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Parent Company Only Financial Information | 3 Months Ended
--- | ---
Mar. 31, 2024
Condensed Financial Information Disclosure [Abstract] |
Interim Condensed Balance Sheets | Interim Condensed Balance Sheets
| March 31 2024 |  | December 31 2023
ASSETS |  |  |
Cash on deposit at the Bank | $ | 27,902 |  |  | $ | 25,010 |
Investments in subsidiaries | 153,127 |  |  | 157,671 |
Premises and equipment | 1,182 |  |  | 1,196 |
Other assets | 48,175 |  |  | 47,949 |
TOTAL ASSETS | $ | 230,386 |  |  | $ | 231,826 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |
Subordinated debt, net of unamortized issuance costs | $ | 29,357 |  |  | $ | 29,335 |
Other liabilities | 355 |  |  | 89 |
Shareholders' equity | 200,674 |  |  | 202,402 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 230,386 |  |  | $ | 231,826 |
Interim Condensed Statements of Income | Interim Condensed Statements of Income
|  |  | Three Months Ended March 31
|  |  |  |  | 2024 |  | 2023
Income |  |  |  |  |  |  |
Dividends from subsidiaries |  |  |  |  | $ | 6,000 |  |  | $ | 5,000 |
Interest income |  |  |  |  | 108 |  |  | 22 |
Other income |  |  |  |  | 3 |  |  | 3 |
Total income |  |  |  |  | 6,111 |  |  | 5,025 |
Expenses |  |  |  |  |  |  |
Interest expense |  |  |  |  | 266 |  |  | 266 |
Management fee |  |  |  |  | 297 |  |  | 238 |
Audit, consulting, and legal fees |  |  |  |  | 142 |  |  | 119 |
Director fees |  |  |  |  | 94 |  |  | 111 |
Other |  |  |  |  | 96 |  |  | 91 |
Total expenses |  |  |  |  | 895 |  |  | 825 |
Income before income tax benefit and equity in undistributed earnings of subsidiaries |  |  |  |  | 5,216 |  |  | 4,200 |
Federal income tax benefit |  |  |  |  | 165 |  |  | 168 |
Income before equity in undistributed earnings of subsidiaries |  |  |  |  | 5,381 |  |  | 4,368 |
Undistributed earnings of subsidiaries |  |  |  |  | (2,250) |  |  | 953 |
Net income |  |  |  |  | $ | 3,131 |  |  | $ | 5,321 |
Interim Condensed Statements of Cash Flows | Interim Condensed Statements of Cash Flows
| Three Months Ended March 31
| 2024 |  | 2023
Operating activities |  |  |
Net income | $ | 3,131 |  |  | $ | 5,321 |
Adjustments to reconcile net income to cash provided by operations |  |  |
Undistributed earnings of subsidiaries | 2,250 |  |  | (953) |
Share-based payment awards under the Directors Plan | 218 |  |  | 346 |
Share-based payment awards under the RSP | 25 |  |  | 42 |
Amortization of subordinated debt issuance costs | 22 |  |  | 22 |
Depreciation | 14 |  |  | 13 |
Changes in operating assets and liabilities which provided (used) cash |  |  |
Other assets | (226) |  |  | (135) |
Other liabilities | 266 |  |  | 50 |
Net cash provided by (used in) operating activities | 5,700 |  |  | 4,706 |
Investing activities - none |  |  |
Financing activities |  |  |
Cash dividends paid on common stock | (2,095) |  |  | (2,066) |
Proceeds from the issuance of common stock | 447 |  |  | 462 |
Common stock repurchased | (740) |  |  | (937) |
Common stock purchased for deferred compensation obligations | (420) |  |  | (508) |
Net cash provided by (used in) financing activities | (2,808) |  |  | (3,049) |
Increase (decrease) in cash and cash equivalents | 2,892 |  |  | 1,657 |
Cash and cash equivalents at beginning of period | 25,010 |  |  | 8,525 |
Cash and cash equivalents at end of period | $ | 27,902 |  |  | $ | 10,182 |

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