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Company Unconsolidated Financial Information (Tables)
 12 Months Ended
Dec. 31, 2023
Condensed Financial Information Disclosure [Abstract]  
Schedule of Condensed Balance Sheet

The Company’s unconsolidated financial information as of December 31, 2023 and 2022 and for the years then ended follows (in thousands):

 

Condensed Balance Sheets

 

   2023   2022 
   Condensed Balance Sheets 
   At December 31, 
   2023   2022 
Assets        
         
Cash  $825   $602 
Investment in subsidiary   69,549    60,464 
Other assets   206    2,149 
           
Total assets  $70,580   $63,215 
           
Liabilities and Stockholders’ Equity          
           
Other liabilities  $573   $636 
Stockholders’ equity   70,007    62,579 
           
Total liabilities and stockholders’ equity  $70,580   $63,215 
Schedule of Condensed Statements of Earnings

 

   2023   2022 
   Year Ended December 31, 
   2023   2022 
Income of subsidiary  $7,253   $4,791 
Other expense   (1,304)   (1,029)
Income tax benefit   333    261 
           
Net earnings  $6,283   $4,023 
Schedule of Condensed Statements of Cash Flows

 

   2023   2022 
   Year Ended December 31, 
   2023   2022 
Cash flows from operating activities:          
Net earnings  $6,283   $4,023 
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:          
Stock-based compensation   490    372 
Equity in undistributed income of subsidiary   (7,254)   (4,792)
decrease (Increase) in other assets   1,943    (306)
(Decrease) in other liabilities   (63)   431 
           
Net cash provided by (used in) operating activities   1,399    (272)
           
Cash flow from investing activities:          
Capital infusion to bank subsidiary   (1,500)   (24,500)
           
Cash flow from financing activities:          
Proceeds from sale of preferred stock   —    15,000 
Proceeds from sale of common stock   324    9,866 
           
Cash provided by financing activities   324    24,866 
           
Net increase in cash   223    94 
           
Cash at beginning of the year   602    508 
           
Cash at end of year  $825   $602 
           
Noncash transactions:          
           
Change in accumulated other comprehensive loss of subsidiary, net change in unrealized loss on debt securities available for sale, net of income taxes  $511   $(5,191)
Reduction in investment in subsidiary due to adoption of ASC 326  $181   $-