Parent Company financial statements

12 Months Ended

Dec. 31, 2023

Parent Company financial statements

Parent Company financial statements

17. Parent Company financial statements:

CONDENSED BALANCE SHEETS

(Dollars in thousands)	2023		2022
Assets:
Cash and cash equivalents	$	188	$	359
Equity securities		98		110
Investment in bank subsidiary		372,348		346,734
Other assets		936		1,295
Total assets	$	373,570	$	348,498
Liabilities and Stockholders’ Equity:
Subordinated debt	$	33,000	$	33,000
Accrued interest payable		148		148
Stockholders’ equity		340,422		315,350
Total liabilities and stockholders’ equity	$	373,570	$	348,498

CONDENSED STATEMENTS OF INCOME

(Dollars in thousands)	2023		2022		2021
Income:
Dividends from subsidiaries	$	20,158	$	11,325	$	17,593
Other income		4		3		4
Unrealized holding (losses) gains on equity securities		(11)		(31)		2
Total income		20,151		11,297		17,599
Expense:
Acquisition related expenses		1,580
Interest expense on subordinated debt		1,774		1,774		1,774
Other expenses		1,538		1,188		222
Total expenses		4,892		2,962		1,996
Income before taxes and undistributed income		15,259		8,335		15,603
Income tax benefit		(857)		(624)		(410)
Income before undistributed income of subsidiaries		16,116		8,959		16,013
Equity in undistributed net income of subsidiaries		11,264		29,131		27,506
Net income	$	27,380	$	38,090	$	43,519

condensed Statements of Cash Flows

(Dollars in thousands)	2023		2022		2021
Cash flows from operating activities:
Net income	$	27,380	$	38,090	$	43,519
Adjustments:
Net losses (gains) on investment securities		11		31		(2)
Undistributed net income of subsidiaries		(11,264)		(29,131)		(27,506)
Decrease (increase) in other assets		359		(591)		(429)
Decrease in other liabilities				(40)
Stock based compensation		888		534		546
Net cash provided by operating activities		17,374		8,893		16,128
Cash flows from financing activities:
Retirement of common stock		(5,886)		(1,253)		(2,361)
Cash dividends paid		(11,659)		(11,325)		(10,792)
Net cash used in financing activities		(17,545)		(12,578)		(13,153)
(Decrease) increase in cash and cash equivalents		(171)		(3,685)		2,975
Cash and cash equivalents at beginning of year		359		4,044		1,069
Cash and cash equivalents at end of year	$	188	$	359	$	4,044