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Note 25 - Parent Company Condensed Financial Information

12 Months Ended

Dec. 31, 2024

Notes to Financial Statements

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

(25) PARENT COMPANY CONDENSED FINANCIAL INFORMATION

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

Balance Sheets
(In thousands)
		As of December 31,
		2024				2023
Assets:
Cash and cash equivalents		$	2,861			$	3,798
Other assets			2,256				2,528
Investment in subsidiaries			109,970				99,437
		$	115,087			$	105,763
Liabilities and Equity:
Accrued expenses and other liabilities		$	488			$	530
Stockholders' equity			114,599				105,233
		$	115,087			$	105,763

Statements of Income
(In thousands)
		Years Ended December 31,
		2024				2023				2022
Dividend income from subsidiaries		$	3,150			$	3,745			$	4,475
Other income			100				115				105
Loss on equity securities			(374	)			(207	)			(414	)
Other operating expenses			(621	)			(681	)			(825	)
Income before income taxes and equity in undistributed net income of shareholders			2,255				2,972				3,341
Income tax benefit			194				164				249
Income before equity in undistributed net income of subsidiaries			2,449				3,136				3,590
Equity in undistributed net income of subsidiaries			9,491				9,654				8,312
Net Income		$	11,940			$	12,790			$	11,902
Comprehensive Income (Loss)		$	12,983			$	24,498			$	(25,573	)

Statements of Cash Flows
(In thousands)
		Years Ended December 31,
		2024				2023				2022
Operating Activities:
Net income		$	11,940			$	12,790			$	11,902
Adjustments to reconcile net income to cash provided by operating activities:
Equity in undistributed net income of subsidiaries			(9,491	)			(9,654	)			(8,312	)
Dissolution of Captive			-				1,822				-
Stock compensation expense			202				252				436
Unrealized loss on equity securities			374				207				414
Net change in other assets and liabilities			(28	)			80				(53	)
Net cash provided by operating activities			2,997				5,497				4,387
Investing Activities:
Investment in technology fund			(115	)			(250	)			(100	)
Net cash used in investing activities			(115	)			(250	)			(100	)
Financing Activities:
Purchase of treasury stock			(41	)			(502	)			-
Tax paid on stock award shares for employees			(23	)			(23	)			(26	)
Cash dividends paid			(3,755	)			(3,621	)			(3,507	)
Net cash used in financing activities			(3,819	)			(4,146	)			(3,533	)
Net (decrease) increase in cash			(937	)			1,101				754
Cash at beginning of year			3,798				2,697				1,943
Cash at end of year		$	2,861			$	3,798			$	2,697

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
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481231/810-10-45-11

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X

- References

No definition available.

+ Details

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