Condensed Financial Statements of Parent Company

12 Months Ended

Dec. 31, 2023

Condensed Financial Information Disclosure [Abstract]

Condensed Financial Statements of Parent Company

Note 20 – Condensed Financial Statements of Parent Company

Balance Sheets
	(In Thousands)
	2023		2022
Assets
Cash	$	3,790	$	16,901
Interest-bearing time deposits		2,466		498
Related party receivables:
Dividends and accounts receivable from subsidiary		3,928		2,114
Accrued interest receivable - available-for-sale securities /     interest bearing time deposits		46		38
Securities - US Treasuries / municipals		5,675		7,460
Investment in subsidiaries		338,893		319,371
Total Assets	$	354,798	$	346,382
Liabilities
Other borrowings	$	-	$	10,000
Subordinated notes, net of unamortized issuance costs		34,769		34,586
Dividends payable		2,974		2,832
Accrued interest payable		474		618
Accrued expenses		38		206
Total Liabilities		38,255		48,242
Stockholders' Equity		316,543		298,140
Total Liabilities and Stockholders' Equity	$	354,798	$	346,382

Statements of Income and Comprehensive Income
	(In Thousands)
	2023			2022			2021
Income
Dividends from subsidiaries	$	7,500		$	44,285		$	23,200
Distributed earnings of dissolved subsidiary		1,005			-			-
Interest - available-for-sale securities / interest-bearing time deposits		162			308			253
Noninterest income		4			-			-
Gain on sales of available-for-sale securities		-			-			293
Total income		8,671			44,593			23,746
Expenses
Interest		1,258			1,588			743
Operating expenses		1,143			1,176			1,335
Total expenses		2,401			2,764			2,078
Income Before Income Taxes and Equity in    Undistributed Earnings of Subsidiaries		6,270			41,829			21,668
Income Taxes (Benefit)		(495	)		(535	)		(347	)
		6,765			42,364			22,015
Equity in undistributed (distributions in excess of) earnings of    subsidiaries		16,022			(9,849	)		1,480
Net Income		22,787			32,515			23,495
Other Comprehensive Income (Loss):
Unrealized gains (losses) on securities, net of taxes		9,221			(35,049	)		(8,881	)
Comprehensive Income (Loss)	$	32,008		$	(2,534	)	$	14,614

Statements of Cash Flows
	(In Thousands)
	2023			2022			2021
Cash Flows from Operating Activities
Net income	$	22,787		$	32,515		$	23,495
Adjustments to reconcile net income to net cash    provided by operating activities:
Equity in undistributed (distributions in excess of) net income		(16,022	)		9,849			(1,480	)
Amortization of premiums on available-for-sale securities, net		29			61			81
Amortization of subordinated notes issuance fees		116			116			49
Stock-based compensation expense		1,281			899			822
Director stock awards		180			120			73
Gain on sale of available-for-sale securities		-			-			(293	)
Changes in assets and liabilities:
Other assets and liabilities		(1,981	)		2,560			(456	)
Net cash provided by operating activities		6,390			46,120			22,291
Cash Flows from Investing Activities
Activity in available-for-sale securities:
Maturities, prepayments and calls		1,445			1,540			795
Sales		1,105			-			7,773
Purchases		-			(398	)		-
Activity in certificates of deposit
Maturities		-			1,234			493
Purchases		(498	)		(498	)		-
Cash used for acquisitions		-			(9,806	)		(79,235	)
Net cash provided by (used in) investing activities		2,052			(7,928	)		(70,174	)
Cash Flows from Financing Activities
Proceeds (repayments) of other borrowings		(10,000	)		(30,000	)		35,000
Purchase of treasury stock		(218	)		(308	)		(338	)
Proceeds from issuance of subordinated notes		-			-			34,421
Payment of dividends		(11,335	)		(10,276	)		(7,670	)
Net cash provided by (used in) financing activities		(21,553	)		(40,584	)		61,413
Net Change in Cash and Cash Equivalents		(13,111	)		(2,392	)		13,530
Cash and Cash Equivalents - Beginning of year		16,901			19,293			5,763
Cash and Cash Equivalents - End of year	$	3,790		$	16,901		$	19,293