Note 23 - Parent Company Condensed Financial Information

12 Months Ended

Dec. 31, 2021

Notes to Financial Statements

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

(23)        PARENT COMPANY CONDENSED FINANCIAL INFORMATION

Condensed financial information for the Company (parent company only) follows:

Balance Sheets
(In thousands)
	As of December 31,
	2021		2020
Assets:
Cash and cash equivalents	$	1,943	$	2,994
Other assets		3,178		2,042
Investment in subsidiaries		109,587		105,603
	$	114,708	$	110,639
Liabilities and Equity:
Accrued expenses	$	880	$	-
Stockholders' equity		113,828		110,639
	$	114,708	$	110,639

Statements of Income
(In thousands)
	Years Ended December 31,
	2021			2020			2019
Dividend income from subsidiaries	$	2,685		$	2,730		$	4,450
Other income		69			59			59
Income (loss) on equity securities		328			(194	)		32
Other operating expenses		(835	)		(824	)		(714	)
Income before income taxes and equity in undistributed net income of shareholders		2,247			1,771			3,827
Income tax benefit		106			315			199
Income before equity in undistributed net income of subsidiaries		2,353			2,086			4,026
Equity in undistributed net income of subsidiaries		9,071			8,045			6,299
Net Income	$	11,424		$	10,131		$	10,325

Statements of Cash Flows
(In thousands)
	Years Ended December 31,
	2021			2020			2019
Operating Activities:
Net income	$	11,424		$	10,131		$	10,325
Adjustments to reconcile net income to cash and cash equivalents provided by operating activities:
Equity in undistributed net income of subsidiaries		(9,071	)		(8,045	)		(6,299	)
Stock compensation expense		487			381			288
Unrealized (gain) loss on equity securities		(328	)		194			(32	)
Net change in other assets and liabilities		191			(125	)		(40	)
Net cash provided by operating activities		2,703			2,536			4,242
Investing Activities:
Investment in technology fund		(120	)		-			-
Net cash used in investing activities		(120	)		-			-
Financing Activities:
Purchase of treasury stock		(40	)		(13	)		(2	)
Tax paid on stock award shares for employees		(85	)		(134	)		(42	)
Cash dividends paid		(3,509	)		(3,242	)		(3,196	)
Net cash used in financing activities		(3,634	)		(3,389	)		(3,240	)
Net increase (decrease) in cash and cash equivalents		(1,051	)		(853	)		1,002
Cash and cash equivalents at beginning of year		2,994			3,847			2,845
Cash and cash equivalents at end of year	$	1,943		$	2,994		$	3,847