Parent Company Only Financial Information

6 Months Ended

Jun. 30, 2022

Condensed Financial Information Disclosure [Abstract]

Parent Company Only Financial Information

Parent Company Only Financial Information

Interim Condensed Balance Sheets

	June 30 2022		December 31 2021
ASSETS
Cash on deposit at the Bank	$	9,648	$	11,535
Investments in subsidiaries	161,209		178,395
Premises and equipment	1,456		1,482
Other assets	47,648		48,923
TOTAL ASSETS	$	219,961	$	240,335
LIABILITIES AND SHAREHOLDERS’ EQUITY
Subordinated debt, net of unamortized issuance costs	$	29,203	$	29,158
Other liabilities	78		129
Shareholders' equity	190,680		211,048
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	219,961	$	240,335

Interim Condensed Statements of Income

	Three Months Ended   June 30				Six Months Ended   June 30
	2022		2021		2022		2021
Income
Dividends from subsidiaries	$	1,000	$	700	$	1,800	$	2,000
Interest income	2		1		5		1
Other income	3		4		7		10
Total income	1,005		705		1,812		2,011
Expenses
Interest expense	266		83		532		83
Occupancy and equipment	16		17		33		33
Audit, consulting, and legal fees	156		135		276		253
Director fees	99		86		205		171
Other	310		311		590		575
Total expenses	847		632		1,636		1,115
Income before income tax benefit and equity in undistributed earnings of subsidiaries	158		73		176		896
Federal income tax benefit	177		131		340		231
Income before equity in undistributed earnings of subsidiaries	335		204		516		1,127
Undistributed earnings of subsidiaries	4,960		4,417		9,513		8,892
Net income	$	5,295	$	4,621	$	10,029	$	10,019

Interim Condensed Statements of Cash Flows

	Six Months Ended   June 30
	2022		2021
Operating activities
Net income	$	10,029	$	10,019
Adjustments to reconcile net income to cash provided by operations
Undistributed earnings of subsidiaries	(9,513)		(8,892)
Share-based payment awards under the Directors Plan	249		256
Share-based payment awards under the RSP	77		25
Amortization of subordinated debt issuance costs	45		7
Depreciation	26		25
Changes in operating assets and liabilities which provided (used) cash
Other assets	1,275		552
Other liabilities	(51)		175
Net cash provided by (used in) operating activities	2,137		2,167
Investing activities
Financing activities
Issuance of subordinated debt, net of unamortized issuance costs	—		29,114
Cash dividends paid on common stock	(4,007)		(4,275)
Proceeds from the issuance of common stock	907		806
Common stock repurchased	(397)		(1,860)
Common stock purchased for deferred compensation obligations	(527)		(595)
Net cash provided by (used in) financing activities	(4,024)		23,190
Increase (decrease) in cash and cash equivalents	(1,887)		25,357
Cash and cash equivalents at beginning of period	11,535		2,670
Cash and cash equivalents at end of period	$	9,648	$	28,027