Note 19 - Parent Company Financial Information (Tables)

12 Months Ended

Dec. 31, 2021

Balance Sheets
December 31,	2021		2020
Assets
Cash and cash equivalents	$	1,234	$	242
Investment securities (cost of $11,419 and $12,784)		12,410		12,849
Investment in subsidiary		123,412		121,427
Other assets		8		9
Total assets	$	137,064	$	134,527

Liabilities
Other liabilities	$	570	$	82

Shareholders' equity		136,494		134,445
Total liabilities and shareholders' equity	$	137,064	$	134,527

Statements of Income
Year ended December 31,	2021		2020			2019
Dividends from subsidiary	$	5,733	$	4,413		$	3,820
Interest, dividend and other income		386		346			292
Securities gains		1,788		585			1,781
Net unrealized gain (loss) on investment equity securities		926		(47	)		770
Total income		8,833		5,297			6,663
Expenses		491		457			420
Income before applicable income taxes and equity in undistributed income of subsidiary		8,342		4,840			6,243
Provision (benefit) for income taxes		724		97			714
Income before equity in undistributed income of subsidiary		7,618		4,743			5,529
Equity in undistributed income of subsidiary		8,874		7,340			6,828
Net income	$	16,492	$	12,083		$	12,357

Statements of Comprehensive Income	(in thousands)
Year ended December 31,	2021									2020									2019
	Before tax amount			Tax expense (benefit)			Net of tax amount			Before tax amount			Tax expense (benefit)			Net of tax amount			Before tax amount		Tax expense (benefit)		Net of tax amount
Net income	$	20,453		$	3,961		$	16,492		$	14,645		$	2,562		$	12,083		$	15,207	$	2,850	$	12,357
Other comprehensive (loss)/income:
Net unrealized holding (losses)/gains on available-for-sale securities:
Unrealized holding (losses)/gains arising during the period		(11,867	)		(2,492	)		(9,375	)		6,850			1,439			5,411			9,327		1,959		7,368
Reclassification adjustment for (gains)/losses included in net income		(18	)		(4	)		(14	)		(24	)		(5	)		(19	)		26		5		21
		(11,885	)		(2,496	)		(9,389	)		6,826			1,434			5,392			9,353		1,964		7,389
Total comprehensive income	$	8,568		$	1,465		$	7,103		$	21,471		$	3,996		$	17,475		$	24,560	$	4,814	$	19,746

Statements of Cash Flows
Year ended December 31,	2021			2020			2019
Operating Activities
Net income	$	16,492		$	12,083		$	12,357
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed income from subsidiary		(8,874	)		(7,340	)		(6,828	)
Net securities gains		(1,788	)		(585	)		(1,781	)
Net unrealized (gain) loss on investment equity securities		(926	)		47			(770	)
Stock-based compensation expense		102			112			118
Accretion of discounts on investment securities		—			—			(45	)
Increase (decrease) in other liabilities		222			(682	)		762
Decrease in other assets		2			17			126
Deferred income tax provision (benefit)		265			(20	)		247
Net cash provided by operating activities		5,495			3,632			4,186
Investing activities
Purchase of investment equity securities		(4,615	)		(7,914	)		(9,030	)
Purchase of investment securities available-for-sale		—			—			(8,730	)
Proceeds from sale of investment equity securities		7,768			4,767			11,838
Proceeds from sale of investment securities available-for-sale		—			—			8,775
Capital contribution to Bank		(2,500	)		—			—
Net cash provided (used) by investing activities		653			(3,147	)		2,853
Financing activities
Cash dividend paid		(4,375	)		(4,226	)		(4,086	)
Treasury stock purchase		(1,356	)		(130	)		—
Proceeds from issuance of common stock		575			497			591
Net cash used by financing activities		(5,156	)		(3,859	)		(3,495	)
Increase (decrease) cash and cash equivalents		992			(3,374	)		3,544
Cash and cash equivalents at beginning of year		242			3,616			72
Cash and cash equivalents at end of year	$	1,234		$	242		$	3,616