PARENT CORPORATION ONLY FINANCIAL STATEMENTS

12 Months Ended

Dec. 31, 2023

Condensed Financial Information Disclosure [Abstract]

PARENT CORPORATION ONLY FINANCIAL STATEMENTS

NOTE 28 PARENT CORPORATION ONLY FINANCIAL STATEMENTS

Schedule of parent corporation only condensed balance sheets 

	2023			2022
ASSETS
Due from banks	$	427		$	521
Investment in subsidiaries		80,112			72,360
Other assets		787			1,150
Total assets	$	81,326		$	74,031
LIABILITIES
Accrued interest payable	$	322		$	277
Accrued expenses and other liabilities		7			39
Trust preferred securities		16,186			16,496
Total liabilities		16,515			16,812
SHAREHOLDERS’ EQUITY
Common stock - $2.00 par value, 50,000,000 shares authorized; 23,745,900 and 23,848,491 shares issued and outstanding at December 31, 2023 and 2022, respectively		47,492			47,697
Additional paid capital		14,514			14,546
Retained earnings		14,458			8,917
Accumulated other comprehensive loss		(11,653	)		(13,941	)
Total shareholders’ equity		64,811			57,219
Total liabilities and shareholders’ equity	$	81,326		$	74,031

 Schedule of parent corporation only condensed statements of income

	2023			2022
Income
Miscellaneous income	$	38		$	22
Dividends from subsidiaries		2,600			1,749
Undistributed income of subsidiaries		5,677			7,027
Total income		8,315			8,798
Expenses
Trust preferred securities interest expense		1,274			729
Professional fees		106			116
Other operating expenses		42			57
Total expenses		1,422			902
Income before income taxes		6,893			7,896
Income tax benefit		(291	)		(186	)
Net income	$	7,184		$	8,082

Schedule of parent corporation only condensed statements of cash flows 

	2023			2022
Cash flows from operating activities
Net income	$	7,184		$	8,082
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed earnings of subsidiaries		(5,677	)		(7,027	)
Net decrease in other assets		364			495
Net increase in other liabilities		13			151
Net cash provided by operating activities		1,884			1,701
Cash flows from financing activities:
Repayment of long-term debt		(310	)		—
Repurchase of common stock		(237	)		(171	)
Cash dividends paid		(1,431	)		(1,196	)
Net cash used in financing activities		(1,978	)		(1,367	)
Net (decrease) increase in cash and cash equivalents		(94	)		334
Cash and cash equivalents, beginning of year		521			187
Cash and cash equivalents, end of year	$	427		$	521