PARENT COMPANY FINANCIAL INFORMATION (Tables)

12 Months Ended

Dec. 31, 2023

PARENT COMPANY FINANCIAL INFORMATION (Tables)

Schedule of Balance Sheets

	2023		2022
Assets
Cash and cash equivalents	$	1,781	$	6,747
Investment in subsidiaries		81,943		71,093
Other assets		1,763		613
Total assets	$	85,487	$	78,453
Liabilities and Stockholders’ Equity
Long-term borrowings		6,932		6,890
Other liabilities		232		771
Total liabilities		7,164		7,661
Total shareholders' equity		78,323		70,792
Total liabilities and shareholders' equity	$	85,487	$	78,453

Schedule of Statements of Income

	2023			2022
Income
Dividends received from subsidiaries	$	-		$	6,000
Other operating income		45			49
Total income		45			6,049
Expenses
Interest expense		459			711
Other operating expenses		15			-
Total expenses		474			711
Net (loss) income before income taxes and equity in undistributed net income from subsidiaries		(429	)		5,338
Income tax benefit		(143	)		(172	)
Equity in undistributed net income from subsidiaries		3,057			2,808
Net Income	$	2,771		$	8,318

Statements of Cash Flows

	2023			2022
Operating activities:
Net income	$	2,771		$	8,318
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed net income of subsidiaries		(3,057	)		(2,808	)
Amortization of debt issuance costs		42			118
(Increase) decrease in other assets		(1,150	)		544
(Decrease) increase in other liabilities		(540	)		33
Share based compensation expense		259			193
Net cash (used) provided by operating activities		(1,425	)		6,398
Investing activities:
Purchase limited liability interest		(250	)		(220	)
Net cash used in investing activities		(250	)		(220	)
Financing activities:
Repayments of long-term borrowings		-			(5,000	)
Proceeds from the sale of common stock		292			279
Proceeds from issuance of common stock		29			56
Dividends paid in cash		(3,612	)		(3,590	)
Net cash used in financing activities		(3,291	)		(8,255	)
Decrease in cash and cash equivalents		(4,966	)		(2,077	)
Cash and cash equivalents, beginning of the year		6,747			8,824
Cash and cash equivalents, end of the year	$	1,781		$	6,747