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Note 23 - Parent Company Condensed Financial Information

12 Months Ended

Dec. 31, 2022

Notes to Financial Statements

Condensed Financial Information of Parent Company Only Disclosure [Text Block]

(23)        PARENT COMPANY CONDENSED FINANCIAL INFORMATION

Condensed financial information for the Company (parent company only) follows:

Balance Sheets
(In thousands)
		As of December 31,
		2022				2021
Assets:
Cash and cash equivalents		$	2,697			$	1,943
Other assets			2,816				3,178
Investment in subsidiaries			80,425				109,587
		$	85,938			$	114,708
Liabilities and Equity:
Accrued expenses		$	780			$	880
Stockholders' equity			85,158				113,828
		$	85,938			$	114,708

Statements of Income
(In thousands)
		Years Ended December 31,
		2022				2021				2020
Dividend income from subsidiaries		$	4,475			$	2,685			$	2,730
Other income			105				69				59
Income (loss) on equity securities			(414	)			328				(194	)
Other operating expenses			(825	)			(835	)			(824	)
Income before income taxes and equity in undistributed net income of shareholders			3,341				2,247				1,771
Income tax benefit			249				106				315
Income before equity in undistributed net income of subsidiaries			3,590				2,353				2,086
Equity in undistributed net income of subsidiaries			8,312				9,071				8,045
Net Income		$	11,902			$	11,424			$	10,131

Statements of Cash Flows
(In thousands)
		Years Ended December 31,
		2022				2021				2020
Operating Activities:
Net income		$	11,902			$	11,424			$	10,131
Adjustments to reconcile net income to cash and cash equivalents provided by operating activities:
Equity in undistributed net income of subsidiaries			(8,312	)			(9,071	)			(8,045	)
Stock compensation expense			436				487				381
Unrealized (gain) loss on equity securities			414				(328	)			194
Net change in other assets and liabilities			(53	)			191				(125	)
Net cash provided by operating activities			4,387				2,703				2,536
Investing Activities:
Investment in technology fund			(100	)			(120	)			-
Net cash used in investing activities			(100	)			(120	)			-
Financing Activities:
Purchase of treasury stock			-				(40	)			(13	)
Tax paid on stock award shares for employees			(26	)			(85	)			(134	)
Cash dividends paid			(3,507	)			(3,509	)			(3,242	)
Net cash used in financing activities			(3,533	)			(3,634	)			(3,389	)
Net increase (decrease) in cash and cash equivalents			754				(1,051	)			(853	)
Cash and cash equivalents at beginning of year			1,943				2,994				3,847
Cash and cash equivalents at end of year		$	2,697			$	1,943			$	2,994

X

- 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

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X

- References

No definition available.

+ Details

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