Parent Company Only Financial Statements

12 Months Ended

Dec. 31, 2019

Condensed Financial Information Of Parent Company Only Disclosure [Abstract]

Parent Company Only Financial Statements

Note 23.Parent Company Only Financial Statements

Balance Sheets

(In thousands)	December 31,
Assets	2019		2018
Cash	$	598	$	282
Interest-bearing deposits in other banks	330		180
Investment in subsidiaries		70,313		63,410
Other assets		171	360
Total assets	$	71,412	$	64,232
Liabilities and Shareholders' Equity
Junior subordinated debt	$	4,124	$	4,124
Other liabilities		166	101
Total liabilities		4,290		4,225
Shareholders' Equity
Common stock and additional paid-in capital		15,964		15,742
Retained earnings		49,787		44,803
Accumulated other comprehensive income (loss)		1,371		(538	)
Total shareholders' equity		67,122		60,007
Total liabilities and shareholders' equity	$	71,412	$	64,232

Statements of Operations

Years Ended December 31, 2019, 2018 and 2017

(In thousands)	2019			2018			2017
Income
Interest income	$	9		$	4		$	4
Dividends from subsidiaries		2,654			1,813			1,808
Total interest and dividend income		2,663			1,817			1,812
Expenses
Interest expense		199		199			199
Legal and professional fees		184		149			105
Directors' fees		218		218			212
Miscellaneous		285		288			145
Total expense	886			854			661
Income before income tax benefits and equity in undistributed net income of subsidiaries		1,777			963			1,151
Income tax benefit		(298	)		(289	)		(229	)
Income before equity in undistributed net income of subsidiaries		2,075			1,252			1,380
Equity in undistributed net income of subsidiaries		4,745			4,883			1,116
Net income	$	6,820		$	6,135		$	2,496

Statements of Cash Flows

Years Ended December 31, 2019, 2018 and 2017

(In thousands)	2019			2018			2017
Cash Flows from Operating Activities
Net income	$	6,820		$	6,135		$	2,496
Adjustments to reconcile net income to net cash provided by operating activities:
Undistributed earnings of subsidiaries		(4,745	)		(4,883	)		(1,116	)
Issuance of vested restricted stock		90		90			90
Amortization of unearned compensation, net of forfeiture	153			133				79
(Increase) decrease in other assets		1			(33	)		(8	)
Increase in other liabilities		4		18			6
Net cash provided by operating activities		2,323			1,460			1,547
Cash Flows from Financing Activities
Repurchase of common stock		(21	)		(8	)		(7	)
Cash dividends paid on common stock		(1,836	)		(1,813	)		(1,808	)
Net cash used in financing activities		(1,857	)		(1,821	)		(1,815	)
Increase (decrease) in cash and cash equivalents		466			(361	)		(268	)
Cash and Cash Equivalents
Beginning		462			823			1,091
Ending	$	928		$	462		$	823