PARENT COMPANY FINANCIAL INFORMATION (Tables)

12 Months Ended

Dec. 31, 2022

PARENT COMPANY FINANCIAL INFORMATION

Schedule of condensed balance sheets

BALANCE SHEETS

(Dollars in thousands)

	December 31,
	2022		2021
ASSETS
Cash	$	13,860	$	13,788
Investment in banking subsidiary		129,456		157,675
Marketable equity securities		1,699		1,962
Prepaid expenses and other assets		854		894
TOTAL ASSETS	$	145,869	$	174,319
LIABILITIES
Advances from banking subsidiary	$	168	$	413
Subordinated Debentures		25,000		25,000
Accrued expenses and other liabilities		315		351
TOTAL LIABILITIES		25,483		25,764
STOCKHOLDERS’ EQUITY
Common stock		12,502		12,358
Surplus		42,439		40,940
Retained earnings		100,712		93,378
Accumulated other comprehensive (loss) income		(29,558)		7,588
Treasury stock, at cost		(5,709)		(5,709)
TOTAL STOCKHOLDERS’ EQUITY		120,386		148,555
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	145,869	$	174,319

Schedule of condensed statements of Income

STATEMENTS OF INCOME

(Dollars in thousands)

	Years Ended December 31,
	2022		2021
INCOME
Dividends from subsidiary bank	$	6,102	$	6,043
Net securities (losses) gains		(93)		323
Other income		98		105
TOTAL INCOME		6,107		6,471
EXPENSE
Interest on subordinated debt		1,091		1,094
Other expense		195		187
TOTAL EXPENSE		1,286		1,281
INCOME BEFORE INCOME TAX BENEFIT		4,821		5,190
INCOME TAX BENEFIT		(275)		(186)
		5,096		5,376
EQUITY IN UNDISTRIBUTED EARNINGS OF BANKING SUBSIDIARY		8,928		9,312
NET INCOME	$	14,024	$	14,688

Schedule of condensed statements of comprehensive (loss) income

STATEMENTS OF COMPREHENSIVE (LOSS) INCOME

(Dollars in thousands)

	Years Ended December 31,
	2022		2021
Net Income	$	14,024	$	14,688
Other comprehensive loss:
Equity in other comprehensive loss of banking subsidiary		(37,146)		(5,282)
Total other comprehensive loss		(37,146)		(5,282)
Total Comprehensive (Loss) Income	$	(23,122)	$	9,406

Schedule of condensed statements of cash flows

STATEMENTS OF CASH FLOWS

(Dollars in thousands)

	Years Ended December 31,
	2022		2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	14,024	$	14,688
Adjustments to reconcile net income to net cash provided by operating activities:
Losses (gains) on securities		93		(323)
Deferred income tax (benefit) expense		(34)		91
Equity in undistributed earnings of banking subsidiary		(8,928)		(9,312)
Increase (decrease) in prepaid/accrued expenses and other assets/liabilities		47		(168)
Decrease in advances from banking subsidiary		(245)		(110)
NET CASH PROVIDED BY OPERATING ACTIVITIES		4,957		4,866
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sales of equity securities		170		6
NET CASH PROVIDED BY INVESTING ACTIVITIES		170		6
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock		1,635		1,511
Dividends paid		(6,690)		(6,617)
NET CASH USED IN FINANCING ACTIVITIES		(5,055)		(5,106)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		72		(234)
CASH AND CASH EQUIVALENTS, BEGINNING		13,788		14,022
CASH AND CASH EQUIVALENTS, ENDING	$	13,860	$	13,788