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Condensed Financial Statements of Parent Company | 12 Months Ended
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Dec. 31, 2022
Condensed Financial Information Disclosure [Abstract] |
Condensed Financial Statements of Parent Company | Note 18 – Condensed Financial Statements of Parent Company
Balance Sheets |  |  |  |  |  |
|  | (In Thousands) |
|  | 2022 |  |  | 2021 |
Assets |  |  |  |  |  |
Cash |  | $ | 16,901 |  |  | $ | 19,293 |
Interest-bearing time deposits |  |  | 498 |  |  |  | 1,234 |
Related party receivables: |  |  |  |  |  |
Dividends and accounts receivable from subsidiary |  |  | 2,114 |  |  |  | 4,636 |
Accrued interest receivable - municipals / interest bearing time deposits |  |  | 38 |  |  |  | 43 |
Securities - municipals |  |  | 7,460 |  |  |  | 9,027 |
Investment in subsidiaries |  |  | 319,371 |  |  |  | 340,733 |
Total Assets |  | $ | 346,382 |  |  | $ | 374,966 |
Liabilities |  |  |  |  |  |
Other borrowings |  | $ | 10,000 |  |  | $ | 40,000 |
Subordinated notes, net of unamortized issuance costs |  |  | 34,586 |  |  |  | 34,471 |
Dividends payable |  |  | 2,832 |  |  |  | 2,461 |
Accrued interest payable |  |  | 618 |  |  |  | 743 |
Accrued expenses |  |  | 206 |  |  |  | 124 |
Total Liabilities |  |  | 48,242 |  |  |  | 77,799 |
Stockholders' Equity |  |  | 298,140 |  |  |  | 297,167 |
Total Liabilities and Stockholders' Equity |  | $ | 346,382 |  |  | $ | 374,966 |
Statements of Income and Comprehensive Income |  |  |  |  |  |  |  |  |
|  | (In Thousands) |
|  | 2022 |  |  | 2021 |  |  | 2020 |
Income |  |  |  |  |  |  |  |  |
Dividends from subsidiaries |  | $ | 44,285 |  |  | $ | 23,200 |  |  | $ | 8,800 |
Interest - municipals / interest-bearing time deposits |  |  | 308 |  |  |  | 253 |  |  |  | 382 |
Loss on sales of available-for-sale securities |  |  | - |  |  |  | 293 |  |  |  | - |
Total income |  |  | 44,593 |  |  |  | 23,746 |  |  |  | 9,182 |
Expenses |  |  |  |  |  |  |  |  |
Interest |  |  | 1,588 |  |  |  | 743 |  |  |  | - |
Operating expenses |  |  | 1,176 |  |  |  | 1,335 |  |  |  | 923 |
Total expenses |  |  | 2,764 |  |  |  | 2,078 |  |  |  | 923 |
Income Before Income Taxes and Equity in Undistributed Earnings of Subsidiaries |  |  | 41,829 |  |  |  | 21,668 |  |  |  | 8,259 |
Income Taxes (Benefit) |  |  | (535 | ) |  |  | (347 | ) |  |  | (184 | )
|  |  | 42,364 |  |  |  | 22,015 |  |  |  | 8,443 |
Equity in undistributed earnings of subsidiaries |  |  | (9,849 | ) |  |  | 1,480 |  |  |  | 11,652 |
Net Income |  |  | 32,515 |  |  |  | 23,495 |  |  |  | 20,095 |
Other Comprehensive Income (Loss): |  |  |  |  |  |  |  |  |
Unrealized gains (losses) on securities, net of taxes |  |  | (35,049 | ) |  |  | (8,881 | ) |  |  | 4,599 |
Comprehensive Income (Loss) |  | $ | (2,534 | ) |  | $ | 14,614 |  |  | $ | 24,694 |
Statements of Cash Flows |  |  |  |  |  |  |  |  |
|  | (In Thousands) |
|  | 2022 |  |  | 2021 |  |  | 2020 |
Cash Flows from Operating Activities |  |  |  |  |  |  |  |  |
Net income |  | $ | 32,515 |  |  | $ | 23,495 |  |  | $ | 20,095 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |  |  |  |
Equity in undistributed net income |  |  | 9,849 |  |  |  | (1,480 | ) |  |  | (11,652 | )
Amortization of premiums on available-for-sale securities, net |  |  | 61 |  |  |  | 81 |  |  |  | 154 |
Amortization of subordinated notes issuance fees |  |  | 116 |  |  |  | 49 |  |  |  | - |
Stock-based compensation expense |  |  | 899 |  |  |  | 822 |  |  |  | 1,024 |
Director stock awards |  |  | 120 |  |  |  | 73 |  |  |  | 48 |
Gain on sale of available-for-sale securities |  |  | - |  |  |  | (293 | ) |  |  | - |
Changes in assets and liabilities: |  |  |  |  |  |  |  |  |
Other assets and liabilities |  |  | 2,560 |  |  |  | (456 | ) |  |  | 1,742 |
Net cash provided by operating activities |  |  | 46,120 |  |  |  | 22,291 |  |  |  | 11,411 |
Cash Flows from Investing Activities |  |  |  |  |  |  |  |  |
Activity in available-for-sale securities: |  |  |  |  |  |  |  |  |
Maturities, prepayments and calls |  |  | 1,540 |  |  |  | 795 |  |  |  | 385 |
Sales |  |  | - |  |  |  | 7,773 |  |  |  | - |
Purchases |  |  | (398 | ) |  |  | - |  |  |  | (745 | )
Activity in certificates of deposit |  |  |  |  |  |  |  |  |
Maturities |  |  | 1,234 |  |  |  | 493 |  |  |  | - |
Purchases |  |  | (498 | ) |  |  | - |  |  |  | - |
Cash used for acquisitions |  |  | (9,806 | ) |  |  | (79,235 | ) |  |  | - |
Net cash used in investing activities |  |  | (7,928 | ) |  |  | (70,174 | ) |  |  | (360 | )
Cash Flows from Financing Activities |  |  |  |  |  |  |  |  |
Proceeds (repayments) of other borrowings |  |  | (30,000 | ) |  |  | 35,000 |  |  |  | - |
Purchase of treasury stock |  |  | (308 | ) |  |  | (338 | ) |  |  | (383 | )
Proceeds from issuance of subordinated notes |  |  | - |  |  |  | 34,421 |  |  |  | - |
Payment of dividends |  |  | (10,276 | ) |  |  | (7,670 | ) |  |  | (7,186 | )
Net cash provided by (used in) financing activities |  |  | (40,584 | ) |  |  | 61,413 |  |  |  | (7,569 | )
Net Change in Cash and Cash Equivalents |  |  | (2,392 | ) |  |  | 13,530 |  |  |  | 3,482 |
Cash and Cash Equivalents - Beginning of year |  |  | 19,293 |  |  |  | 5,763 |  |  |  | 2,281 |
Cash and Cash Equivalents - End of year |  | $ | 16,901 |  |  | $ | 19,293 |  |  | $ | 5,763 |

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 10 -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(Schedule I)) -URI https://asc.fasb.org/extlink&oid=126898705&loc=d3e5864-122674 Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI https://asc.fasb.org/extlink&oid=126929396&loc=d3e5283-111683 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690 + Details
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