Condensed Parent Company Financial Information (Tables)

12 Months Ended

Dec. 31, 2022

Condensed Financial Information Disclosure [Abstract]

Summary of Condensed Financial Information

A summary of condensed financial information of the parent company as of December 31, 2022, and 2021, and for each of the two years in the period ended December 31, 2022, follows:

(Dollars in thousands)	2022		2021
CONDENSED BALANCE SHEETS
ASSETS
Cash deposited with subsidiary bank	$	805	$	1,244
Investment in subsidiary bank		94,749		95,863
Securities available-for-sale		244		115
Other assets		162		143
TOTAL ASSETS	$	95,960	$	97,365
LIABILITIES AND SHAREHOLDERS’ EQUITY
Total liabilities	$	40	$	50
Total shareholders’ equity		95,920		97,315
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	95,960	$	97,365

Summary of Condensed Statements of Comprehensive Income

(Dollars in thousands)	2022			2021
CONDENSED STATEMENTS OF COMPREHENSIVE INCOME
Dividends on securities	$	7		$	3
Dividends from subsidiary		3,950			4,150
Unrealized (loss) gain on equity securities		(3	)		28
Total income		3,954			4,181
Operating expenses		407			341
Income before taxes and undistributed equity    income of subsidiary		3,547			3,840
Income tax benefit		(86	)		(65	)
Equity earnings in subsidiary, net of dividends		9,680			6,932
NET INCOME	$	13,313		$	10,837
COMPREHENSIVE INCOME	$	2,519		$	7,726

Summary of Condensed Statements of Cash Flows

(Dollars in thousands)	2022			2021
CONDENSED STATEMENTS OF CASH FLOWS
Cash flows from operating activities
Net income	$	13,313		$	10,837
Adjustments to reconcile net income to cash provided by operations:
Equity earnings in subsidiary, net of dividends		(9,680	)		(6,932	)
Change in other assets, liabilities		(27	)		(22	)
Net cash provided by operating activities		3,606			3,883
Cash flows from investing activities
Purchase of equity securities		(131	)		—
Net cash used in investing activities		(131	)		—
Cash flows from financing activities
Cash dividends paid		(3,526	)		(3,331	)
Purchase of treasury stock		(388	)		(939	)
Net cash used in financing activities		(3,914	)		(4,270	)
Decrease in cash		(439	)		(387	)
Cash at beginning of year		1,244			1,631
Cash at end of year	$	805		$	1,244