Condensed Parent Company Financial Statements (Tables)

12 Months Ended

Dec. 31, 2023

Condensed Financial Information Disclosure [Abstract]

Balance sheet

BALANCE SHEETS
(Dollars in thousands)	December 31, 2023		December 31, 2022
ASSETS
Cash and due from banks	$	251	$	1,807
Investment securities		63		63
Investments in subsidiaries		155,409		134,068
Other assets		803		941
Total assets	$	156,526	$	136,879
LIABILITIES & SHAREHOLDERS' EQUITY
Junior subordinated debt	$	3,459	$	3,413
Other liabilities		27		50
Stockholders' equity		153,040		133,416
Total liabilities and stockholders' equity	$	156,526	$	136,879

Statement of income

STATEMENTS OF INCOME
(Dollars in thousands)	For the years ended
	December 31, 2023			December 31, 2022
Dividends from subsidiary	$	6,000		$	7,500
Net interest expense		(309	)		(190	)
Noninterest income		463			-
Noninterest expense		1,375			1,418
Income before income taxes	$	4,779		$	5,892
Income tax (benefit)		(233	)		(313	)
Income before equity in undistributed earnings of    subsidiaries	$	5,012		$	6,205
Equity in undistributed earnings of subsidiaries		14,251			17,233
Net income	$	19,263		$	23,438

Statement of cash flow

STATEMENTS OF CASH FLOWS
(Dollars in thousands)	For the years ended
	December 31, 2023			December 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	19,263		$	23,438
Adjustments to reconcile net income to net cash    provided by operating activities:
Equity in undistributed earnings of subsidiaries		(14,251	)		(17,233	)
Net accretion of certain acquisition-related adjustments		46			46
Amortization		-			55
Deferred tax expense (benefit)		(275	)		298
Stock option & restricted stock grant expense		727			687
Increase (decrease) in other assets		138			(140	)
Decrease in other liabilities		(23	)		(392	)
Net cash provided by operating activities	$	5,625		$	6,759
CASH FLOWS FROM FINANCING ACTIVITIES
Gain on termination of swap		460			-
Liquidation of swap collateral		(585	)		-
Proceeds from stock options exercised		18			23
Dividends paid		(7,074	)		(6,392	)
Net cash used in financing activities	$	(7,181	)	$	(6,369	)
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS		(1,556	)		390
CASH AND CASH EQUIVALENTS
Beginning of period		1,807			1,417
End of period	$	251		$	1,807