Note 16 - Condensed Parent Company Financial Information

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

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

NOTE

16

- CONDENSED PARENT COMPANY FINANCIAL INFORMATION

A summary of condensed financial information of the parent company as of

December 31, 2019

and

2018

and for each of the years in the

three

-year period ended

December 31, 2019

,

is as follows:

Condensed Balance Sheets
	(in thousands)
Assets:	2019		2018
Cash	$	879	$	3,438
Investment in bank subsidiary		114,029		99,134
Other assets		2,419		1,198
Total assets	$	117,327	$	103,770
Liabilities:
Junior subordinated deferrable interest debentures	$	12,908	$	12,874
Other borrowings		8,750		9,750
Other liabilities		888		202
Total Liabilities		22,546		22,826
Shareholders' equity		94,781		80,944
Total liabilities and shareholders’ equity	$	117,327	$	103,770

	(in thousands)
Condensed Statements of Income	2019			2018			2017
Income – dividends from bank subsidiary	$	-		$	4,500		$	28,000
Litigation Settlement		1,980			-			-
Expenses – interest, professional fees and other expenses, net of federal income tax benefit and interest income		(1,313	)		(1,346	)		(835	)
Income before equity in undistributed net income of bank subsidiary		667			3,154			27,165
Equity in undistributed net income of bank subsidiary		9,994			5,066			(23,319	)
Net income	$	10,661		$	8,220		$	3,846

	(in thousands)
Condensed Statements of Cash Flows	2019			2018			2017
Cash flows from operating activities:
Net income	$	10,661		$	8,220		$	3,846
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed net income of bank subsidiary		(9,994	)		(5,066	)		23,319
Stock option expense		266			165			100
Depreciation and amortization		34			34			34
(Increase) decrease in other assets		(1,221	)		969			(945	)
Increase (decrease) in other liabilities		421			40			(86	)
Net cash provided by operating activities		167			4,362			26,268
Cash flows from investing activities:
Acquisition of Benchmark		-			(3,413	)		(30,752	)
Cash flows from financing activities:
Proceeds from other borrowings		-			-			10,000
Principal payments on other borrowings		(1,000	)		(250	)		-
Purchase of treasury stock		(95	)		-			-
Proceeds from sale of treasury shares		71			39			27
Cash dividends paid		(1,702	)		(1,568	)		(1,569	)
Net cash provided by (used in) financing activities		(2,726	)		(1,779	)		8,458
Net increase (decrease) in cash		(2,559	)		(830	)		3,974
Cash at beginning of the year		3,438			4,268			294
Cash at end of the year	$	879		$	3,438		$	4,268

During

2005,

the Board of Directors approved a program whereby the Corporation purchases shares of its common stock in the open market. The decision to purchase shares, the number of shares to be purchased, and the price to be paid depends upon the availability of shares, prevailing market prices, and other possible considerations which

may

impact the advisability of purchasing shares. The Corporation purchased

4

,220

 shares in

2019

(

none

in

2018

and

2017

) under the program.