PARENT COMPANY ONLY FINANCIAL INFORMATION

12 Months Ended

Dec. 31, 2022

PARENT COMPANY ONLY FINANCIAL INFORMATION

PARENT COMPANY ONLY FINANCIAL INFORMATION

NOTE 23 - PARENT COMPANY ONLY FINANCIAL INFORMATION

The Condensed Balance Sheets, Statements of Income, and Statements of Cash Flows for the Company (Parent Only) are presented below:

Condensed Balance Sheets	December 31,
Assets	2022		2021
Cash and due from banks	$	7,195	$	19,883
Investment in subsidiary		274,092		277,390
Other assets		704		407
Total assets	$	281,991	$	297,680
Liabilities and Stockholders' Equity
Subordinated notes, net		49,461		49,394
Other liabilities		833		779
Total liabilities		50,294		50,173
Stockholders' equity		231,697		247,507
Total liabilities and stockholders' equity	$	281,991	$	297,680

Condensed Statements of Income	Year Ended December 31,
	2022		2021		2020
Interest expense on subordinated note	$	(1,942)	$	(1,722)	$	(776)
Dividends received from subsidiary		9,110		9,800		20,862
Other expenses		(274)		(272)		(195)
Income before income tax benefit and equity in undistributed net income of subsidiary		6,894		7,806		19,891
Income tax benefit		465		419		204
Equity in undistributed earnings of subsidiary		22,290		29,187		19,169
Net income	$	29,649	$	37,412	$	39,264

Condensed Statements of Cash Flows	Year Ended December 31,
	2022		2021		2020
Cash flows from operating activities:
Net income	$	29,649	$	37,412	$	39,264
Equity in undistributed net income of subsidiary		(22,290)		(29,187)		(19,169)
Amortization		67		61		115
ESOP compensation expense for allocated shares		—		1,482		1,025
Share-based compensation expense related to stock options and restricted stock		1,971		1,446		1,020
Changes in operating assets and liabilities
Other assets		(297)		(205)		(30)
Other liabilities		55		569		27
Net cash from operating activities		9,155		11,578		22,252
Cash flows (used by) from investing activities:
Net proceeds from ESOP		—		291		282
Investment in subsidiary		—		(25,000)		—
Net cash from (used by) investing activities		—		(24,709)		282
Cash flows (used by) from financing activities:
Net proceeds from issuance of subordinated notes		—		49,333		—
Repayment of subordinated notes		—		(10,000)		—
Proceeds (disbursements) from stock options exercised		568		(2,076)		(161)
Common stock repurchased for employee/director taxes paid on restricted stock awards		(190)		(211)		(34)
Issuance of common stock - employee stock purchase plan		503		—		—
Common stock repurchased		(15,628)		(13,961)		(9,802)
Dividends paid on common stock		(7,096)		(4,602)		(3,574)
Net cash (used by) from financing activities		(21,843)		18,483		(13,571)
Net (decrease) increase in cash and cash equivalents		(12,688)		5,352		8,963
Cash and cash equivalents, beginning of year		19,883		14,531		5,568
Cash and cash equivalents, end of year	$	7,195	$	19,883	$	14,531