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Condensed Financial Statements - Parent Company Only
 12 Months Ended
Dec. 31, 2022
Condensed Financial Information Disclosure [Abstract]  
Condensed Financial Statements - Parent Company Only CONDENSED FINANCIAL STATEMENTS – PARENT COMPANY ONLY
Balance Sheets
(dollars in thousands)December 31,
20222021
Assets
Cash - noninterest bearing$2,433 $3,097 
Investment in wholly-owned subsidiaries216,780 236,933 
Other assets1,222 1,092 
Total Assets$220,435 $241,122 
Liabilities and Stockholders' Equity
Current liabilities$1,486 $1,107 
Guaranteed preferred beneficial interest in junior subordinated debentures12,372 12,372 
Subordinated notes - 4.75%, net of debt issuance costs
19,566 19,510 
Total Liabilities33,424 32,989 
Stockholders' Equity
Common stock56 57 
Additional paid in capital97,986 96,896 
Retained earnings132,235 113,448 
Accumulated other comprehensive loss(43,092)(1,952)
Unearned ESOP shares(174)(316)
Total Stockholders’ Equity187,011 208,133 
Total Liabilities and Stockholders’ Equity$220,435 $241,122 
Condensed Statements of Income
(dollars in thousands)Years Ended December 31,
20222021
Interest and Dividend Income
Dividends from subsidiary$10,000 $3,500 
Interest income28 28 
Interest expense1,497 1,305 
Net Interest Income8,531 2,223 
Miscellaneous expenses(3,505)(2,531)
Income before income taxes and equity in undistributed net income of subsidiary5,026 (308)
Federal and state income tax benefit914 822 
Equity in undistributed net income of subsidiary22,377 25,372 
Net Income$28,317 $25,886 
Condensed Statements of Cash Flows
(dollars in thousands)Years Ended December 31,
20222021
Cash Flows from Operating Activities
Net income$28,317 $25,886 
Adjustments to reconcile net income to net cash provided by operating activities
Equity in undistributed earnings of subsidiary(22,377)(25,372)
Amortization of debt issuance costs56 (16)
Stock based compensation260 260 
(Increase) decrease in other assets(140)316 
Decrease in deferred income tax benefit7 15 
Increase in current liabilities379 5 
Net Cash Provided by Operating Activities6,502 1,094 
Cash Flows from Investing Activities
Net Cash Provided by Investing Activities— — 
Cash Flows from Financing Activities
Dividends paid(3,753)(3,170)
Net change in unearned ESOP shares142 143 
Repurchase of common stock(3,555)(7,046)
Net Cash Used by Financing Activities(7,166)(10,073)
Decrease in Cash(664)(8,979)
Cash at Beginning of Year3,097 12,076 
Cash at End of Year$2,433 $3,097