Condensed Parent Company Financial Information

12 Months Ended

Dec. 31, 2023

Condensed Financial Information Disclosure [Abstract]

Condensed Parent Company Financial Information

NOTE 13 – CONDENSED PARENT COMPANY FINANCIAL INFORMATION

A summary of condensed financial information of the parent company as of December 31, 2023, and 2022, and for each of the two years in the period ended December 31, 2023, follows:

(Dollars in thousands)	2023		2022
CONDENSED BALANCE SHEETS
ASSETS
Cash deposited with subsidiary bank	$	271	$	805
Investment in subsidiary bank		107,299		94,749
Equity securities		259		244
Other assets		174		162
TOTAL ASSETS	$	108,003	$	95,960
LIABILITIES AND SHAREHOLDERS’ EQUITY
Total liabilities	$	64	$	40
Total shareholders’ equity		107,939		95,920
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	108,003	$	95,960

(Dollars in thousands)	2023		2022
CONDENSED STATEMENTS OF COMPREHENSIVE INCOME
Dividends on securities	$	9	$	7
Dividends from subsidiary		5,200		3,950
Unrealized gain (loss) on equity securities		15		(3	)
Total income		5,224		3,954
Operating expenses		391		407
Income before taxes and undistributed equity    income of subsidiary		4,833		3,547
Income tax benefit		74		86
Equity earnings in subsidiary, net of dividends		9,849		9,680
NET INCOME	$	14,756	$	13,313
COMPREHENSIVE INCOME	$	17,405	$	2,519

(Dollars in thousands)	2023			2022
CONDENSED STATEMENTS OF CASH FLOWS
Cash flows from operating activities
Net income	$	14,756		$	13,313
Adjustments to reconcile net income to net cash provided by operating activities:
Equity earnings in subsidiary, net of dividends		(9,849	)		(9,680	)
Change in other assets and liabilities		(3	)		(27	)
Net cash provided by operating activities		4,904			3,606
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		(4,013	)		(3,526	)
Purchase of treasury stock		(1,425	)		(388	)
Net cash used in financing activities		(5,438	)		(3,914	)
Decrease in cash		(534	)		(439	)
Cash at beginning of year		805			1,244
Cash at end of year	$	271		$	805