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v3.23.2

Parent Company Only Financial Information | 6 Months Ended
--- | ---
Jun. 30, 2023
Condensed Financial Information Disclosure [Abstract] |
Interim Condensed Balance Sheets | Interim Condensed Balance Sheets
| June 30 2023 |  | December 31 2022
ASSETS |  |  |
Cash on deposit at the Bank | $ | 14,158 |  |  | $ | 8,525 |
Investments in subsidiaries | 154,405 |  |  | 158,125 |
Premises and equipment | 1,164 |  |  | 1,171 |
Other assets | 48,059 |  |  | 47,922 |
TOTAL ASSETS | $ | 217,786 |  |  | $ | 215,743 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |
Subordinated debt, net of unamortized issuance costs | $ | 29,290 |  |  | $ | 29,245 |
Other liabilities | 65 |  |  | 288 |
Shareholders' equity | 188,431 |  |  | 186,210 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 217,786 |  |  | $ | 215,743 |
Interim Condensed Statements of Income | Interim Condensed Statements of Income
| Three Months Ended June 30 |  | Six Months Ended June 30
| 2023 |  | 2022 |  | 2023 |  | 2022
Income |  |  |  |  |  |  |
Dividends from subsidiaries | $ | 8,333 |  |  | $ | 1,000 |  |  | $ | 13,333 |  |  | $ | 1,800 |
Interest income | 25 |  |  | 2 |  |  | 47 |  |  | 5 |
Other income | 3 |  |  | 3 |  |  | 6 |  |  | 7 |
Total income | 8,361 |  |  | 1,005 |  |  | 13,386 |  |  | 1,812 |
Expenses |  |  |  |  |  |  |
Interest expense | 266 |  |  | 266 |  |  | 532 |  |  | 532 |
Management fee | 238 |  |  | 225 |  |  | 476 |  |  | 450 |
Audit, consulting, and legal fees | 169 |  |  | 156 |  |  | 288 |  |  | 276 |
Director fees | 112 |  |  | 99 |  |  | 223 |  |  | 205 |
Other | 89 |  |  | 101 |  |  | 180 |  |  | 173 |
Total expenses | 874 |  |  | 847 |  |  | 1,699 |  |  | 1,636 |
Income before income tax benefit and equity in undistributed earnings of subsidiaries | 7,487 |  |  | 158 |  |  | 11,687 |  |  | 176 |
Federal income tax benefit | 175 |  |  | 177 |  |  | 343 |  |  | 340 |
Income before equity in undistributed earnings of subsidiaries | 7,662 |  |  | 335 |  |  | 12,030 |  |  | 516 |
Undistributed earnings of subsidiaries | (3,032) |  |  | 4,960 |  |  | (2,079) |  |  | 9,513 |
Net income | $ | 4,630 |  |  | $ | 5,295 |  |  | $ | 9,951 |  |  | $ | 10,029 |
Interim Condensed Statements of Cash Flows | Interim Condensed Statements of Cash Flows
| Six Months Ended June 30
| 2023 |  | 2022
Operating activities |  |  |
Net income | $ | 9,951 |  |  | $ | 10,029 |
Adjustments to reconcile net income to cash provided by operations |  |  |
Undistributed earnings of subsidiaries | 2,079 |  |  | (9,513) |
Share-based payment awards under the Directors Plan | 428 |  |  | 249 |
Share-based payment awards under the RSP | 128 |  |  | 77 |
Amortization of subordinated debt issuance costs | 45 |  |  | 45 |
Depreciation | 25 |  |  | 26 |
Changes in operating assets and liabilities which provided (used) cash |  |  |
Other assets | (137) |  |  | 1,275 |
Other liabilities | (223) |  |  | (51) |
Net cash provided by (used in) operating activities | 12,296 |  |  | 2,137 |
Investing activities |  |  |
Net sales (purchases) of premises and equipment | (17) |  |  | — |
Net cash provided by (used in) investing activities | (17) |  |  | — |
Financing activities |  |  |
Cash dividends paid on common stock | (4,107) |  |  | (4,007) |
Proceeds from the issuance of common stock | 846 |  |  | 907 |
Common stock repurchased | (2,409) |  |  | (397) |
Common stock purchased for deferred compensation obligations | (976) |  |  | (527) |
Net cash provided by (used in) financing activities | (6,646) |  |  | (4,024) |
Increase (decrease) in cash and cash equivalents | 5,633 |  |  | (1,887) |
Cash and cash equivalents at beginning of period | 8,525 |  |  | 11,535 |
Cash and cash equivalents at end of period | $ | 14,158 |  |  | $ | 9,648 |

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