
Other expenses | ​ |  | 1,538 | ​ |  | 1,188 | ​ |  | 222 | ​
Total expenses | ​ |  | 4,892 | ​ |  | 2,962 | ​ |  | 1,996 | ​
Income before taxes and undistributed income | ​ |  | 15,259 | ​ |  | 8,335 | ​ |  | 15,603 | ​
Income tax benefit | ​ | ​ | (857) | ​ |  | (624) | ​ |  | (410) | ​
Income before undistributed income of subsidiaries | ​ |  | 16,116 | ​ |  | 8,959 | ​ |  | 16,013 | ​
Equity in undistributed net income of subsidiaries | ​ |  | 11,264 | ​ |  | 29,131 | ​ |  | 27,506 | ​
Net income | ​ | $ | 27,380 | ​ | $ | 38,090 | ​ | $ | 43,519 | ​
​ condensed Statements of Cash Flows ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(Dollars in thousands) |  | 2023 |  | 2022 |  | 2021 |
Cash flows from operating activities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income | ​ | $ | 27,380 | ​ | $ | 38,090 | ​ | $ | 43,519 | ​
Adjustments: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net losses (gains) on investment securities | ​ |  | 11 | ​ |  | 31 | ​ |  | (2) | ​
Undistributed net income of subsidiaries | ​ |  | (11,264) | ​ |  | (29,131) | ​ |  | (27,506) | ​
Decrease (increase) in other assets | ​ |  | 359 | ​ |  | (591) | ​ | ​ | (429) | ​
Decrease in other liabilities | ​ |  | ​ | ​ |  | (40) | ​ |  | ​ | ​
Stock based compensation | ​ |  | 888 | ​ |  | 534 | ​ |  | 546 | ​
Net cash provided by operating activities | ​ |  | 17,374 | ​ |  | 8,893 | ​ |  | 16,128 | ​
Cash flows from financing activities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Retirement of common stock | ​ |  | (5,886) | ​ | ​ | (1,253) | ​ | ​ | (2,361) | ​
Cash dividends paid | ​ |  | (11,659) | ​ |  | (11,325) | ​ |  | (10,792) | ​
Net cash used in financing activities | ​ |  | (17,545) | ​ |  | (12,578) | ​ |  | (13,153) | ​
(Decrease) increase in cash and cash equivalents | ​ |  | (171) | ​ |  | (3,685) | ​ |  | 2,975 | ​
Cash and cash equivalents at beginning of year | ​ |  | 359 | ​ |  | 4,044 | ​ |  | 1,069 | ​
Cash and cash equivalents at end of year | ​ | $ | 188 | ​ | $ | 359 | ​ | $ | 4,044 | ​
​

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 205 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(Schedule I)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480922/205-10-S99-6 Reference 3: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-11 + Details
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