Parent Company Only Financial Statements

12 Months Ended

Dec. 31, 2020

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	2020		2019
Cash	$	733	$	598
Interest-bearing deposits in other banks	570		330
Investment in subsidiaries		75,588		70,313
Other assets		243	171
Total assets	$	77,134	$	71,412
Liabilities and Shareholders' Equity
Junior subordinated debt	$	4,124	$	4,124
Other liabilities		549	166
Total liabilities		4,673		4,290
Shareholders' Equity
Common stock and additional paid-in capital		16,369		15,964
Retained earnings		53,767		49,787
Accumulated other comprehensive income		2,325		1,371
Total shareholders' equity		72,461		67,122
Total liabilities and shareholders' equity	$	77,134	$	71,412

Statements of Operations

Years Ended December 31, 2020, 2019 and 2018

(In thousands)	2020			2019			2018
Income
Interest income	$	2		$	9		$	4
Dividends from subsidiaries		2,423			2,654			1,813
Total interest and dividend income		2,425			2,663			1,817
Expenses
Interest expense		186		199			199
Legal and professional fees		197		184			149
Directors' fees		241		218			218
Miscellaneous		282		285			288
Total expense	906			886			854
Income before income tax benefits and equity in undistributed net income of subsidiaries		1,519			1,777			963
Income tax benefit		(307	)		(298	)		(289	)
Income before equity in undistributed net income of subsidiaries		1,826			2,075			1,252
Equity in undistributed net income of subsidiaries		4,051			4,745			4,883
Net income	$	5,877		$	6,820		$	6,135

Statements of Cash Flows

Years Ended December 31, 2020, 2019 and 2018

(In thousands)	2020			2019			2018
Cash Flows from Operating Activities
Net income	$	5,877		$	6,820		$	6,135
Adjustments to reconcile net income to net cash provided by operating activities:
Undistributed earnings of subsidiaries		(4,051	)		(4,745	)		(4,883	)
Issuance of vested restricted stock		175		90			90
Amortization of unearned compensation, net of forfeiture	254			153				133
(Increase) decrease in other assets		-			1			(33	)
Increase in other liabilities		41		4			18
Net cash provided by operating activities		2,296			2,323			1,460
Cash Flows from Financing Activities
Repurchase of common stock		(24	)		(21	)		(8	)
Cash dividends paid on common stock		(1,897	)		(1,836	)		(1,813	)
Net cash used in financing activities		(1,921	)		(1,857	)		(1,821	)
Increase (decrease) in cash and cash equivalents		375			466			(361	)
Cash and Cash Equivalents
Beginning		928			462			823
Ending	$	1,303		$	928		$	462