Parent-only Financial Statements

12 Months Ended

Dec. 31, 2021

Parent-only Financial Statements [Abstract]

Parent-only Financial Statements

Note 20: Parent-only Financial Statements

Condensed Balance Sheets
Assets	December 31, 2021		December 31, 2020
Cash and due from banks	$	297	$	302
Investment in bank subsidiary		126,783		106,268
Dividends receivable		1,089		995
Goodwill		1,011		1,011
Total assets	$	129,180	$	108,576
Liabilities and Shareholders’ Equity
Dividends Payable	$	1,089	$	995
Other liabilities		683		262
Total liabilities		1,772		1,257
Total shareholders’ equity		127,408		107,319
Total liabilities and shareholders’ equity	$	129,180	$	108,576

Condensed Statements of Comprehensive Income	For the Years Ended December 31,
	2021		2020		2019
Income
Dividends from subsidiary bank	$	4,078	$	12,846	$	6,035
Other		-		-		155
Total Income		4,078		12,846		6,190
Expense
Other		-		-		5
Total expense		-		-		5
Income and equity in undistributed net income of bank subsidiary		4,078		12,846		6,185
Equity in undistributed net income of bank subsidiary		19,081		6,420		2,040
Income before Taxes		23,159		19,266		8,225
Income tax expense		-		-		-
Net Income Available to Common Shareholders	$	23,159	$	19,266	$	8,225
Other Comprehensive Income
Unrealized gains on securities, net of tax benefit of $29,000	$	144	$	-	$	-
Reclassification adjustment for gains included in net income		-		-		-
Other comprehensive gain, net of tax benefit of $29,000	$	144	$	-	$	-
Comprehensive Income	$	23,303	$	19,266	$	8,225

Condensed Statements of Cash Flows	For the Years Ended December 31,
	2021			2020			2019
Operating Activities
Net income	$	23,159		$	19,266		$	8,225
Items not requiring (providing) cash
Equity in undistributed net income		(19,081	)		(6,420	)		(2,040	)
Changes in
Accounts payable and accrued expenses		-			-			(149	)
Other current assets and liabilities		(102	)		4,039			(5,029	)
Net cash provided by operating activities		3,976			16,885			1,007
Financing Activities
Common stock issued, net of offering costs		1			(9,076	)		-
Dividends paid		(3,982	)		(7,803	)		(1,006	)
Net cash used in financing activities		(3,981	)		(16,879	)		(1,006	)
Increase (Decrease) in Cash and Due from Banks		(5	)		6			1
Cash and Due from Banks, Beginning of Period		302			296			295
Cash and Due from Banks, End of Period	$	297		$	302		$	296
Supplemental Disclosure of Cash Flows Information
Dividends declared and not paid	$	1,089		$	995		$	5,029