Parent Company Only Financial Information (Tables)

12 Months Ended

Dec. 31, 2023

Parent Company Only Financial Information

Condensed Statement of Financial Condition

	December 31,
(in thousands)	2023		2022
Assets
Cash	$	9,739	$	11,296
Investment securities- Available for Sale (at fair value)		13,591		14,603
Investment in bank subsidiary		164,878		153,245
Investment in non-bank subsidiaries		929		929
Other assets		9,794		8,273
Total Assets	$	198,931	$	188,346
Liabilities and Shareholders' Equity
Accrued interest and other liabilities	$	4,799	$	4,425
Dividends payable		1,330		1,199
Junior subordinated debt		30,929		30,929
Shareholders' equity		161,873		151,793
Total Liabilities and Shareholders' Equity	$	198,931	$	188,346

Condensed Statement of Income

	Year Ended
	December 31,
(in thousands)	2023		2022
Income:
Dividend income from bank subsidiary	$	6,130	$	14,995
Interest income on investments		1,715		780
Other income		75		63
Total other income		1,790		843
Total Income		7,920		15,838
Expenses:
Interest expense		1,950		1,451
Other expenses		715		249
Total Expenses		2,665		1,700
Income before income taxes and equity in undistributed net income of subsidiaries		5,255		14,138
Applicable income tax benefit		213		194
Net income before equity in undistributed net income of subsidiaries		5,468		14,332
Equity in undistributed net income of subsidiaries:
Bank		9,592		10,716
Net Income	$	15,060	$	25,048

Condensed Statement of Comprehensive Income

	Year Ended
	December 31,
Components of Comprehensive Income (in thousands)	2023		2022
Net Income	$	15,060	$	25,048
Unrealized losses on AFS Securities, net of tax		(771)		(954)
Unrealized (losses)/gains on cash flow hedges, net of tax		(228)		1,116
Other comprehensive (loss)/income, net of tax		(999)		162
Comprehensive income	$	14,061	$	25,210

Condensed Cash Flow Statement

	Year Ended
	December 31,
(in thousands)	2023		2022
Operating Activities
Net Income	$	15,060	$	25,048
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed net income of subsidiaries		(9,592)		(10,716)
Increase in other assets		(1,280)		(448)
Increase in accrued interest payable and other liabilities		273		655
Stock compensation		527		532
Net cash provided by operating activities		4,988		15,071
Financing Activities
Proceeds from issuance of common stock		293		217
Repurchase of common stock		(1,495)		—
Cash dividends on common stock		(5,343)		(4,192)
Net cash used in financing activities		(6,545)		(3,975)
Increase in cash and cash equivalents		(1,557)		11,096
Cash and cash equivalents at beginning of year		11,296		200
Cash and cash equivalents at end of year	$	9,739	$	11,296