PARENT COMPANY FINANCIAL STATEMENTS (Tables)

12 Months Ended

Dec. 31, 2019

PARENT COMPANY FINANCIAL STATEMENTS

Schedule of condensed balance sheets

	2019		2018
	(In Thousands)
ASSETS
Cash on deposit with subsidiaries	$	6,048	$	6,793
Investment in subsidiaries		119,804		109,723
Other assets		642		228
Total assets	$	126,494	$	116,744
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities
Note payable	$	—	$	2,718
Subordinated debentures		7,217		7,217
Other Liabilities		14		16
Stockholders’ equity
Preferred stock		—		—
Common stock		21,447		21,170
Retained earnings		96,903		89,101
Accumulated other comprehensive income		913		(3,478)
Total liabilities and stockholders’ equity	$	126,494	$	116,744

Schedule of condensed statements of income and comprehensive income

	2019		2018
	(In Thousands)
Income
Dividends from subsidiary	$	8,140	$	8,000
Securities gains (losses), net		—		(26)
Total income		8,140		7,974
Expenses
Interest expense		505		518
Other expenses		291		240
Total expenses		796		758
Income before income taxes and equity in undistributed income of subsidiary		7,344		7,216
Applicable income tax benefits		569		165
Income before equity in undistributed income of subsidiary		7,913		7,381
Equity in undistributed income of subsidiaries		5,240		5,049
Net income	$	13,153	$	12,430
Comprehensive income (loss)	$	17,544	$	9,949

Schedule of condensed statements of cash flows

	2019		2018
	(In Thousands)
Cash flows from operating activities
Net income	$	13,153	$	12,430
Adjustments to reconcile net income to net cash from operating activities
Equity in undistributed earnings of subsidiary		(5,240)		(5,049)
Securities losses		—		26
Change in other assets		(414)		102
Change in other liabilities		(2)		(40)
Net cash from operating activities		7,497		7,469
Cash flows from investing activities
Proceeds from sales of securities, available for sale		—		24
Net cash from investing activities		—		24
Cash flows from financing activities
Payments on note payable		(2,718)		(603)
Dividends paid		(4,045)		(3,724)
Proceeds from issuance of common stock		65		64
Purchase of common stock		(1,544)		—
Net cash from financing activities		(8,242)		(4,263)
Net change in cash		(745)		3,230
Cash at beginning of year		6,793		3,563
Cash at end of year	$	6,048	$	6,793