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Parent Company Only Financial Information | 12 Months Ended
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Dec. 31, 2023
Parent Company Only Financial Information |
Parent Company Only Financial Information | 23. Parent Company Only Financial Information Condensed Statements 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 Statements 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 Statements 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 Statements of Cash Flows ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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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- 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/disclosureRef -Topic 205 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(Schedule I)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480922/205-10-S99-6 Reference 3: 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 + Details
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