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v3.23.1

Parent Company Only Financial Information | 3 Months Ended
--- | ---
Mar. 31, 2023
Condensed Financial Information Disclosure [Abstract] |
Interim Condensed Balance Sheets | Interim Condensed Balance Sheets
| March 31 2023 |  | December 31 2022
ASSETS |  |  |
Cash on deposit at the Bank | $ | 10,182 |  |  | $ | 8,525 |
Investments in subsidiaries | 163,540 |  |  | 158,125 |
Premises and equipment | 1,158 |  |  | 1,171 |
Other assets | 48,058 |  |  | 47,922 |
TOTAL ASSETS | $ | 222,938 |  |  | $ | 215,743 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |
Subordinated debt, net of unamortized issuance costs | $ | 29,267 |  |  | $ | 29,245 |
Other liabilities | 338 |  |  | 288 |
Shareholders' equity | 193,333 |  |  | 186,210 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 222,938 |  |  | $ | 215,743 |
Interim Condensed Statements of Income | Interim Condensed Statements of Income
|  |  | Three Months Ended March 31
|  |  |  |  | 2023 |  | 2022
Income |  |  |  |  |  |  |
Dividends from subsidiaries |  |  |  |  | $ | 5,000 |  |  | $ | 800 |
Interest income |  |  |  |  | 22 |  |  | 3 |
Other income |  |  |  |  | 3 |  |  | 4 |
Total income |  |  |  |  | 5,025 |  |  | 807 |
Expenses |  |  |  |  |  |  |
Interest expense |  |  |  |  | 266 |  |  | 266 |
Management fee |  |  |  |  | 238 |  |  | 225 |
Audit, consulting, and legal fees |  |  |  |  | 119 |  |  | 120 |
Director fees |  |  |  |  | 111 |  |  | 106 |
Other |  |  |  |  | 91 |  |  | 72 |
Total expenses |  |  |  |  | 825 |  |  | 789 |
Income before income tax benefit and equity in undistributed earnings of subsidiaries |  |  |  |  | 4,200 |  |  | 18 |
Federal income tax benefit |  |  |  |  | 168 |  |  | 163 |
Income before equity in undistributed earnings of subsidiaries |  |  |  |  | 4,368 |  |  | 181 |
Undistributed earnings of subsidiaries |  |  |  |  | 953 |  |  | 4,553 |
Net income |  |  |  |  | $ | 5,321 |  |  | $ | 4,734 |
Interim Condensed Statements of Cash Flows | Interim Condensed Statements of Cash Flows
| Three Months Ended March 31
| 2023 |  | 2022
Operating activities |  |  |
Net income | $ | 5,321 |  |  | $ | 4,734 |
Adjustments to reconcile net income to cash provided by operations |  |  |
Undistributed earnings of subsidiaries | (953) |  |  | (4,553) |
Share-based payment awards under the Directors Plan | 346 |  |  | 149 |
Share-based payment awards under the RSP | 42 |  |  | 31 |
Amortization of subordinated debt issuance costs | 22 |  |  | 23 |
Depreciation | 13 |  |  | 13 |
Changes in operating assets and liabilities which provided (used) cash |  |  |
Other assets | (135) |  |  | (140) |
Other liabilities | 50 |  |  | 230 |
Net cash provided by (used in) operating activities | 4,706 |  |  | 487 |
Investing activities |  |  |
Financing activities |  |  |
Cash dividends paid on common stock | (2,066) |  |  | (2,031) |
Proceeds from the issuance of common stock | 462 |  |  | 439 |
Common stock repurchased | (937) |  |  | (185) |
Common stock purchased for deferred compensation obligations | (508) |  |  | (151) |
Net cash provided by (used in) financing activities | (3,049) |  |  | (1,928) |
Increase (decrease) in cash and cash equivalents | 1,657 |  |  | (1,441) |
Cash and cash equivalents at beginning of period | 8,525 |  |  | 11,535 |
Cash and cash equivalents at end of period | $ | 10,182 |  |  | $ | 10,094 |

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