Parent Company Only Condensed Financial Information (Tables)

12 Months Ended

Dec. 31, 2023

Parent Company Only Condensed Financial Information [Abstract]

Condensed Statements of Condition

CONDENSED STATEMENTS OF CONDITION

	Years ended December 31:
Assets	2023		2022
Cash and cash equivalents	$	6,248	$	4,697
Investment in subsidiaries		148,597		141,402
Notes receivable – subsidiaries		2,683		2,365
Other assets		293		259
Total assets	$	157,821	$	148,723
Liabilities
Notes payable	$	2,394	$	2,376
Subordinated debentures		8,500		8,500
Other liabilities		2,920		2,819
Total liabilities		13,814		13,695
Shareholders’ Equity
Total shareholders’ equity		144,007		135,028
Total liabilities and shareholders’ equity	$	157,821	$	148,723

Condensed Statements of Income

CONDENSED STATEMENTS OF INCOME

	Years ended December 31:
Income:	2023		2022
Interest on notes	$	91	$	29
Dividends from subsidiaries		5,020		4,180
Expenses:
Interest on notes		91		29
Interest on subordinated debentures		598		296
Operating expenses		369		396
Income before income taxes and equity in undistributed earnings of subsidiaries		4,053		3,488
Income tax benefit		196		141
Equity in undistributed earnings of subsidiaries		8,382		9,709
Net Income	$	12,631	$	13,338
Other comprehensive income (loss), net of tax		3,385		(15,521	)
Comprehensive Income	$	16,016	$	(2,183	)

Condensed Statements of Cash Flows

CONDENSED STATEMENTS OF CASH FLOWS

	Years ended December 31:
Cash flows from operating activities:	2023			2022
Net Income	$	12,631		$	13,338
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed earnings of subsidiaries		(8,382	)		(9,709	)
Common stock issued to ESOP		124			575
Change in other assets		(34	)		(221	)
Change in other liabilities		101			72
Net cash provided by operating activities		4,440			4,055
Cash flows from investing activities:
Proceeds from closing of OVBC Captive		2,364			—
Change in notes receivable		(318	)		(242	)
Net cash provided by (used in) investing activities		2,046			(242	)
Cash flows from financing activities:
Change in notes payable		18			238
Purchases of treasury stock		(82	)		—
Cash dividends paid		(4,871	)		(4,720	)
Net cash used in financing activities		(4,935	)		(4,482	)
Cash and cash equivalents:
Change in cash and cash equivalents		1,551			(669	)
Cash and cash equivalents at beginning of year		4,697			5,366
Cash and cash equivalents at end of year	$	6,248		$	4,697