Note 16 - Condensed Parent Company Financial Information (Tables)

12 Months Ended

Dec. 31, 2019

Notes Tables

Condensed Balance Sheet [Table Text Block]

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

Condensed Income Statement [Table Text Block]

	(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

Condensed Cash Flow Statement [Table Text Block]

	(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