XML 45 R32.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Note 24 - Parent Company Only Financial Information | 12 Months Ended
--- | ---
Dec. 31, 2023
Notes to Financial Statements |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | NOTE 24 – PARENT COMPANY ONLY FINANCIAL INFORMATION The Condensed Balance Sheets, Statements of Income, and Statements of Cash Flows for the Company (Parent Only) are presented below:
Condensed Balance Sheets |  | December 31, |
Assets |  | 2023 |  |  | 2022 |
Cash and due from banks |  | $ | 9,094 |  |  | $ | 7,195 |
Investment in subsidiary |  |  | 305,315 |  |  |  | 274,092 |
Other assets |  |  | 458 |  |  |  | 704 |
Total assets |  | $ | 314,867 |  |  | $ | 281,991 |
Liabilities and Stockholders' Equity |  |  |  |  |  |  |  |
Subordinated notes, net |  |  | 49,527 |  |  |  | 49,461 |
Other liabilities |  |  | 852 |  |  |  | 833 |
Total liabilities |  |  | 50,379 |  |  |  | 50,294 |
Stockholders' equity |  |  | 264,488 |  |  |  | 231,697 |
Total liabilities and stockholders' equity |  | $ | 314,867 |  |  | $ | 281,991 |
Condensed Statements of Income |  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Interest expense on subordinated note |  | $ | (1,942 | ) |  | $ | (1,942 | ) |  | $ | (1,722 | )
Dividends received from subsidiary |  |  | 8,919 |  |  |  | 9,110 |  |  |  | 9,800 |
Other expenses |  |  | (278 | ) |  |  | (274 | ) |  |  | (272 | )
Income before income tax benefit and equity in undistributed net income of subsidiary |  |  | 6,699 |  |  |  | 6,894 |  |  |  | 7,806 |
Income tax benefit |  |  | 458 |  |  |  | 465 |  |  |  | 419 |
Equity in undistributed earnings of subsidiary |  |  | 28,896 |  |  |  | 22,290 |  |  |  | 29,187 |
Net income |  | $ | 36,053 |  |  | $ | 29,649 |  |  | $ | 37,412 |
Condensed Statements of Cash Flows |  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Cash flows from operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 36,053 |  |  | $ | 29,649 |  |  | $ | 37,412 |
Equity in undistributed net income of subsidiary |  |  | (28,896 | ) |  |  | (22,290 | ) |  |  | (29,187 | )
Amortization |  |  | 66 |  |  |  | 67 |  |  |  | 61 |
ESOP compensation expense for allocated shares |  |  | — |  |  |  | — |  |  |  | 1,482 |
Share-based compensation expense related to stock options and restricted stock |  |  | 2,010 |  |  |  | 1,971 |  |  |  | 1,446 |
Changes in operating assets and liabilities |  |  |  |  |  |  |  |  |  |  |  |
Other assets |  |  | 246 |  |  |  | (297 | ) |  |  | (205 | )
Other liabilities |  |  | 18 |  |  |  | 55 |  |  |  | 569 |
Net cash from operating activities |  |  | 9,497 |  |  |  | 9,155 |  |  |  | 11,578 |
Cash flows used by investing activities: |  |  |  |  |  |  |  |  |  |  |  |
Net proceeds from ESOP |  |  | — |  |  |  | — |  |  |  | 291 |
Investment in subsidiary |  |  | — |  |  |  | — |  |  |  | (25,000 | )
Net cash used by investing activities |  |  | — |  |  |  | — |  |  |  | (24,709 | )
Cash flows (used by) from financing activities: |  |  |  |  |  |  |  |  |  |  |  |
Net proceeds from issuance of subordinated notes |  |  | — |  |  |  | — |  |  |  | 49,333 |
Repayment of subordinated notes |  |  | — |  |  |  | — |  |  |  | (10,000 | )
Stock options exercised, net |  |  | (273 | ) |  |  | 568 |  |  |  | (2,076 | )
Common stock repurchased for employee/director taxes paid on restricted stock awards |  |  | (355 | ) |  |  | (190 | ) |  |  | (211 | )
Issuance of common stock - employee stock purchase plan |  |  | 1,017 |  |  |  | 503 |  |  |  | — |
Common stock repurchased |  |  | (223 | ) |  |  | (15,628 | ) |  |  | (13,961 | )
Dividends paid on common stock |  |  | (7,764 | ) |  |  | (7,096 | ) |  |  | (4,602 | )
Net cash (used by) from financing activities |  |  | (7,598 | ) |  |  | (21,843 | ) |  |  | 18,483 |
Net increase (decrease) in cash and cash equivalents |  |  | 1,899 |  |  |  | (12,688 | ) |  |  | 5,352 |
Cash and cash equivalents, beginning of year |  |  | 7,195 |  |  |  | 19,883 |  |  |  | 14,531 |
Cash and cash equivalents, end of year |  | $ | 9,094 |  |  | $ | 7,195 |  |  | $ | 19,883 |

X
- 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
Name: | us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

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