Parent Company Condensed Financial Statements (Tables)

12 Months Ended

Dec. 31, 2023

Condensed Financial Information Disclosure [Abstract]

Schedule of Condensed Balance Sheets

The following tables present the Parent Company-only condensed financial statements:

Condensed Balance Sheets

	December 31,
($ in thousands)	2023		2022
Assets
Cash and cash equivalents	$	1,653	$	1,559
Investment in bank subsidiary	190,855		175,035
Deferred tax assets	—		21
Other assets	177		301
Total assets	$	192,685	$	176,916
Liabilities and shareholders' equity
Other liabilities	$	59	$	—
Shareholders’ equity	192,626		176,916
Total liabilities and shareholders' equity	$	192,685	$	176,916

Schedule of Condensed Statements of Income and Comprehensive Income

Condensed Statements of Income and Comprehensive Income

	Year Ended December 31,
($ in thousands)	2023		2022		2021
Income
Dividends from bank subsidiary	$	11,789	$	6,675	$	5,123
Expense
Salaries and employee benefits	227		219		226
Occupancy and equipment	49		49		65
FDIC insurance and regulatory assessments	—		—		8
Directors’ fees	228		214		135
Other expense	445		395		169
Total expense	949		877		603
Income before income tax benefit and undistributed net income of bank subsidiary	10,840		5,798		4,520
Income tax benefit	252		202		141
Equity in undistributed net income of bank subsidiary	12,826		27,310		24,178
Net income	23,918		33,310		28,839
Other comprehensive income (loss), net of tax	2,392		(16,646)		(2,037)
Comprehensive income	$	26,310	$	16,664	$	26,802

Schedule of Condensed Statements of Cash Flows

Condensed Statements of Cash Flows

	Year Ended December 31,
($ in thousands)	2023		2022		2021
Cash flows from operating activities
Net income	$	23,918	$	33,310	$	28,839
Adjustments:
Equity in undistributed net loss of bank subsidiary	(24,615)		(33,985)		(29,301)
Change in other assets	145		(164)		(124)
Change in other liabilities	59		(33)		(414)
Net cash used in operating activities	(493)		(872)		(1,000)
Cash flows from investing activities
Net cash from investing activities	—		—		—
Cash flows from financing activities
Repurchase of common stock	(3,934)		—		(28)
Cash dividend paid on common stock	(7,269)		(6,674)		(5,132)
Proceeds from subsidiaries	11,789		6,675		5,123
Net cash provided by (used in) financing activities	586		1		(37)
Net change in cash and cash equivalents	93		(871)		(1,037)
Cash and cash equivalents at beginning of year	1,560		2,431		3,468
Cash and cash equivalents at end of year	$	1,653	$	1,560	$	2,431