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v3.24.1

Parent-only Financial Statements (Tables) | 12 Months Ended
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Dec. 31, 2023
Parent-only Financial Statements [Abstract] |
Condensed Balance Sheets |
Condensed Balance Sheets |  |  |
|  | December 31, |
Assets |  | 2023 |  |  | 2022 |
Cash and due from banks |  | $ | 40 |  |  | $ | 297 |
Investment in bank subsidiary |  |  | 169,275 |  |  |  | 143,049 |
Dividends receivable |  |  | 1,932 |  |  |  | 1,463 |
Goodwill |  |  | 1,011 |  |  |  | 1,011 |
Total assets |  | $ | 172,258 |  |  | $ | 145,820 |
Liabilities and Shareholders’ Equity |  |  |  |  |  |  |  |
Dividends Payable |  | $ | 1,932 |  |  | $ | 1,463 |
Other liabilities |  |  | - |  |  |  | 257 |
Total liabilities |  |  | 1,932 |  |  |  | 1,720 |
Total shareholders’ equity |  |  | 170,326 |  |  |  | 144,100 |
Total liabilities and shareholders’ equity |  | $ | 172,258 |  |  | $ | 145,820 |
Condensed Statements of Income |
Condensed Statements of Comprehensive Income |  | For the Years Ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Income |  |  |  |  |  |  |  |  |
Dividends from subsidiary bank |  | $ | 6,790 |  |  | $ | 4,738 |  |  | $ | 4,078 |
Total Income |  |  | 6,790 |  |  |  | 4,738 |  |  |  | 4,078 |
Expense |  |  |  |  |  |  |  |  |  |  |  |
Other |  |  | - |  |  |  | - |  |  |  | - |
Total expense |  |  | - |  |  |  | - |  |  |  | - |
Income and equity in undistributed net income of bank subsidiary |  |  | 6,790 |  |  |  | 4,738 |  |  |  | 4,078 |
Equity in undistributed net income of bank subsidiary |  |  | 21,485 |  |  |  | 24,900 |  |  |  | 19,081 |
Income before Taxes |  |  | 28,275 |  |  |  | 29,638 |  |  |  | 23,159 |
Income tax expense |  |  | - |  |  |  | - |  |  |  | - |
Net Income Available to Common Shareholders |  | $ | 28,275 |  |  | $ | 29,638 |  |  | $ | 23,159 |
Other Comprehensive Income |  |  |  |  |  |  |  |  |  |  |  |
Equity in other comprehensive (loss) income of subsidiary |  | $ | 3,158 |  |  | $ | (9,447 | ) |  | $ | 144 |
Other comprehensive gain(loss) |  | $ | 3,158 |  |  | $ | (9,447 | ) |  | $ | 144 |
Comprehensive Income |  | $ | 31,433 |  |  | $ | 20,191 |  |  | $ | 23,303 |
Condensed Statements of Cash Flows |
Condensed Statements of Cash Flows |  | For the Years Ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Operating Activities |  |  |  |  |  |  |  |  |
Net income |  | $ | 28,275 |  |  | $ | 29,638 |  |  | $ | 23,159 |
Items not requiring (providing) cash |  |  |  |  |  |  |  |  |  |  |  |
Equity in undistributed net income |  |  | (21,485 | ) |  |  | (24,900 | ) |  |  | (19,081 | )
Changes in |  |  |  |  |  |  |  |  |  |  |  |
Other current assets and liabilities |  |  | (727 | ) |  |  | (374 | ) |  |  | (102 | )
Net cash provided by operating activities |  |  | 6,063 |  |  |  | 4,364 |  |  |  | 3,976 |
Financing Activities |  |  |  |  |  |  |  |  |  |  |  |
Common stock issued, net of offering costs |  |  | 1 |  |  |  | - |  |  |  | 1 |
Dividends paid |  |  | (6,323 | ) |  |  | (4,364 | ) |  |  | (3,982 | )
Net cash used in financing activities |  |  | (6,322 | ) |  |  | (4,364 | ) |  |  | (3,981 | )
Increase (Decrease) in Cash and Due from Banks |  |  | (259 | ) |  |  | - |  |  |  | (5 | )
Cash and Due from Banks, Beginning of Period |  |  | 297 |  |  |  | 297 |  |  |  | 302 |
Cash and Due from Banks, End of Period |  | $ | 38 |  |  | $ | 297 |  |  | $ | 297 |
Supplemental Disclosure of Cash Flows Information |  |  |  |  |  |  |  |  |  |  |  |
Dividends declared and not paid |  | $ | 1,932 |  |  | $ | 1,463 |  |  | $ | 1,089 |

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