XML 69 R55.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Condensed Financial Statements of Parent Company (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2024
Condensed Financial Information Disclosure [Abstract] |
Schedule of Condensed Balance Sheets |
Balance Sheets |  |  |  |  |  |
|  | (In Thousands) |
|  | 2024 |  |  | 2023 |
Assets |  |  |  |  |  |
Cash |  | $ | 4,554 |  |  | $ | 3,790 |
Interest-bearing time deposits |  |  | 2,457 |  |  |  | 2,466 |
Related party receivables: |  |  |  |  |  |
Dividends and accounts receivable from subsidiary |  |  | 4,010 |  |  |  | 3,884 |
Accrued interest receivable - available-for-sale securities / interest bearing time deposits |  |  | 47 |  |  |  | 46 |
Securities - US Treasuries / municipals |  |  | 4,391 |  |  |  | 5,675 |
Investment in subsidiaries |  |  | 358,127 |  |  |  | 338,893 |
Other assets |  |  | 49 |  |  |  | 44 |
Total Assets |  | $ | 373,635 |  |  | $ | 354,798 |
Liabilities |  |  |  |  |  |
Subordinated notes, net of unamortized issuance costs |  |  | 34,818 |  |  |  | 34,702 |
Dividends payable |  |  | 2,996 |  |  |  | 2,974 |
Accrued interest payable |  |  | 474 |  |  |  | 474 |
Accrued expenses |  |  | 136 |  |  |  | 105 |
Total Liabilities |  |  | 38,424 |  |  |  | 38,255 |
Stockholders' Equity |  |  | 335,211 |  |  |  | 316,543 |
Total Liabilities and Stockholders' Equity |  | $ | 373,635 |  |  | $ | 354,798 |
Schedule of Condensed Income and Comprehensive Income Statements |
Statements of Income and Comprehensive Income |  |  |  |  |  |  |  |  |
|  | (In Thousands) |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Income |  |  |  |  |  |  |  |  |
Dividends from subsidiaries |  | $ | 12,100 |  |  | $ | 7,500 |  |  | $ | 44,285 |
Distributed earnings of dissolved subsidiary |  |  | - |  |  |  | 1,005 |  |  |  | - |
Interest - available-for-sale securities / interest-bearing time deposits |  |  | 240 |  |  |  | 162 |  |  |  | 308 |
Noninterest income |  |  | 23 |  |  |  | 4 |  |  |  | - |
Total income |  |  | 12,363 |  |  |  | 8,671 |  |  |  | 44,593 |
Expenses |  |  |  |  |  |  |  |  |
Interest |  |  | 1,138 |  |  |  | 1,258 |  |  |  | 1,588 |
Operating expenses |  |  | 1,178 |  |  |  | 1,143 |  |  |  | 1,176 |
Total expenses |  |  | 2,316 |  |  |  | 2,401 |  |  |  | 2,764 |
Income Before Income Taxes and Equity in Undistributed Earnings of Subsidiaries |  |  | 10,047 |  |  |  | 6,270 |  |  |  | 41,829 |
Income Taxes (Benefit) |  |  | (452 | ) |  |  | (495 | ) |  |  | (535 | )
|  |  | 10,499 |  |  |  | 6,765 |  |  |  | 42,364 |
Equity in undistributed (distributions in excess of) earnings of subsidiaries |  |  | 15,439 |  |  |  | 16,022 |  |  |  | (9,849 | )
Net Income |  |  | 25,938 |  |  |  | 22,787 |  |  |  | 32,515 |
Other Comprehensive Income (Loss): |  |  |  |  |  |  |  |  |
Unrealized gains (losses) on securities, net of taxes |  |  | 3,789 |  |  |  | 9,221 |  |  |  | (35,049 | )
Comprehensive Income (Loss) |  | $ | 29,727 |  |  | $ | 32,008 |  |  | $ | (2,534 | )
Schedule of Condensed Cash Flow Statement |
Statements of Cash Flows |  |  |  |  |  |  |  |  |
|  | (In Thousands) |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Cash Flows from Operating Activities |  |  |  |  |  |  |  |  |
Net income |  | $ | 25,938 |  |  | $ | 22,787 |  |  | $ | 32,515 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |  |  |  |
Equity in undistributed (distributions in excess of) net income |  |  | (15,439 | ) |  |  | (16,022 | ) |  |  | 9,849 |
Amortization of premiums on available-for-sale securities, net |  |  | 13 |  |  |  | 29 |  |  |  | 61 |
Amortization of subordinated notes issuance fees |  |  | 116 |  |  |  | 116 |  |  |  | 116 |
Stock-based compensation expense |  |  | 1,361 |  |  |  | 1,281 |  |  |  | 899 |
Director stock awards |  |  | 188 |  |  |  | 180 |  |  |  | 120 |
Changes in assets and liabilities: |  |  |  |  |  |  |  |  |
Other assets and liabilities |  |  | (100 | ) |  |  | (1,981 | ) |  |  | 2,560 |
Net cash provided by operating activities |  |  | 12,077 |  |  |  | 6,390 |  |  |  | 46,120 |
Cash Flows from Investing Activities |  |  |  |  |  |  |  |  |
Activity in available-for-sale securities: |  |  |  |  |  |  |  |  |
Maturities, prepayments and calls |  |  | 1,580 |  |  |  | 1,445 |  |  |  | 1,540 |
Sales |  |  | - |  |  |  | 1,105 |  |  |  | - |
Purchases |  |  | (316 | ) |  |  | - |  |  |  | (398 | )
Activity in certificates of deposit |  |  |  |  |  |  |  |  |
Maturities |  |  | 739 |  |  |  | - |  |  |  | 1,234 |
Purchases |  |  | (730 | ) |  |  | (498 | ) |  |  | (498 | )
Cash used for acquisitions |  |  | - |  |  |  | - |  |  |  | (9,806 | )
Net cash provided by (used in) investing activities |  |  | 1,273 |  |  |  | 2,052 |  |  |  | (7,928 | )
Cash Flows from Financing Activities |  |  |  |  |  |  |  |  |
Repayments of other borrowings |  |  | - |  |  |  | (10,000 | ) |  |  | (30,000 | )
Purchase of treasury stock |  |  | (664 | ) |  |  | (218 | ) |  |  | (308 | )
Payment of dividends |  |  | (11,922 | ) |  |  | (11,335 | ) |  |  | (10,276 | )
Net cash used in financing activities |  |  | (12,586 | ) |  |  | (21,553 | ) |  |  | (40,584 | )
Net Change in Cash and Cash Equivalents |  |  | 764 |  |  |  | (13,111 | ) |  |  | (2,392 | )
Cash and Cash Equivalents - Beginning of year |  |  | 3,790 |  |  |  | 16,901 |  |  |  | 19,293 |
Cash and Cash Equivalents - End of year |  | $ | 4,554 |  |  | $ | 3,790 |  |  | $ | 16,901 |

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