XML 64 R50.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Condensed Financial Statements of Parent Company (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
Condensed Financial Information Disclosure [Abstract] |
Schedule of Condensed Balance Sheets |
Balance Sheets |  |  |  |  |  |
|  | (In Thousands) |
|  | 2023 |  |  | 2022 |
Assets |  |  |  |  |  |
Cash |  | $ | 3,790 |  |  | $ | 16,901 |
Interest-bearing time deposits |  |  | 2,466 |  |  |  | 498 |
Related party receivables: |  |  |  |  |  |
Dividends and accounts receivable from subsidiary |  |  | 3,928 |  |  |  | 2,114 |
Accrued interest receivable - available-for-sale securities / interest bearing time deposits |  |  | 46 |  |  |  | 38 |
Securities - US Treasuries / municipals |  |  | 5,675 |  |  |  | 7,460 |
Investment in subsidiaries |  |  | 338,893 |  |  |  | 319,371 |
Total Assets |  | $ | 354,798 |  |  | $ | 346,382 |
Liabilities |  |  |  |  |  |
Other borrowings |  | $ | - |  |  | $ | 10,000 |
Subordinated notes, net of unamortized issuance costs |  |  | 34,769 |  |  |  | 34,586 |
Dividends payable |  |  | 2,974 |  |  |  | 2,832 |
Accrued interest payable |  |  | 474 |  |  |  | 618 |
Accrued expenses |  |  | 38 |  |  |  | 206 |
Total Liabilities |  |  | 38,255 |  |  |  | 48,242 |
Stockholders' Equity |  |  | 316,543 |  |  |  | 298,140 |
Total Liabilities and Stockholders' Equity |  | $ | 354,798 |  |  | $ | 346,382 |
Schedule of Condensed Income and Comprehensive Income Statements |
Statements of Income and Comprehensive Income |  |  |  |  |  |  |  |  |
|  | (In Thousands) |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Income |  |  |  |  |  |  |  |  |
Dividends from subsidiaries |  | $ | 7,500 |  |  | $ | 44,285 |  |  | $ | 23,200 |
Distributed earnings of dissolved subsidiary |  |  | 1,005 |  |  |  | - |  |  |  | - |
Interest - available-for-sale securities / interest-bearing time deposits |  |  | 162 |  |  |  | 308 |  |  |  | 253 |
Noninterest income |  |  | 4 |  |  |  | - |  |  |  | - |
Gain on sales of available-for-sale securities |  |  | - |  |  |  | - |  |  |  | 293 |
Total income |  |  | 8,671 |  |  |  | 44,593 |  |  |  | 23,746 |
Expenses |  |  |  |  |  |  |  |  |
Interest |  |  | 1,258 |  |  |  | 1,588 |  |  |  | 743 |
Operating expenses |  |  | 1,143 |  |  |  | 1,176 |  |  |  | 1,335 |
Total expenses |  |  | 2,401 |  |  |  | 2,764 |  |  |  | 2,078 |
Income Before Income Taxes and Equity in Undistributed Earnings of Subsidiaries |  |  | 6,270 |  |  |  | 41,829 |  |  |  | 21,668 |
Income Taxes (Benefit) |  |  | (495 | ) |  |  | (535 | ) |  |  | (347 | )
|  |  | 6,765 |  |  |  | 42,364 |  |  |  | 22,015 |
Equity in undistributed (distributions in excess of) earnings of subsidiaries |  |  | 16,022 |  |  |  | (9,849 | ) |  |  | 1,480 |
Net Income |  |  | 22,787 |  |  |  | 32,515 |  |  |  | 23,495 |
Other Comprehensive Income (Loss): |  |  |  |  |  |  |  |  |
Unrealized gains (losses) on securities, net of taxes |  |  | 9,221 |  |  |  | (35,049 | ) |  |  | (8,881 | )
Comprehensive Income (Loss) |  | $ | 32,008 |  |  | $ | (2,534 | ) |  | $ | 14,614 |
Schedule of Condensed Cash Flow Statement |
Statements of Cash Flows |  |  |  |  |  |  |  |  |
|  | (In Thousands) |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Cash Flows from Operating Activities |  |  |  |  |  |  |  |  |
Net income |  | $ | 22,787 |  |  | $ | 32,515 |  |  | $ | 23,495 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |  |  |  |
Equity in undistributed (distributions in excess of) net income |  |  | (16,022 | ) |  |  | 9,849 |  |  |  | (1,480 | )
Amortization of premiums on available-for-sale securities, net |  |  | 29 |  |  |  | 61 |  |  |  | 81 |
Amortization of subordinated notes issuance fees |  |  | 116 |  |  |  | 116 |  |  |  | 49 |
Stock-based compensation expense |  |  | 1,281 |  |  |  | 899 |  |  |  | 822 |
Director stock awards |  |  | 180 |  |  |  | 120 |  |  |  | 73 |
Gain on sale of available-for-sale securities |  |  | - |  |  |  | - |  |  |  | (293 | )
Changes in assets and liabilities: |  |  |  |  |  |  |  |  |
Other assets and liabilities |  |  | (1,981 | ) |  |  | 2,560 |  |  |  | (456 | )
Net cash provided by operating activities |  |  | 6,390 |  |  |  | 46,120 |  |  |  | 22,291 |
Cash Flows from Investing Activities |  |  |  |  |  |  |  |  |
Activity in available-for-sale securities: |  |  |  |  |  |  |  |  |
Maturities, prepayments and calls |  |  | 1,445 |  |  |  | 1,540 |  |  |  | 795 |
Sales |  |  | 1,105 |  |  |  | - |  |  |  | 7,773 |
Purchases |  |  | - |  |  |  | (398 | ) |  |  | - |
Activity in certificates of deposit |  |  |  |  |  |  |  |  |
Maturities |  |  | - |  |  |  | 1,234 |  |  |  | 493 |
Purchases |  |  | (498 | ) |  |  | (498 | ) |  |  | - |
Cash used for acquisitions |  |  | - |  |  |  | (9,806 | ) |  |  | (79,235 | )
Net cash provided by (used in) investing activities |  |  | 2,052 |  |  |  | (7,928 | ) |  |  | (70,174 | )
Cash Flows from Financing Activities |  |  |  |  |  |  |  |  |
Proceeds (repayments) of other borrowings |  |  | (10,000 | ) |  |  | (30,000 | ) |  |  | 35,000 |
Purchase of treasury stock |  |  | (218 | ) |  |  | (308 | ) |  |  | (338 | )
Proceeds from issuance of subordinated notes |  |  | - |  |  |  | - |  |  |  | 34,421 |
Payment of dividends |  |  | (11,335 | ) |  |  | (10,276 | ) |  |  | (7,670 | )
Net cash provided by (used in) financing activities |  |  | (21,553 | ) |  |  | (40,584 | ) |  |  | 61,413 |
Net Change in Cash and Cash Equivalents |  |  | (13,111 | ) |  |  | (2,392 | ) |  |  | 13,530 |
Cash and Cash Equivalents - Beginning of year |  |  | 16,901 |  |  |  | 19,293 |  |  |  | 5,763 |
Cash and Cash Equivalents - End of year |  | $ | 3,790 |  |  | $ | 16,901 |  |  | $ | 19,293 |

X
- References No definition available. + Details
Name: | srt_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract
Namespace Prefix: | srt_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of condensed balance sheet, including, but not limited to, balance sheets of consolidated entities and consolidation eliminations. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name Regulation S-X (SX) -Number 210 -Section 12 -Subsection 04 -Paragraph (a) -Publisher SEC Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -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 + Details
Name: | srt_ScheduleOfCondensedBalanceSheetTableTextBlock
Namespace Prefix: | srt_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of condensed cash flow statement, including, but not limited to, cash flow statements of consolidated entities and consolidation eliminations. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name Regulation S-X (SX) -Number 210 -Section 12 -Subsection 04 -Paragraph (a) -Publisher SEC Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -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 + Details
Name: | srt_ScheduleOfCondensedCashFlowStatementTableTextBlock
Namespace Prefix: | srt_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of condensed income statement, including, but not limited to, income statements of consolidated entities and consolidation eliminations. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name Regulation S-X (SX) -Number 210 -Section 12 -Subsection 04 -Paragraph (a) -Publisher SEC Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -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 + Details
Name: | srt_ScheduleOfCondensedIncomeStatementTableTextBlock
Namespace Prefix: | srt_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration