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Parent Company Only Financial Information | 9 Months Ended
--- | ---
Sep. 30, 2022
Condensed Financial Information Disclosure [Abstract] |
Interim Condensed Balance Sheets | Interim Condensed Balance Sheets
| September 30 2022 |  | December 31 2021
ASSETS |  |  |
Cash on deposit at the Bank | $ | 8,812 |  |  | $ | 11,535 |
Investments in subsidiaries | 148,497 |  |  | 178,395 |
Premises and equipment | 1,444 |  |  | 1,482 |
Other assets | 47,462 |  |  | 48,923 |
TOTAL ASSETS | $ | 206,215 |  |  | $ | 240,335 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |
Subordinated debt, net of unamortized issuance costs | $ | 29,225 |  |  | $ | 29,158 |
Other liabilities | 378 |  |  | 129 |
Shareholders' equity | 176,612 |  |  | 211,048 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 206,215 |  |  | $ | 240,335 |
Interim Condensed Statements of Income | Interim Condensed Statements of Income
| Three Months Ended September 30 |  | Nine Months Ended September 30
| 2022 |  | 2021 |  | 2022 |  | 2021
Income |  |  |  |  |  |  |
Dividends from subsidiaries | $ | 1,200 |  |  | $ | 800 |  |  | $ | 3,000 |  |  | $ | 2,800 |
Interest income | 3 |  |  | 7 |  |  | 8 |  |  | 8 |
Other income | 3 |  |  | 4 |  |  | 10 |  |  | 14 |
Total income | 1,206 |  |  | 811 |  |  | 3,018 |  |  | 2,822 |
Expenses |  |  |  |  |  |  |
Interest expense | 266 |  |  | 266 |  |  | 798 |  |  | 349 |
Occupancy and equipment | 17 |  |  | 16 |  |  | 50 |  |  | 49 |
Audit, consulting, and legal fees | 135 |  |  | 187 |  |  | 411 |  |  | 440 |
Director fees | 108 |  |  | 87 |  |  | 313 |  |  | 258 |
Other | 275 |  |  | 277 |  |  | 865 |  |  | 852 |
Total expenses | 801 |  |  | 833 |  |  | 2,437 |  |  | 1,948 |
Income before income tax benefit and equity in undistributed earnings of subsidiaries | 405 |  |  | (22) |  |  | 581 |  |  | 874 |
Federal income tax benefit | 167 |  |  | 172 |  |  | 507 |  |  | 403 |
Income before equity in undistributed earnings of subsidiaries | 572 |  |  | 150 |  |  | 1,088 |  |  | 1,277 |
Undistributed earnings of subsidiaries | 5,315 |  |  | 4,536 |  |  | 14,828 |  |  | 13,428 |
Net income | $ | 5,887 |  |  | $ | 4,686 |  |  | $ | 15,916 |  |  | $ | 14,705 |
Interim Condensed Statements of Cash Flows | Interim Condensed Statements of Cash Flows
| Nine Months Ended September 30
| 2022 |  | 2021
Operating activities |  |  |
Net income | $ | 15,916 |  |  | $ | 14,705 |
Adjustments to reconcile net income to cash provided by operations |  |  |
Undistributed earnings of subsidiaries | (14,828) |  |  | (13,428) |
Share-based payment awards under the Directors Plan | 346 |  |  | 343 |
Share-based payment awards under the RSP | 108 |  |  | 58 |
Amortization of subordinated debt issuance costs | 67 |  |  | 30 |
Depreciation | 38 |  |  | 38 |
Changes in operating assets and liabilities which provided (used) cash |  |  |
Other assets | 1,461 |  |  | 673 |
Other liabilities | 249 |  |  | 390 |
Net cash provided by (used in) operating activities | 3,357 |  |  | 2,809 |
Investing activities |  |  |
Financing activities |  |  |
Issuance of subordinated debt, net of unamortized issuance costs | — |  |  | 29,106 |
Cash dividends paid on common stock | (6,011) |  |  | (6,369) |
Proceeds from the issuance of common stock | 1,344 |  |  | 1,196 |
Common stock repurchased | (585) |  |  | (2,699) |
Common stock purchased for deferred compensation obligations | (828) |  |  | (869) |
Net cash provided by (used in) financing activities | (6,080) |  |  | 20,365 |
Increase (decrease) in cash and cash equivalents | (2,723) |  |  | 23,174 |
Cash and cash equivalents at beginning of period | 11,535 |  |  | 2,670 |
Cash and cash equivalents at end of period | $ | 8,812 |  |  | $ | 25,844 |

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