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Parent Company Condensed Financial Statements (Tables)
 12 Months Ended
Dec. 31, 2022
Condensed Financial Information Disclosure [Abstract]  
Schedule of 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:

 

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