Note 12 - Condensed Financial Statements of Parent Company

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

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

Note 12: Condensed Financial Statements of Parent Company

Financial information pertaining only to NBI (Parent) as of the dates and for the years indicated, is as follows:

Condensed Balance Sheets	December 31,
	2023		2022
Assets
Cash due from subsidiaries	$	11,010	$	14,927
Investments in subsidiaries		129,731		107,746
Refundable income taxes		-		70
Other assets		655		648
Total assets	$	141,396	$	123,391
Liabilities and Stockholders’ Equity
Other liabilities	$	874	$	704
Stockholders’ equity		140,522		122,687
Total liabilities and stockholders’ equity	$	141,396	$	123,391

Condensed Statements of Income	Year Ended December 31,
	2023		2022
Income
Dividends from subsidiaries	$	12,000	$	25,000
Gain on sale of private equity investment		232		3,823
Total income		12,232		28,823
Expenses
Other expenses		2,142		1,220
Income before income tax benefit (expense) and equity in undistributed net income of subsidiaries		10,090		27,603
Applicable income tax benefit (expense)		499		(491	)
Income before equity (deficit) in undistributed net income of subsidiaries		10,589		27,112
Equity (deficit) in undistributed net income of subsidiaries		5,102		(1,180	)
Net income	$	15,691	$	25,932

Condensed Statements of Cash Flows	Year Ended December 31,
	2023			2022
Cash Flows from Operating Activities
Net income	$	15,691		$	25,932
Adjustments to reconcile net income to net cash provided by operating activities:
(Equity) deficit in undistributed net income of subsidiaries		(5,102	)		1,180
Net change in refundable income taxes due from subsidiaries		70			576
Net change in other assets		38			593
Net change in other liabilities		170			(390	)
Net cash provided by operating activities		10,867			27,891
				(continued)

Cash Flows from Financing Activities
Cash dividends paid		(14,784	)		(8,950	)
Shares repurchased		-			(6,338	)
Net cash used in financing activities		(14,784	)		(15,288	)
Net change in cash		(3,917	)		12,603
Cash due from subsidiaries at beginning of year		14,927			2,324
Cash due from subsidiaries at end of year	$	11,010		$	14,927