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v3.23.3

Parent Company Only Financial Information | 9 Months Ended
--- | ---
Sep. 30, 2023
Condensed Financial Information Disclosure [Abstract] |
Interim Condensed Balance Sheets | Interim Condensed Balance Sheets
| September 30 2023 |  | December 31 2022
ASSETS |  |  |
Cash on deposit at the Bank | $ | 19,984 |  |  | $ | 8,525 |
Investments in subsidiaries | 145,777 |  |  | 158,125 |
Premises and equipment | 1,169 |  |  | 1,171 |
Other assets | 47,819 |  |  | 47,922 |
TOTAL ASSETS | $ | 214,749 |  |  | $ | 215,743 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |
Subordinated debt, net of unamortized issuance costs | $ | 29,312 |  |  | $ | 29,245 |
Other liabilities | 314 |  |  | 288 |
Shareholders' equity | 185,123 |  |  | 186,210 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 214,749 |  |  | $ | 215,743 |
Interim Condensed Statements of Income | Interim Condensed Statements of Income
| Three Months Ended September 30 |  | Nine Months Ended September 30
| 2023 |  | 2022 |  | 2023 |  | 2022
Income |  |  |  |  |  |  |
Dividends from subsidiaries | $ | 8,333 |  |  | $ | 1,200 |  |  | $ | 21,666 |  |  | $ | 3,000 |
Interest income | 56 |  |  | 3 |  |  | 103 |  |  | 8 |
Other income | 4 |  |  | 3 |  |  | 10 |  |  | 10 |
Total income | 8,393 |  |  | 1,206 |  |  | 21,779 |  |  | 3,018 |
Expenses |  |  |  |  |  |  |
Interest expense | 267 |  |  | 266 |  |  | 799 |  |  | 798 |
Management fee | 238 |  |  | 225 |  |  | 714 |  |  | 675 |
Audit, consulting, and legal fees | 138 |  |  | 135 |  |  | 426 |  |  | 411 |
Director fees | 92 |  |  | 108 |  |  | 315 |  |  | 313 |
Other | 87 |  |  | 67 |  |  | 267 |  |  | 240 |
Total expenses | 822 |  |  | 801 |  |  | 2,521 |  |  | 2,437 |
Income before income tax benefit and equity in undistributed earnings of subsidiaries | 7,571 |  |  | 405 |  |  | 19,258 |  |  | 581 |
Federal income tax benefit | 157 |  |  | 167 |  |  | 500 |  |  | 507 |
Income before equity in undistributed earnings of subsidiaries | 7,728 |  |  | 572 |  |  | 19,758 |  |  | 1,088 |
Undistributed earnings of subsidiaries | (3,315) |  |  | 5,315 |  |  | (5,394) |  |  | 14,828 |
Net income | $ | 4,413 |  |  | $ | 5,887 |  |  | $ | 14,364 |  |  | $ | 15,916 |
Interim Condensed Statements of Cash Flows | Interim Condensed Statements of Cash Flows
| Nine Months Ended September 30
| 2023 |  | 2022
Operating activities |  |  |
Net income | $ | 14,364 |  |  | $ | 15,916 |
Adjustments to reconcile net income to cash provided by operations |  |  |
Undistributed earnings of subsidiaries | 5,394 |  |  | (14,828) |
Share-based payment awards under the Directors Plan | 477 |  |  | 346 |
Share-based payment awards under the RSP | 219 |  |  | 108 |
Amortization of subordinated debt issuance costs | 67 |  |  | 67 |
Depreciation | 38 |  |  | 38 |
Changes in operating assets and liabilities which provided (used) cash |  |  |
Other assets | 103 |  |  | 1,461 |
Other liabilities | 26 |  |  | 249 |
Net cash provided by (used in) operating activities | 20,688 |  |  | 3,357 |
Investing activities |  |  |
Net sales (purchases) of premises and equipment | (36) |  |  | — |
Net cash provided by (used in) investing activities | (36) |  |  | — |
Financing activities |  |  |
Cash dividends paid on common stock | (6,162) |  |  | (6,011) |
Proceeds from the issuance of common stock | 1,208 |  |  | 1,344 |
Common stock repurchased | (2,906) |  |  | (585) |
Common stock purchased for deferred compensation obligations | (1,333) |  |  | (828) |
Net cash provided by (used in) financing activities | (9,193) |  |  | (6,080) |
Increase (decrease) in cash and cash equivalents | 11,459 |  |  | (2,723) |
Cash and cash equivalents at beginning of period | 8,525 |  |  | 11,535 |
Cash and cash equivalents at end of period | $ | 19,984 |  |  | $ | 8,812 |

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