PARENT CORPORATION ONLY FINANCIAL STATEMENTS

12 Months Ended

Dec. 31, 2022

Condensed Financial Information Disclosure [Abstract]

PARENT CORPORATION ONLY FINANCIAL STATEMENTS

NOTE 27 PARENT CORPORATION ONLY FINANCIAL STATEMENTS

CONDENSED BALANCE SHEETS

AS OF DECEMBER 31, 2022 AND 2021

(Dollars in Thousands)

	2022			2021
ASSETS
Due from banks	$	521		$	187
Investment in subsidiaries		72,360			78,460
Other assets		1,150			1,645
Total assets	$	74,031		$	80,292
LIABILITIES
Accrued interest payable	$	277		$	104
Accrued expenses and other liabilities		39			61
Trust preferred securities		16,496			16,496
Total liabilities		16,812			16,661
SHAREHOLDERS’ EQUITY
Common stock - $2.00 par value, 50,000,000 shares authorized; 23,848,491 and 23,922,086 shares issued and outstanding at December 31, 2022 and 2021, respectively		47,697			47,844
Additional paid capital		14,546			14,570
Retained earnings		8,917			2,031
Accumulated other comprehensive loss		(13,941	)		(814	)
Total shareholders’ equity		57,219			63,631
Total liabilities and shareholders’ equity	$	74,031		$	80,292

CONDENSED STATEMENTS OF INCOME

FOR THE YEARS ENDED DECEMBER 31, 2022 AND 2021

(Dollars in thousands)

	2022			2021
Income
Miscellaneous income	$	22		$	13
Dividends from subsidiaries		1,749			430
Undistributed income of subsidiaries		7,027			7,026
Total income		8,798			7,469
Expenses
Trust preferred securities interest expense		729			420
Professional fees		116			99
Other operating expenses		57			58
Total expenses		902			577
Income before income taxes		7,896			6,892
Income tax benefit		(186	)		(118	)
Net income	$	8,082		$	7,010

CONDENSED STATEMENTS OF CASH FLOWS

FOR THE YEARS ENDED DECEMBER 31, 2022 AND 2021

(Dollars in thousands)

	2022			2021
Cash flows from operating activities
Net income	$	8,082		$	7,010
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Equity in undistributed earnings of subsidiaries		(7,027	)		(7,026	)
Net decrease in other assets		495			24
Net increase in other liabilities		151			(36	)
Net cash provided by (used in) operating activities		1,701			(28	)
Cash flows from financing activities:
Repurchase of common stock		(171	)		—
Cash dividends paid		(1,196	)		—
Net cash used in financing activities		(1,367	)		—
Net increase (decrease) in cash and cash equivalents		334			(28	)
Cash and cash equivalents, beginning of year		187			215
Cash and cash equivalents, end of year	$	521		$	187