Note 19 - Parent Company Financial Information (Tables)

12 Months Ended

Dec. 31, 2022

Balance Sheets
December 31,	2022		2021
Assets
Cash and cash equivalents	$	353	$	1,234
Investment securities:
Available-for-sale (amortized cost $299 and $0)		301		—
Equity securities (cost of $12,091 and $11,419)		12,056		12,410
Investment in subsidiary		58,140		123,412
Other assets		146		8
Total assets	$	70,996	$	137,064

Liabilities
Other liabilities	$	38	$	570

Shareholders' equity		70,958		136,494
Total liabilities and shareholders' equity	$	70,996	$	137,064

Statements of Income
Year ended December 31,	2022			2021		2020
Dividends from subsidiary	$	4,329		$	5,733	$	4,413
Interest, dividend and other income		358			386		346
Securities gains		405			1,788		585
Net unrealized (loss) gain on investment equity securities		(1,026	)		926		(47	)
Total income		4,066			8,833		5,297
Expenses		496			491		457
Income before applicable income taxes and equity in undistributed income of subsidiary		3,570			8,342		4,840
Provision for income tax (benefit) expense		(235	)		724		97
Income before equity in undistributed income of subsidiary		3,805			7,618		4,743
Equity in undistributed income of subsidiary		12,116			8,874		7,340
Net income	$	15,921		$	16,492	$	12,083

Statements of Comprehensive Income	(in thousands)
Year ended December 31,	2022									2021									2020
	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	$	19,586		$	3,665		$	15,921		$	20,453		$	3,961		$	16,492		$	14,645		$	2,562		$	12,083
Other comprehensive (loss)/income:
Net unrealized holding (losses)/gains on available-for-sale securities:
Unrealized holding (losses)/gains arising during the period		(98,097	)		(20,600	)		(77,497	)		(11,867	)		(2,492	)		(9,375	)		6,850			1,439			5,411
Reclassification adjustment for losses/(gains) included in net income		139			29			110			(18	)		(4	)		(14	)		(24	)		(5	)		(19	)
		(97,958	)		(20,571	)		(77,387	)		(11,885	)		(2,496	)		(9,389	)		6,826			1,434			5,392
Total comprehensive (loss) income	$	(78,372	)	$	(16,906	)	$	(61,466	)	$	8,568		$	1,465		$	7,103		$	21,471		$	3,996		$	17,475

Statements of Cash Flows
Year ended December 31,	2022			2021			2020
Operating Activities
Net income	$	15,921		$	16,492		$	12,083
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed income from subsidiary		(12,116	)		(8,874	)		(7,340	)
Net securities gains		(405	)		(1,788	)		(585	)
Net unrealized loss (gain) on investment equity securities		1,026			(926	)		47
Stock-based compensation expense		85			102			112
Accretion of discounts on investment securities		(6	)		—			—
(Decrease ) increase in other liabilities		(266	)		222			(682	)
(Increase) decrease in other assets		(121	)		2			17
Deferred income tax (benefit) provision		(285	)		265			(20	)
Net cash provided by operating activities		3,833			5,495			3,632
Investing activities
Purchase of investment equity securities		(1,860	)		(4,615	)		(7,914	)
Purchase of investment securities available-for-sale		(1,193	)		—			—
Proceeds from sale of investment equity securities		1,594			7,768			4,767
Proceeds from maturities of investment securities available-for-sale		900			—			—
Capital contribution to Bank		—			(2,500	)		—
Net cash (used) provided by investing activities		(559	)		653			(3,147	)
Financing activities
Cash dividend paid		(4,498	)		(4,375	)		(4,226	)
Treasury stock purchase		(75	)		(1,356	)		(130	)
Proceeds from issuance of common stock		418			575			497
Net cash used by financing activities		(4,155	)		(5,156	)		(3,859	)
(decrease) increase in cash and cash equivalents		(881	)		992			(3,374	)
Cash and cash equivalents at beginning of year		1,234			242			3,616
Cash and cash equivalents at end of year	$	353		$	1,234		$	242