Parent Company Condensed Financial Statements

12 Months Ended

Dec. 31, 2024

Condensed Financial Information Disclosure [Abstract]

Parent Company Condensed Financial Statements

Parent Company Condensed Financial Statements

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

Condensed Balance Sheets

	December 31,
($ in thousands)	2024		2023
Assets
Cash and cash equivalents	$	1,463	$	1,653
Investment in bank subsidiary	203,278		190,855
Other assets	390		177
Total assets	$	205,131	$	192,685
Liabilities and shareholders' equity
Other liabilities	$	138	$	59
Shareholders’ equity	204,993		192,626
Total liabilities and shareholders' equity	$	205,131	$	192,685

Condensed Statements of Income and Comprehensive Income

	Year Ended December 31,
($ in thousands)	2024		2023		2022
Income
Dividends from bank subsidiary	$	10,560	$	11,789	$	6,675
Expense
Salaries and employee benefits	238		227		219
Occupancy and equipment	56		49		49
Directors’ fees	219		228		214
Other expense	512		445		395
Total expense	1,025		949		877
Income before income tax benefit and undistributed net income of bank subsidiary	9,535		10,840		5,798
Income tax benefit	295		252		202
Equity in undistributed net income of bank subsidiary	11,239		12,826		27,310
Net income	21,069		23,918		33,310
Other comprehensive income (loss), net of tax	38		2,392		(16,646)
Comprehensive income	$	21,107	$	26,310	$	16,664

Condensed Statements of Cash Flows

	Year Ended December 31,
($ in thousands)	2024		2023		2022
Cash flows from operating activities
Net income	$	21,069	$	23,918	$	33,310
Adjustments:
Equity in undistributed net loss of bank subsidiary	(21,799)		(24,615)		(33,985)
Change in other assets	(213)		145		(164)
Change in other liabilities	79		59		(33)
Net cash used in operating activities	(864)		(493)		(872)
Cash flows from investing activities
Net cash from investing activities	—		—		—
Cash flows from financing activities
Repurchase of common stock	(2,743)		(3,934)		—
Cash dividend paid on common stock	(7,143)		(7,269)		(6,674)
Proceeds from subsidiaries	10,560		11,789		6,675
Net cash provided by (used in) financing activities	674		586		1
Net change in cash and cash equivalents	(190)		93		(871)
Cash and cash equivalents at beginning of year	1,653		1,560		2,431
Cash and cash equivalents at end of year	$	1,463	$	1,653	$	1,560