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Parent Company Only Financial Information (Tables) | 12 Months Ended
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Dec. 31, 2023
Parent Company Only Financial Information |
Condensed Statement of Financial Condition | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31,
(in thousands) |  | 2023 |  | 2022
Assets | ​ | ​ | ​ | ​ | ​ | ​
Cash | ​ | $ | 9,739 | ​ | $ | 11,296
Investment securities- Available for Sale (at fair value) | ​ | ​ | 13,591 | ​ | ​ | 14,603
Investment in bank subsidiary | ​ | ​ | 164,878 | ​ | ​ | 153,245
Investment in non-bank subsidiaries | ​ | ​ | 929 | ​ | ​ | 929
Other assets | ​ | ​ | 9,794 | ​ | ​ | 8,273
Total Assets | ​ | $ | 198,931 | ​ | $ | 188,346
Liabilities and Shareholders' Equity | ​ | ​ | ​ | ​ | ​ | ​
Accrued interest and other liabilities | ​ | $ | 4,799 | ​ | $ | 4,425
Dividends payable | ​ | ​ | 1,330 | ​ | ​ | 1,199
Junior subordinated debt | ​ | ​ | 30,929 | ​ | ​ | 30,929
Shareholders' equity | ​ | ​ | 161,873 | ​ | ​ | 151,793
Total Liabilities and Shareholders' Equity | ​ | $ | 198,931 | ​ | $ | 188,346
Condensed Statement of Income | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended
​ | ​ | December 31,
(in thousands) |  | 2023 |  | 2022
Income: | ​ | ​ | ​ | ​ | ​ | ​
Dividend income from bank subsidiary | ​ | $ | 6,130 | ​ | $ | 14,995
Interest income on investments | ​ | ​ | 1,715 | ​ | ​ | 780
Other income | ​ | ​ | 75 | ​ | ​ | 63
Total other income | ​ | ​ | 1,790 | ​ | ​ | 843
Total Income | ​ | ​ | 7,920 | ​ | ​ | 15,838
Expenses: | ​ | ​ | ​ | ​ | ​ | ​
Interest expense | ​ | ​ | 1,950 | ​ | ​ | 1,451
Other expenses | ​ | ​ | 715 | ​ | ​ | 249
Total Expenses | ​ | ​ | 2,665 | ​ | ​ | 1,700
Income before income taxes and equity in undistributed net income of subsidiaries | ​ | ​ | 5,255 | ​ | ​ | 14,138
Applicable income tax benefit | ​ | ​ | 213 | ​ | ​ | 194
Net income before equity in undistributed net income of subsidiaries | ​ | ​ | 5,468 | ​ | ​ | 14,332
Equity in undistributed net income of subsidiaries: | ​ | ​ | ​ | ​ | ​ | ​
Bank | ​ | ​ | 9,592 | ​ | ​ | 10,716
Net Income | ​ | $ | 15,060 | ​ | $ | 25,048
Condensed Statement of Comprehensive Income | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended
​ | ​ | December 31,
Components of Comprehensive Income (in thousands) |  | 2023 |  | 2022
Net Income | ​ | $ | 15,060 | ​ | $ | 25,048
Unrealized losses on AFS Securities, net of tax | ​ | ​ | (771) | ​ | ​ | (954)
Unrealized (losses)/gains on cash flow hedges, net of tax | ​ | ​ | (228) | ​ | ​ | 1,116
Other comprehensive (loss)/income, net of tax | ​ | ​ | (999) | ​ | ​ | 162
Comprehensive income | ​ | $ | 14,061 | ​ | $ | 25,210
Condensed Cash Flow Statement | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended
​ | ​ | December 31,
(in thousands) |  | 2023 |  | 2022
Operating Activities | ​ | ​ | ​ | ​ | ​ | ​
Net Income | ​ | $ | 15,060 | ​ | $ | 25,048
Adjustments to reconcile net income to net cash provided by operating activities: | ​ | ​ | ​ | ​ | ​ | ​
Equity in undistributed net income of subsidiaries | ​ | ​ | (9,592) | ​ | ​ | (10,716)
Increase in other assets | ​ | ​ | (1,280) | ​ | ​ | (448)
Increase in accrued interest payable and other liabilities | ​ | ​ | 273 | ​ | ​ | 655
Stock compensation | ​ | ​ | 527 | ​ | ​ | 532
Net cash provided by operating activities | ​ | ​ | 4,988 | ​ | ​ | 15,071
Financing Activities | ​ | ​ | ​ | ​ | ​ | ​
Proceeds from issuance of common stock | ​ | ​ | 293 | ​ | ​ | 217
Repurchase of common stock | ​ | ​ | (1,495) | ​ | ​ | —
Cash dividends on common stock | ​ | ​ | (5,343) | ​ | ​ | (4,192)
Net cash used in financing activities | ​ | ​ | (6,545) | ​ | ​ | (3,975)
Increase in cash and cash equivalents | ​ | ​ | (1,557) | ​ | ​ | 11,096
Cash and cash equivalents at beginning of year | ​ | ​ | 11,296 | ​ | ​ | 200
Cash and cash equivalents at end of year | ​ | $ | 9,739 | ​ | $ | 11,296

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