Parent Company Only Financial Information (Tables)

12 Months Ended

Dec. 31, 2022


		December 31,
		2022		2021
		(in thousands)
ASSETS
Cash	$	1,129	$	1,864
Other assets		534		478
Investment in subsidiaries		184,451		213,717
Total assets	$	186,114	$	216,059

LIABILITIES AND STOCKHOLDERS’ EQUITY
LIABILITIES:
Subordinated debt	$	31,075	$	30,974
Other liabilities		1,046		1,193
Total liabilities		32,121		32,167

STOCKHOLDERS’ EQUITY
Total Stockholders’ Equity	$	153,993	$	183,892
Total liabilities and stockholders’ equity	$	186,114	$	216,059


		December 31,
		2022		2021		2020
		(in thousands)
Dividends from subsidiaries	$	11,500	$	8,100	$	4,500
Income		-		-		-
Expenses		(2,497)		(2,565)		(3,290)
Income before equity in undistributed
earnings of subsidiaries		9,003		5,535		1,210
Equity in undistributed earnings of subsidiaries		13,386		18,508		10,036
Net income	$	22,389	$	24,043	$	11,246


		Year Ended
		2022		2021		2020
		(in thousands)
Operating Activities:
Net income	$	22,389	$	24,043	$	11,246
Adjustments to reconcile net income to
net cash provided by operating activities:
Undistributed earnings of subsidiaries		(13,386)		(18,508)		(10,036)
Changes in assets and liabilities affecting cash flow:
Other assets		(56)		7		(78)
Other liabilities		(147)		(30)		(48)
Other		352		361		314
Net cash provided by operating activities		9,152		5,873		1,398

Investing Activities:
Investment in subsidiaries		-		-		(15,000)
Net cash used in investing activities		-		-		(15,000)

Financing Activities:
Proceeds from issuance of common stock		1,051		890		717
Cash dividends paid		(6,942)		(6,541)		(5,991)
Repurchase of treasury stock		(4,140)		-		-
Reissuance of treasury stock		144		-		-
Proceeds from long-term borrowings		-		-		20,000
Debt issuance cost of long term borrowings		-		-		(509)
Net cash (used in) provided by financing activities		(9,887)		(5,651)		14,217

Net increase (decrease) in cash		(735)		222		615

Cash beginning of year		1,864		1,642		1,027

Cash ending of year	$	1,129	$	1,864	$	1,642