Note 22 - Parent Company Financial Information

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Condensed Financial Information of Parent Company Only Disclosure [Text Block]

Note 22 – Parent Company Financial Information

Condensed Parent Company financial information is as follows (dollars in thousands):

	December 31,
Parent Company Condensed Balance Sheets	2023		2022
Cash	$	4,343	$	3,906
Securities available for sale, at fair value		1,506		1,639
Investment in subsidiaries		366,032		342,013
Due from subsidiaries		264		152
Other assets		—		2,222
Total Assets	$	372,145	$	349,932
Junior subordinated debt	$	28,435	$	28,334
Other liabilities		542		424
Shareholders' equity		343,168		321,174
Total Liabilities and Shareholders' Equity	$	372,145	$	349,932

	Year Ended December 31,
Parent Company Condensed Statements of Income	2023			2022			2021
Dividends from subsidiary	$	16,000		$	16,000		$	16,000
Other income		198			146			411
Expenses		5,627			2,994			3,057
Income tax benefit		(832	)		(598	)		(556	)
Income before equity in undistributed earnings of subsidiary		11,403			13,750			13,910
Equity in undistributed earnings of subsidiary		14,756			20,678			29,616
Net Income	$	26,159		$	34,428		$	43,526

	Year Ended December 31,
Parent Company Condensed Statements of Cash Flows	2023			2022			2021
Cash Flows from Operating Activities:
Net income	$	26,159		$	34,428		$	43,526
Adjustments to reconcile net income to net cash provided by operating activities:
(Equity in undistributed earnings) of subsidiary		(14,756	)		(20,678	)		(29,616	)
Net amortization of securities		—			—			10
Net change in other assets		2,545			(876	)		27
Net change in other liabilities		219			109			102
Net cash provided by operating activities		14,167			12,983			14,049
Cash Flows from Investing Activities:
Sales, calls and maturities of equity securities		—			—			6,800
Net cash provided by investing activities		—			—			6,800
Cash Flows from Financing Activities:
Common stock dividends paid		(12,755	)		(12,144	)		(11,827	)
Repurchase of common stock		(1,044	)		(7,505	)		(8,810	)
Proceeds from exercise of stock options		69			12			89
Net change in subordinated debt		—			—			(7,500	)
Net cash used in financing activities		(13,730	)		(19,637	)		(28,048	)
Net increase (decrease) in cash and cash equivalents		437			(6,654	)		(7,199	)
Cash and cash equivalents at beginning of period		3,906			10,560			17,759
Cash and cash equivalents at end of period	$	4,343		$	3,906		$	10,560