PARENT CORPORATION ONLY FINANCIAL STATEMENTS

12 Months Ended

Dec. 31, 2019

Condensed Financial Information Disclosure [Abstract]

PARENT CORPORATION ONLY FINANCIAL STATEMENTS

NOTE 27 PARENT CORPORATION ONLY FINANCIAL STATEMENTS

CONDENSED BALANCE SHEETS 

AS OF DECEMBER 31, 2019 AND 2018 

(Dollars in Thousands) 

	2019			2018
ASSETS
Due from banks	$	209		$	361
Investment in subsidiaries		69,463			66,095
Other assets		1,737			1,563
Total Assets	$	71,409		$	68,019
LIABILITIES
Accrued interest payable	$	182		$	197
Accrued expenses and other liabilities		129			76
Trust preferred securities		16,496			16,496
Total Liabilities		16,807			16,769
STOCKHOLDERS’ EQUITY
Common stock - $2.00 par value, 50,000,000 shares authorized; 23,922,086 shares issued and outstanding at both December 31, 2019 and 2018		47,844			47,844
Additional paid capital		14,570			14,570
Retained deficit		(7,869	)		(9,928	)
Accumulated other comprehensive income (loss)		57			(1,236	)
Total Stockholders’ Equity		54,602			51,250
Total Liabilities and Stockholders’ Equity	$	71,409		$	68,019

CONDENSED STATEMENTS OF INCOME  

FOR THE YEARS ENDED DECEMBER 31, 2019 AND 2018 

(Dollars in thousands) 

	2019			2018
Income
Miscellaneous income	$	26		$	23
Dividends from subsidiaries		760			—
Undistributed income of subsidiaries		2,076			1,681
Total income		2,862			1,704
Expenses
Trust preferred securities interest expense		796			773
Professional fees		154			147
Other operating expenses		60			66
Total Expenses		1,010			986
Income before Income Taxes		1,852			717
Income Tax Benefit		(207	)		(202	)
Net Income	$	2,059		$	919

CONDENSED STATEMENTS OF CASH FLOWS 

FOR THE YEARS ENDED DECEMBER 31, 2019 AND 2018 

(Dollars in thousands) 

	2019			2018
Cash Flows From Operating Activities
Net income	$	2,059		$	919
Adjustments to reconcile net income to net cash used in operating activities:
Equity in undistributed earnings of subsidiaries		(2,075	)		(1,680	)
Net decrease (increase) in other assets		(174	)		(203	)
Net increase in other liabilities		38			105
Net Cash Used in Operating Activities		(152	)		(859	)
Net decrease in Cash and Cash Equivalents		(152	)		(859	)
Cash and Cash Equivalents, Beginning of year		361			1,220
Cash and Cash Equivalents, End of Year	$	209		$	361
Supplemental Disclosure of Cash Paid During the Year for:
Interest	$	811		$	715
Taxes	$	(34	)	$	320