| Condensed Financial Information of Parent Company Only Disclosure [Text Block] |
NOTE 19 – CONDENSED FINANCIAL STATEMENTS (PARENT COMPANY ONLY)
Following are condensed parent company only financial statements (dollars in thousands):
CONDENSED BALANCE SHEETS
| |
|
2023 |
|
|
2022 |
|
| ASSETS |
|
|
|
|
|
|
|
|
| Cash and cash equivalents |
|
$ |
8,827 |
|
|
$ |
8,092 |
|
| Investment in Bank subsidiary |
|
|
278,013 |
|
|
|
238,697 |
|
| Investment in other subsidiaries |
|
|
— |
|
|
|
— |
|
| Other assets |
|
|
245 |
|
|
|
249 |
|
| Total assets |
|
$ |
287,085 |
|
|
$ |
247,038 |
|
| |
|
|
|
|
|
|
|
|
| LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
| Long-term debt |
|
|
— |
|
|
|
— |
|
| Other liabilities |
|
|
— |
|
|
|
— |
|
| Total liabilities |
|
$ |
— |
|
|
$ |
— |
|
| Total shareholders' equity |
|
|
287,085 |
|
|
|
247,038 |
|
| Total liabilities and shareholders' equity |
|
$ |
287,085 |
|
|
$ |
247,038 |
|
CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
| |
|
2023 |
|
|
2022 |
|
| INCOME |
|
|
|
|
|
|
|
|
| Dividends from subsidiaries |
|
$ |
12,735 |
|
|
$ |
11,913 |
|
| Other |
|
|
— |
|
|
|
— |
|
| Total income |
|
|
12,735 |
|
|
|
11,913 |
|
| EXPENSE |
|
|
|
|
|
|
|
|
| Interest expense |
|
|
— |
|
|
|
— |
|
| Other expense |
|
|
887 |
|
|
|
801 |
|
| Total expense |
|
|
887 |
|
|
|
801 |
|
| Income before income tax and equity in undistributed earnings of subsidiaries |
|
|
11,848 |
|
|
|
11,112 |
|
| Equity in undistributed earnings of subsidiaries |
|
|
31,189 |
|
|
|
23,445 |
|
| Income before income tax |
|
|
43,037 |
|
|
|
34,557 |
|
| Income tax benefit |
|
|
(187 |
) |
|
|
(174 |
) |
| Net income |
|
$ |
43,224 |
|
|
$ |
34,731 |
|
| Comprehensive income |
|
$ |
51,870 |
|
|
$ |
3,452 |
|
CONDENSED STATEMENTS OF CASH FLOWS
| |
|
2023 |
|
|
2022 |
|
| Cash flows from operating activities |
|
|
|
|
|
|
|
|
| Net income |
|
$ |
43,224 |
|
|
$ |
34,731 |
|
| Adjustments to reconcile net income to net cash from operating activities: |
|
|
|
|
|
|
|
|
| Equity in undistributed earnings of subsidiaries |
|
|
(31,189 |
) |
|
|
(23,445 |
) |
| Stock compensation expense |
|
|
124 |
|
|
|
114 |
|
| Change in other assets |
|
|
4 |
|
|
|
— |
|
| Change in other liabilities |
|
|
— |
|
|
|
(17 |
) |
| Net cash from operating activities |
|
|
12,163 |
|
|
|
11,383 |
|
| Cash flows from investing activities |
|
|
|
|
|
|
|
|
| Investment in subsidiaries |
|
|
— |
|
|
|
— |
|
| Net cash from investing activities |
|
|
— |
|
|
|
— |
|
| Cash flows from financing activities |
|
|
|
|
|
|
|
|
| Repayment of other borrowings |
|
|
— |
|
|
|
— |
|
| Cash dividends paid |
|
|
(11,285 |
) |
|
|
(10,915 |
) |
| Repurchases of shares |
|
|
(143 |
) |
|
|
(207 |
) |
| Net cash from financing activities |
|
|
(11,428 |
) |
|
|
(11,122 |
) |
| Net change in cash and cash equivalents |
|
|
735 |
|
|
|
261 |
|
| Cash and cash equivalents at beginning of year |
|
|
8,092 |
|
|
|
7,831 |
|
| Cash and cash equivalents at end of year |
|
$ |
8,827 |
|
|
$ |
8,092 |
|
|