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Parent Company Financial Information
 12 Months Ended
Dec. 31, 2023
Parent Company Financial Information [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)  2023   2022 
Assets        
Cash & cash equivalents  $6,468   $4,655 
Investment in banking subsidiaries   139,502    135,923 
Investment in nonbanking subsidiaries   6,279    6,587 
Other assets   2,726    2,076 
           
Total assets  $154,975   $149,241 
Liabilities          
Trust preferred securities  $10,000   $10,000 
Sub debt net of issuance cost   19,642    19,594 
Borrowings from nonbanking subsidiaries   310    310 
Other liabilities & accrued interest payable   681    909 
           
Total liabilities   30,633    30,813 
           
Shareholders’ equity   124,342    118,428 
           
Total liabilities and shareholders’ equity  $154,975   $149,241 

 

Condensed Statements of Income

 

($ in thousands)  2023   2022 
Dividends from subsidiaries:        
Banking subsidiaries  $10,000   $
-
 
Nonbanking subsidiaries   700    750 
Total income   10,700    750 
Expenses          
Interest expense   1,494    1,139 
Other expense   1,616    1,747 
Total expenses   3,110    2,886 
Income before income tax   7,590    (2,136)
Income tax benefit   (652)   (613)
Income (loss) before equity in undistributed income of subsidiaries   8,242    (1,523)
Equity in undistributed income of subsidiaries          
Banking subsidiaries   3,290    13,426 
Nonbanking subsidiaries   563    618 
Total   3,853    14,044 
Net income  $12,095   $12,521 

 

Condensed Statements of Comprehensive Income (Loss)

 

($ in thousands)  2023   2022 
         
Net income  $12,095   $12,521 
Other comprehensive income (loss):          
Available-for-sale investment securities:          
Gross unrealized holding gain (loss) arising in the period   2,897    (38,323)
Related tax (expense) benefit   (608)   8,048 
Net effect on other comprehensive income (loss)   2,289    (30,275)
Total comprehensive income (loss)  $14,384   $(17,754)

 

Condensed Statements of Cash Flows

 

($ in thousands)  2023   2022 
Operating activities        
Net income  $12,095   $12,521 
Items not requiring (providing) cash          
Equity in undistributed net income of subsidiaries   (3,853)   (14,044)
Stock compensation expense   576    568 
Other assets   230    973 
Other liabilities   (228)   (502)
Net cash provided by (used in) operating activities   8,820    (484)
           
Financing activities          
Dividends on common shares   (3,584)   (3,407)
Stock dividends on common shares   
-
    (8)
Repurchase of common shares   (3,471)   (5,900)
Other financing activities   48    48 
Net cash used in financing activities   (7,007)   (9,267)
           
Net change in cash and cash equivalents   1,813    (9,751)
Cash and cash equivalents at beginning of year   4,655    14,406 
Cash and cash equivalents at end of year  $6,468   $4,655