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Parent Company Financial Information
 12 Months Ended
Dec. 31, 2022
Condensed Financial Information Disclosure [Abstract]  
Parent Company Financial Information

Note 20: Parent Company Financial Information

 

Presented below is condensed financial information of the parent company only:

 

Condensed Balance Sheets

 

($ in thousands)  2022   2021 
Assets        
Cash & cash equivalents  $4,655   $14,406 
Investment in banking subsidiaries   135,923    152,761 
Investment in nonbanking subsidiaries   6,587    6,770 
Other assets   2,076    2,259 
           
Total assets  $149,241   $176,196 
Liabilities          
Trust preferred securities  $10,000   $10,000 
Sub debt net of issuance cost   19,594    19,546 
Borrowings from nonbanking subsidiaries   310    310 
Other liabilities & accrued interest payable   909    1,411 
           
Total liabilities   30,813    31,267 
           
Stockholders’ equity   118,428    144,929 
           
Total liabilities and stockholders’ equity  $149,241   $176,196 

 

Condensed Statements of Income

 

($ in thousands)  2022   2021 
Dividends from subsidiaries:        
Banking subsidiaries  $
-
   $5,000 
Nonbanking subsidiaries   750    500 
Total income   750    5,500 
Expenses          
Interest expense   1,139    661 
Other expense   1,747    1,478 
Total expenses   2,886    2,139 
Income before income tax   (2,136)   3,361 
Income tax benefit   (613)   (450)
Income (loss) before equity in undistributed income of subsidiaries   (1,523)   3,811 
Equity in undistributed income of subsidiaries          
Banking subsidiaries   13,426    13,573 
Nonbanking subsidiaries   618    893 
Total   14,044    14,466 
Net income  $12,521   $18,277 

 

Condensed Statements of Comprehensive Income (Loss)

 

($ in thousands)  2022   2021 
         
Net income  $12,521   $18,277 
Other comprehensive income (loss):          
Available-for-sale investment securities:          
Gross unrealized holding gain (loss) arising in the period   (38,322)   (5,133)
Related tax (expense) benefit   8,047    1,078 
Net effect on other comprehensive income (loss)   (30,275)   (4,055)
Total comprehensive income (loss)  $(17,754)  $14,222 

 

Condensed Statements of Cash Flows

 

($ in thousands)  2022   2021 
Operating activities        
Net income  $12,521   $18,277 
Items not requiring (providing) cash          
Equity in undistributed net income of subsidiaries   (14,044)   (14,466)
Stock compensation expense   568    443 
Other assets   973    1,811 
Other liabilities   (502)   376 
Net cash provided by (used in) operating activities   (484)   6,441 
           
Investing activities          
Capital contributed to nonbanking subsidiary   -    (1,100)
Net cash used in investing activities   -    (1,100)
           
Financing activities          
Dividends on common shares   (3,407)   (3,139)
Stock dividends on common shares   (8)   - 
Repurchase of common shares   (5,900)   (9,520)
Proceeds from sub-debt net of issuance cost   -    19,546 
Other financing activities   48    - 
Net cash provided by (used in) financing activities   (9,267)   6,887 
           
Net change in cash and cash equivalents   (9,751)   12,228 
Cash and cash equivalents at beginning of year   14,406    2,178 
Cash and cash equivalents at end of year  $4,655   $14,406