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Parent Company Only Financial Information | 9 Months Ended
--- | ---
Sep. 30, 2021
Condensed Financial Information Disclosure [Abstract] |
Interim Condensed Balance Sheets | Interim Condensed Balance Sheets
| September 30 2021 |  | December 31 2020
ASSETS |  |  |
Cash on deposit at the Bank | $ | 25,844 |  |  | $ | 2,670 |
Investments in subsidiaries | 176,212 |  |  | 166,096 |
Premises and equipment | 1,492 |  |  | 1,529 |
Other assets | 47,679 |  |  | 48,352 |
TOTAL ASSETS | $ | 251,227 |  |  | $ | 218,647 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |
Subordinated debt, net of unamortized issuance costs | $ | 29,136 |  |  | $ | — |
Other liabilities | 449 |  |  | 59 |
Shareholders' equity | 221,642 |  |  | 218,588 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 251,227 |  |  | $ | 218,647 |
Interim Condensed Statements of Income | Interim Condensed Statements of Income
| Three Months Ended September 30 |  | Nine Months Ended September 30
| 2021 |  | 2020 |  | 2021 |  | 2020
Income |  |  |  |  |  |  |
Dividends from subsidiaries | $ | 800 |  |  | $ | 2,600 |  |  | $ | 2,800 |  |  | $ | 6,200 |
Interest income | 7 |  |  | — |  |  | 8 |  |  | 1 |
Other income | 4 |  |  | 181 |  |  | 14 |  |  | 308 |
Total income | 811 |  |  | 2,781 |  |  | 2,822 |  |  | 6,509 |
Expenses |  |  |  |  |  |  |
Interest expense | 266 |  |  | 3 |  |  | 349 |  |  | 4 |
Occupancy and equipment | 16 |  |  | 15 |  |  | 49 |  |  | 45 |
Audit, consulting, and legal fees | 187 |  |  | 119 |  |  | 440 |  |  | 426 |
Director fees | 87 |  |  | 86 |  |  | 258 |  |  | 269 |
Other | 277 |  |  | 279 |  |  | 852 |  |  | 881 |
Total expenses | 833 |  |  | 502 |  |  | 1,948 |  |  | 1,625 |
Income before income tax benefit and equity in undistributed earnings of subsidiaries | (22) |  |  | 2,279 |  |  | 874 |  |  | 4,884 |
Federal income tax benefit | 172 |  |  | 67 |  |  | 403 |  |  | 276 |
Income before equity in undistributed earnings of subsidiaries | 150 |  |  | 2,346 |  |  | 1,277 |  |  | 5,160 |
Undistributed earnings of subsidiaries | 4,536 |  |  | 2,011 |  |  | 13,428 |  |  | 6,448 |
Net income | $ | 4,686 |  |  | $ | 4,357 |  |  | $ | 14,705 |  |  | $ | 11,608 |
Interim Condensed Statements of Cash Flows | Interim Condensed Statements of Cash Flows
| Nine Months Ended September 30
| 2021 |  | 2020
Operating activities |  |  |
Net income | $ | 14,705 |  |  | $ | 11,608 |
Adjustments to reconcile net income to cash provided by operations |  |  |
Undistributed earnings of subsidiaries | (13,428) |  |  | (6,448) |
Undistributed earnings of equity securities without readily determinable fair values | — |  |  | (61) |
Share-based payment awards under the Directors Plan | 343 |  |  | 334 |
Share-based payment awards under the RSP | 58 |  |  | — |
Amortization of subordinated debt issuance costs | 30 |  |  | — |
Depreciation | 38 |  |  | 34 |
Changes in operating assets and liabilities which provided (used) cash |  |  |
Other assets | 673 |  |  | (236) |
Other liabilities | 390 |  |  | 19 |
Net cash provided by (used in) operating activities | 2,809 |  |  | 5,250 |
Investing activities |  |  |
Financing activities |  |  |
Issuance of subordinated debt, net of unamortized issuance costs | 29,106 |  |  | — |
Cash dividends paid on common stock | (6,369) |  |  | (6,386) |
Proceeds from the issuance of common stock | 1,196 |  |  | 3,274 |
Common stock repurchased | (2,699) |  |  | (1,619) |
Common stock purchased for deferred compensation obligations | (869) |  |  | (1,252) |
Net cash provided by (used in) financing activities | 20,365 |  |  | (5,983) |
Increase (decrease) in cash and cash equivalents | 23,174 |  |  | (733) |
Cash and cash equivalents at beginning of period | 2,670 |  |  | 1,360 |
Cash and cash equivalents at end of period | $ | 25,844 |  |  | $ | 627 |

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