Parent Company Only Financial Information (Tables)

12 Months Ended

Dec. 31, 2023


		December 31,
		2023		2022
		(in thousands)
ASSETS
Cash	$	15,822	$	1,129
Other assets		526		534
Investment in subsidiaries		200,126		184,451
Total assets	$	216,474	$	186,114

LIABILITIES AND STOCKHOLDERS’ EQUITY
LIABILITIES:
Subordinated debt	$	31,177	$	31,075
Other liabilities		7,078		1,046
Total liabilities		38,255		32,121

STOCKHOLDERS’ EQUITY
Total Stockholders’ Equity	$	178,219	$	153,993
Total liabilities and stockholders’ equity	$	216,474	$	186,114


		December 31,
		2023		2022		2021
		(in thousands)
Dividends from subsidiaries	$	42,746	$	11,500	$	8,100
Income		-		-		-
Expenses		(8,776)		(2,497)		(2,565)
Income before equity in undistributed
earnings of subsidiaries		33,970		9,003		5,535
Equity in undistributed earnings of subsidiaries		(9,446)		13,386		18,508
Net income	$	24,524	$	22,389	$	24,043


		Year Ended
		2023		2022		2021
		(in thousands)
Operating Activities:
Net income	$	24,524	$	22,389	$	24,043
Adjustments to reconcile net income to
net cash provided by operating activities:
Undistributed earnings of subsidiaries		9,446		(13,386)		(18,508)
Changes in assets and liabilities affecting cash flow:
Other assets		(8)		(56)		7
Other liabilities		6,032		(147)		(30)
Other		115		352		361
Net cash provided by operating activities		40,109		9,152		5,873

Investing Activities:
Investment in subsidiaries		(19,000)		-		-
Net cash used in investing activities		(19,000)		-		-

Financing Activities:
Proceeds from issuance of common stock		743		1,051		890
Cash dividends paid		(7,223)		(6,942)		(6,541)
Repurchase of treasury stock		-		(4,140)		-
Reissuance of treasury stock		64		144		-
Net cash (used in) provided by financing activities		(6,416)		(9,887)		(5,651)

Net increase (decrease) in cash		14,693		(735)		222

Cash beginning of year		1,129		1,864		1,642

Cash ending of year	$	15,822	$	1,129	$	1,864