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Parent Company Condensed Financial Statements (Tables)
 12 Months Ended
Dec. 31, 2023
Condensed Financial Information Disclosure [Abstract]  
Schedule of Condensed Financial Statements

The following is condensed financial information of the parent company as of December 31, 2023 and 2022

and for the years ended December 31, 2023, 2022 and 2021:

 

Condensed Balance Sheets

 

           
(Dollars in thousands)  As of December 31, 
   2023   2022 
Assets:        
Cash and cash equivalents  $286   $166 
Interest-bearing deposits at other banks   215    214 
Investment in subsidiaries   153,813    140,802 
Other   990    959 
Total assets  $155,304   $142,141 
Liabilities and stockholders’ equity:          
Subordinated debentures  $21,651   $21,651 
Other borrowings   6,649    9,000 
Other   90    57 
Stockholders’ equity   126,914    111,433 
Total liabilities and stockholders’ equity  $155,304   $142,141 

 

Condensed Statements of Earnings

 

                
(Dollars in thousands)  Years ended December 31, 
   2023   2022   2021 
Dividends from Bank  $8,000   $29,350   $4,600 
Dividends from nonbank subsidiary   1,000    490    1,000 
Interest income   51    26    16 
Other non-interest income   8    8    7 
Interest expense   (2,113)   (998)   (472)
Other expense, net   (620)   (412)   (532)
Earnings before equity in undistributed earnings   6,326    28,464    4,619 
Increase (decrease) in undistributed equity of Bank   5,252    (19,030)   13,599 
Increase (decrease) in undistributed equity of nonbank subsidiary   102    155    (272)
Earnings before income taxes   11,680    9,589    17,946 
Income tax benefit   (556)   (289)   (65)
Net earnings   12,236    9,878    18,011 
Other comprehensive income (loss)   8,510    (28,946)   (5,567)
Total comprehensive income  $20,746   $(19,068)  $12,444 

 

 

Condensed Statements of Cash Flows

 

                
(Dollars in thousands)  Years ended December 31, 
   2023   2022   2021 
Cash flows from operating activities:               
Net earnings  $12,236   $9,878   $18,011 
Decrease (increase) in undistributed equity of subsidiaries   (5,354)   18,875    (13,327)
Other   1    79    130 
Net cash provided by operating activities   6,883    28,832    4,814 
                
Cash flows from investing activities:               
Net change in interest-bearing deposits at banks   1    -    (2)
Acquisition of Freedom Bancshares, Inc.   -    (33,350)   - 
Net cash (used in) provided by investing activities   1    (33,350)   (2)
                
Cash flows from financing activities:               
Proceeds from exercise of stock options   52    -    22 
Payment of dividends   (4,390)   (4,198)   (3,818)
Purchase of treasury stock   (75)   (1,239)   - 
Issuances of outstanding debt   -    10,065    - 
Payment on outstanding debt   (2,351)   (1,065)   - 
Net cash (used in) provided by financing activities   (6,764)   3,563    (3,796)
Net increase (decrease) in cash   120    (955)   1,016 
Cash at beginning of year   166    1,121    105 
Cash at end of year  $286   $166   $1,121