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Condensed Financial Information (Parent Company Only)

12 Months Ended

Dec. 31, 2022

Condensed Financial Information (Parent Company Only)

Condensed Financial Information (Parent Company Only)

Note 20: Condensed Financial Information (Parent Company Only)

Presented below is condensed financial information as to financial position, results of operations and cash flows of the Company:

​

Condensed Balance Sheets

​

​	​	​	​	​	​	​
​	​	December 31,
​		2022			2021
​	​	(In thousands)
Assets	​	​	​	​	​	​
Cash and cash equivalents	​	$	11,273	​	$	9,092
Investment in the Bank	​		69,914	​		85,954
Other assets	​		3,110	​		1,182
​	​		​	​		​
Total assets	​	$	84,297	​	$	96,228
​	​		​	​		​
Liabilities and Stockholders’ Equity	​		​	​		​
Subordinated debentures	​	$	23,726	​	$	23,665
Other liabilities	​		834	​		862
Stockholders’ equity	​		59,737	​		71,701
​	​		​	​		​
Total liabilities and stockholders’ equity	​	$	84,297	​	$	96,228

​

Condensed Statements of Income and Comprehensive Income

​

​	​	​	​	​	​	​
​	​	Years Ended December 31,
​		2022			2021
​	​	(In thousands)
Operating Income		​			​
Dividends from subsidiary	​	$	10,779	​	$	12,363
Interest and dividend income from securities and federal funds	​		—	​		—
​	​		​	​		​
Total operating income	​		10,779	​		12,363
​	​		​	​		​
General, Administrative and Other Expenses	​		4,498	​		4,210
​	​		​	​		​
Income (Loss) Before Income Taxes and Equity in Undistributed Income of Subsidiary	​		6,281	​		8,153
​	​		​	​		​
Income Tax Benefits	​		1,095	​		773
​	​		​	​		​
Income (Loss) Before Equity in Undistributed Income of Subsidiary	​		7,376	​		8,926
​	​		​	​		​
Equity in Undistributed Income of Subsidiary	​		1,281	​		525
​	​		​	​		​
Net Income	​	$	8,657	​	$	9,451
​	​		​	​		​
Comprehensive (Loss) Income	​	$	(7,643)	​	$	7,132

​

Condensed Statements of Cash Flows

​

​	​	​	​	​	​	​
​	​	Years Ended December 31,
​		2022			2021
​	​	(In thousands)
Operating Activities	​	​	​	​	​	​
Net income	​	$	8,657	​	$	9,451
Items not requiring (providing) cash	​		​	​	​	​
Equity in undistributed income of subsidiary	​		(1,281)	​	​	(525)
Amortization of share-based compensation plans	​		1,005	​	​	404
Net change in other assets and other liabilities	​		(874)	​	​	251
​	​		​	​	​	​
Net cash provided by operating activities	​		7,507	​	​	9,581
​	​		​	​	​	​
Investing Activities	​		​	​	​	​
​	​		​	​	​	​
Net cash used in investing activities	​		—	​	​	—
​	​		​	​	​	​
Financing Activities	​		​	​	​	​
Repurchase of common stock	​		(767)	​	​	(72)
Dividends paid to stockholders	​		(4,559)	​	​	(4,101)
​	​		​	​	​	​
Net cash used in financing activities	​		(5,326)	​	​	(4,173)
​	​		​	​	​	​
Net Change in Cash and Cash Equivalents	​		2,181	​	​	5,408
​	​		​	​	​	​
Cash and Cash Equivalents at Beginning of Year	​	​	9,092	​	​	3,684
​	​	​	​	​	​	​
Cash and Cash Equivalents at End of Year	​	$	11,273	​	$	9,092

​

X

- References

No definition available.

+ Details

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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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