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Note 20 - Parent Company

12 Months Ended

Dec. 31, 2024

Notes to Financial Statements

Condensed Financial Information of Parent Company Only Disclosure [Text Block]

20. PARENT COMPANY 

Following are condensed financial statements of the Parent Company.

CONDENSED BALANCE SHEET
(Dollar amounts in thousands)
		December 31,
		2024				2023
ASSETS
Cash and due from banks		$	4,036			$	4,065
Other investments			503				544
Investment in nonbank subsidiary			1				1
Investment in bank subsidiary			213,720				208,098
Other assets			1,168				2,125
TOTAL ASSETS		$	219,428			$	214,833
LIABILITIES
Other borrowings		$	8,248			$	8,248
Other liabilities			618				904
TOTAL LIABILITIES			8,866				9,152
STOCKHOLDERS' EQUITY			210,562				205,681
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY		$	219,428			$	214,833

CONDENSED STATEMENT OF OPERATIONS
(Dollar amounts in thousands)
		Year Ended December 31,
		2024				2023
INCOME
Dividends from bank subsidiary		$	9,500			$	17,000
Loss on equity securities			(40	)			(100	)
Other income			2				3
Total income			9,462				16,903
EXPENSES
Interest expense			597				605
Salaries and employee benefits			1,074				751
Ohio state franchise tax			1,583				1,578
Other expense			1,246				1,032
Total expenses			4,500				3,966
Income before income taxes			4,962				12,937
Income taxes			(953	)			(854	)
Income before equity in undistributed net income of subsidiaries			5,915				13,791
Equity in undistributed net income of subsidiaries			9,604				3,578
NET INCOME		$	15,519			$	17,368
COMPREHENSIVE INCOME		$	11,536			$	23,422

CONDENSED STATEMENT OF CASH FLOWS
(Dollar amounts in thousands)
		Year Ended December 31,
		2024				2023
OPERATING ACTIVITIES
Net income		$	15,519			$	17,368
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed net income of subsidiaries			(9,604	)			(3,578	)
Stock-based compensation, net			374				260
Loss on equity securities			41				100
Other, net			1,153				1,084
Net cash provided by operating activities			7,483				15,234
FINANCING ACTIVITIES
Repurchase of common shares			(1,055	)			(4,506	)
Cash dividends			(6,457	)			(6,864	)
Net cash used in financing activities			(7,512	)			(11,370	)
Increase (decrease) in cash			(29	)			3,864
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR			4,065				201
CASH AND CASH EQUIVALENTS AT END OF YEAR		$	4,036			$	4,065

X

- Definition

The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481231/810-10-45-11

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X

- References

No definition available.

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