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Note 27 - Parent Company Only Financial Statements (Tables)

12 Months Ended

Dec. 31, 2021

Notes Tables

Condensed Balance Sheet [Table Text Block]

		*2021*				*2020*
Assets
Cash		$	7,303			$	16,440
Investment in subsidiaries, at cost, plus undistributed net income			122,964				87,109
Other assets			6,256				740
Total assets		$	136,523			$	104,289
Liabilities and Shareholders’ Equity
Subordinated debt		$	9,993			$	9,991
Junior subordinated debt			9,279				9,279
Other liabilities			212				103
Total liabilities		$	19,484			$	19,373
Preferred stock		$	—			$	—
Common stock			7,785				6,075
Surplus			31,966				6,151
Retained earnings			76,990				69,292
Accumulated other comprehensive income, net			298				3,398
Total shareholders’ equity		$	117,039			$	84,916
Total liabilities and shareholders’ equity		$	136,523			$	104,289

Condensed Income Statement [Table Text Block]

		*2021*				*2020*
Income
Dividends from subsidiary		$	6,000			$	6,600
Total income		$	6,000			$	6,600
Expense
Interest expense		$	889			$	794
Supplies			56				3
Legal and professional fees			107				215
Data processing			29				29
Management fee-subsidiary			305				294
Other expense			104				80
Total expense		$	1,490			$	1,415
Income before allocated tax benefits and undistributed income of subsidiary		$	4,510			$	5,185
Allocated income tax benefit			312				297
Income before equity in undistributed income of subsidiary		$	4,822			$	5,482
Equity in undistributed income of subsidiary			5,537				3,376
Net income		$	10,359			$	8,858

Condensed Cash Flow Statement [Table Text Block]

		*2021*				*2020*
Cash Flows from Operating Activities
Net income		$	10,359			$	8,858
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Equity in undistributed income of subsidiary			(5,537	)			(3,376	)
Stock-based compensation			354				290
Amortization of debt issuance costs			2				18
(Increase) decrease in other assets			(5,020	)			3
Increase in other liabilities			1				4
Net cash (used in) provided by operating activities		$	159			$	5,797
Cash Flows from Investing Activities
Net cash paid in acquisition of The Bank of Fincastle		$	(6,752	)		$	—
Net cash used in investing activities		$	(6,752	)		$	—
Cash Flows from Financing Activities
Proceeds from subordinated debt, net of issuance costs		$	—			$	4,990
Cash dividends paid on common stock, net of reinvestment			(2,505	)			(2,007	)
Repurchase of common stock			(39	)			(2,118	)
Net cash (used in) provided by financing activities		$	(2,544	)		$	865
(Decrease) increase in cash and cash equivalents		$	(9,137	)		$	6,662
Cash and Cash Equivalents
Beginning			16,440				9,778
Ending		$	7,303			$	16,440