XML 69 R53.htm IDEA: XBRL DOCUMENT v3.25.1
Parent Company Condensed Financial Statements (Tables)
 12 Months Ended
Dec. 31, 2024
Condensed Financial Information Disclosure [Abstract]  
Schedule of Condensed Financial Statements

The following is condensed financial information of the parent company as of December 31, 2024 and 2023

and for the years ended December 31, 2024, 2023 and 2022:

 

Condensed Balance Sheets

 

   2024   2023 
(Dollars in thousands)  As of December 31, 
   2024   2023 
Assets:          
Cash and cash equivalents  $395   $286 
Interest-bearing deposits at other banks   151    215 
Investment in subsidiaries   160,634    153,813 
Other   960    990 
Total assets  $162,140   $155,304 
Liabilities and stockholders’ equity:          
Subordinated debentures  $21,651   $21,651 
Other borrowings   4,200    6,649 
Other   74    90 
Stockholders’ equity   136,215    126,914 
Total liabilities and stockholders’ equity  $162,140   $155,304 

 

Condensed Statements of Earnings

 

   2024   2023   2022 
(Dollars in thousands)  Years ended December 31, 
   2024   2023   2022 
Dividends from Bank  $8,500   $8,000   $29,350 
Dividends from nonbank subsidiary   975    1,000    490 
Interest income   55    51    26 
Other non-interest income   8    8    8 
Interest expense   (2,013)   (2,113)   (998)
Other expense, net   (637)   (620)   (412)
Earnings before equity in undistributed earnings   6,888    6,326    28,464 
Increase (decrease) in undistributed equity of Bank   5,122    5,252    (19,030)
Increase (decrease) in undistributed equity of nonbank subsidiary   450    102    155 
Earnings before income taxes   12,460    11,680    9,589 
Income tax benefit   (543)   (556)   (289)
Net earnings   13,003    12,236    9,878 
Other comprehensive  income (loss)   728    8,510    (28,946)
Total comprehensive income  $13,731   $20,746   $(19,068)

 

 

Condensed Statements of Cash Flows

 

   2024   2023   2022 
(Dollars in thousands)  Years ended December 31, 
   2024   2023   2022 
Cash flows from operating activities:               
Net earnings  $13,003   $12,236   $9,878 
(Increase) decrease in undistributed equity of subsidiaries   (5,572)   (5,354)   18,875 
Other   12    1    79 
Net cash provided by operating activities   7,443    6,883    28,832 
                
Cash flows from investing activities:               
Net change in interest-bearing deposits at banks   64    1    - 
Acquisition of Freedom Bancshares, Inc.   -    -    (33,350)
Net cash (used in) provided by investing activities   64    1    (33,350)
                
Cash flows from financing activities:               
Proceeds from exercise of stock options   -    52    - 
Payment of dividends   (4,612)   (4,390)   (4,198)
Purchase of treasury stock   (338)   (75)   (1,239)
Issuances of outstanding debt   360    -    10,065 
Payment on outstanding debt   (2,808)   (2,351)   (1,065)
Net cash (used in) provided by financing activities   (7,398)   (6,764)   3,563 
Net increase (decrease) in cash   109    120    (955)
Cash at beginning of year   286    166    1,121 
Cash at end of year  $395   $286   $166