XML 71 R51.htm IDEA: XBRL DOCUMENT v3.24.1
PARENT COMPANY FINANCIAL INFORMATION (Tables)
12 Months Ended
Dec. 31, 2023
Condensed Financial Information Disclosure [Abstract]  
Condensed Balance Sheets

Condensed Balance Sheets

         
   At December 31, 
(Dollars in thousands)  2023   2022 
Assets:          
Cash on deposit  $3,590   $3,870 
Investment in bank subsidiary   140,746    128,392 
Other   1,941    1,288 
Total assets  $146,277   $133,550 
Liabilities:          
Junior subordinated debentures  $14,964   $14,964 
Other   254    225 
Total liabilities   15,218    15,189 
Shareholders’ equity   131,059    118,361 
Total liabilities and shareholders’ equity  $146,277   $133,550 
Condensed Statements of Operations

Condensed Statements of Operations

             
   Year ended December 31, 
(Dollars in thousands)  2023   2022   2021 
Income:               
Interest and dividend income  $37   $21   $13 
Equity in undistributed earnings of subsidiary   8,495    11,431    12,386 
Dividend income from bank subsidiary   5,357    4,463    4,019 
Total income   13,889    15,915    16,418 
Expenses:               
Interest expense   1,187    675    416 
Other   1,419    974    772 
Total expense   2,606    1,649    1,188 
Income before taxes   11,283    14,266    15,230 
Income tax benefit   (560)   (347)   (235)
Net income  $11,843   $14,613   $15,465 
Condensed Statements of Cash Flows

Condensed Statements of Cash Flows

             
   Year ended December 31, 
(Dollars in thousands)  2023   2022   2021 
Cash flows from operating activities:               
Net income  $11,843   $14,613   $15,465 
Adjustments to reconcile net income to net cash provided by operating activities               
Equity in undistributed earnings of subsidiary   (8,495)   (11,431)   (12,386)
Other-net   (545)   232    145 
Net cash provided by operating activities   2,803    3,414    3,224 
Cash flows from investing activities:               
Purchase of investments at cost   (80)   (188)   (87)
Net cash provided by investing activities   (80)   (188)   (87)
Cash flows from financing activities:               
Dividends paid: common stock   (4,235)   (3,913)   (3,593)
(Cost of) Proceeds from issuance of common stock   (28)   28    46 
Dividend Reinvestment Plan   438    388    368 
Change in non-vested restricted stock   180    507     
Restricted stock units granted   763    1,447     
Restricted shares surrendered   (121)   (42)   (70)
Deferred compensation shares       (1,106)   90 
Net cash used in financing activities   (3,003)   (2,691)   (3,159)
Increase (decrease) in cash and cash equivalents   (280)   535    (22)
Cash and cash equivalents at beginning of year   3,870    3,335    3,357 
Cash and cash equivalents at end of year  $3,590   $3,870   $3,335