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Parent Company Only Financial Information
6 Months Ended
Jun. 30, 2023
Condensed Financial Information Disclosure [Abstract]  
Parent Company Only Financial Information Parent Company Only Financial Information
Interim Condensed Balance Sheets
June 30
2023
December 31
2022
ASSETS
Cash on deposit at the Bank$14,158 $8,525 
Investments in subsidiaries154,405 158,125 
Premises and equipment1,164 1,171 
Other assets48,059 47,922 
TOTAL ASSETS$217,786 $215,743 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Subordinated debt, net of unamortized issuance costs
$29,290 $29,245 
Other liabilities65 288 
Shareholders' equity188,431 186,210 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY$217,786 $215,743 
Interim Condensed Statements of Income
Three Months Ended 
 June 30
Six Months Ended 
 June 30
2023202220232022
Income
Dividends from subsidiaries$8,333 $1,000 $13,333 $1,800 
Interest income25 47 
Other income
Total income8,361 1,005 13,386 1,812 
Expenses
Interest expense266 266 532 532 
Management fee238 225 476 450 
Audit, consulting, and legal fees169 156 288 276 
Director fees112 99 223 205 
Other89 101 180 173 
Total expenses874 847 1,699 1,636 
Income before income tax benefit and equity in undistributed earnings of subsidiaries7,487 158 11,687 176 
Federal income tax benefit175 177 343 340 
Income before equity in undistributed earnings of subsidiaries7,662 335 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
Six Months Ended 
 June 30
20232022
Operating activities
Net income$9,951 $10,029 
Adjustments to reconcile net income to cash provided by operations
Undistributed earnings of subsidiaries2,079 (9,513)
Share-based payment awards under the Directors Plan428 249 
Share-based payment awards under the RSP128 77 
Amortization of subordinated debt issuance costs45 45 
Depreciation25 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 activities12,296 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 stock846 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 equivalents5,633 (1,887)
Cash and cash equivalents at beginning of period8,525 11,535 
Cash and cash equivalents at end of period$14,158 $9,648