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Parent Company Condensed Financial Statements | 12 Months Ended
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Dec. 31, 2022
Condensed Financial Information Disclosure [Abstract] |
Parent Company Condensed Financial Statements | (22) Parent Company Condensed Financial Statements The following is condensed financial information of the parent company as of December 31, 2022 and 2021 and for the years ended December 31, 2022, 2021 and 2020: Schedule of Condensed Financial Statements Condensed Balance Sheets
(Dollars in thousands) |  | As of December 31, |
|  | 2022 |  |  | 2021 |
Assets: |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 166 |  |  | $ | 1,121 |
Interest-bearing deposits at other banks |  |  | 214 |  |  |  | 214 |
Investment in subsidiaries |  |  | 140,802 |  |  |  | 154,978 |
Other |  |  | 959 |  |  |  | 1,074 |
Total assets |  | $ | 142,141 |  |  | $ | 157,387 |
Liabilities and stockholders’ equity: |  |  |  |  |  |  |  |
Subordinated debentures |  | $ | 21,651 |  |  | $ | 21,651 |
Other borrowings |  |  | 9,000 |  |  |  | - |
Other |  |  | 57 |  |  |  | 93 |
Stockholders’ equity |  |  | 111,433 |  |  |  | 135,643 |
Total liabilities and stockholders’ equity |  | $ | 142,141 |  |  | $ | 157,387 |
Condensed Statements of Earnings
(Dollars in thousands) |  | Years ended December 31, |
|  | 2022 |  |  | 2021 |  |  | 2020 |
Dividends from Bank |  | $ | 29,350 |  |  | $ | 4,600 |  |  | $ | 6,900 |
Dividends from nonbank subsidiary |  |  | 490 |  |  |  | 1,000 |  |  |  | - |
Interest income |  |  | 26 |  |  |  | 16 |  |  |  | 21 |
Other non-interest income |  |  | 8 |  |  |  | 7 |  |  |  | 7 |
Interest expense |  |  | (998 | ) |  |  | (472 | ) |  |  | (614 | )
Other expense, net |  |  | (412 | ) |  |  | (532 | ) |  |  | (352 | )
Earnings before equity in undistributed earnings |  |  | 28,464 |  |  |  | 4,619 |  |  |  | 5,962 |
(Decrease) increase in undistributed equity of Bank |  |  | (19,030 | ) |  |  | 13,599 |  |  |  | 13,087 |
Increase (decrease) in undistributed equity of nonbank subsidiary |  |  | 155 |  |  |  | (272 | ) |  |  | 248 |
Earnings before income taxes |  |  | 9,589 |  |  |  | 17,946 |  |  |  | 19,297 |
Income tax benefit |  |  | (289 | ) |  |  | (65 | ) |  |  | (196 | )
Net earnings |  |  | 9,878 |  |  |  | 18,011 |  |  |  | 19,493 |
Other comprehensive (loss) income |  |  | (28,946 | ) |  |  | (5,567 | ) |  |  | 4,208 |
Total comprehensive income |  | $ | (19,068 | ) |  | $ | 12,444 |  |  | $ | 23,701 |
Condensed Statements of Cash Flows
(Dollars in thousands) |  | Years ended December 31, |
|  | 2022 |  |  | 2021 |  |  | 2020 |
Cash flows from operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Net earnings |  | $ | 9,878 |  |  | $ | 18,011 |  |  | $ | 19,493 |
Decrease (increase) in undistributed equity of subsidiaries |  |  | 18,875 |  |  |  | (13,327 | ) |  |  | (13,335 | )
Other |  |  | 79 |  |  |  | 130 |  |  |  | (312 | )
Net cash provided by operating activities |  |  | 28,832 |  |  |  | 4,814 |  |  |  | 5,846 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |  |
Net change in interest-bearing deposits at banks |  |  | - |  |  |  | (2 | ) |  |  | 26 |
Acquisition of Freedom Bancshares, Inc. |  |  | (33,350 | ) |  |  | - |  |  |  | - |
Net cash (used in) provided by investing activities |  |  | (33,350 | ) |  |  | (2 | ) |  |  | 26 |
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from exercise of stock options |  |  | - |  |  |  | 22 |  |  |  | 42 |
Payment of dividends |  |  | (4,198 | ) |  |  | (3,818 | ) |  |  | (3,633 | )
Purchase of treasury stock |  |  | (1,239 | ) |  |  | - |  |  |  | (2,349 | )
Issuances of outstanding debt |  |  | 10,065 |  |  |  | - |  |  |  | - |
Payment on outstanding debt |  |  | (1,065 | ) |  |  | - |  |  |  | - |
Net cash used in financing activities |  |  | 3,563 |  |  |  | (3,796 | ) |  |  | (5,940 | )
Net (decrease) increase in cash |  |  | (955 | ) |  |  | 1,016 |  |  |  | (68 | )
Cash at beginning of year |  |  | 1,121 |  |  |  | 105 |  |  |  | 173 |
Cash at end of year |  | $ | 166 |  |  | $ | 1,121 |  |  | $ | 105 |
Dividends paid by the Company are provided through dividends from the Bank and dividends from nonbank subsidiaries. At December 31, 2022, the Bank could distribute dividends of up to $7.7 million without regulatory approvals. The primary source of funds for the Company is dividends from the Bank. Under the National Bank Act, a national bank may pay dividends out of its undivided profits in such amounts and at such times as the bank’s board of directors deems prudent. Without prior OCC approval, however, a national bank may not pay dividends in any calendar year that, in the aggregate, exceed the bank’s year-to-date net income plus the bank’s retained net income for the two preceding years. The payment of dividends by any financial institution is affected by the requirement to maintain adequate capital pursuant to applicable capital adequacy guidelines and regulations, and a financial institution generally is prohibited from paying any dividends if, following payment thereof, the institution would be undercapitalized.

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 10 -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(Schedule I)) -URI https://asc.fasb.org/extlink&oid=126898705&loc=d3e5864-122674 Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI https://asc.fasb.org/extlink&oid=126929396&loc=d3e5283-111683 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690 + Details
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