Note 20 - Parent Only Condensed Financial Statements

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

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

NOTE

2

0

. PARENT ONLY CONDENSED FINANCIAL STATEMENTS

CONDENSED BALANCE SHEETS 

(dollars in thousands)
	December 31,		December 31,
	2019		2018
ASSETS
Cash	$	149	$	281
Investment in bank subsidiary		112,373		98,678
Other assets		48		107
Total assets	$	112,570	$	99,066
LIABILITIES AND SHAREHOLDERS’ EQUITY
Other liabilities	$	-	$	28
Total liabilities	$	-	$	28
Shareholders’ equity
Common stock, no par value; 50,000,000 shares authorized, 8,210,147 and 8,194,805 shares issued and outstanding at December 31, 2019 and 2018, respectively		25,435		25,429
Additional paid-in capital		3,777		3,358
Retained earnings		80,961		70,686
Accumulated other comprehensive income (loss), net of tax		2,397		(435	)
Total shareholders’ equity		112,570		99,038
Total liabilities and shareholders' equity	$	112,570	$	99,066

CONDENSED STATEMENTS OF INCOME

(dollars in thousands)	Year Ended December 31,
	2019		2018
INCOME
Dividends declared by subsidiary	$	2,214	$	2,117
Total income		2,214		2,117
EXPENSES
Salary expense		113		110
Employee benefit expense		549		431
Legal expense		53		90
Other operating expenses		102		108
Total non-interest expense		817		739
Income before equity in undistributed income of subsidiary		1,397		1,378
Equity in undistributed net income of subsidiary		10,863		9,919
Income before income tax benefit		12,260		11,297
Income tax benefit		229		240
Net income	$	12,489	$	11,537

CONDENSED STATEMENTS OF CASHFLOWS

	YEAR ENDED DECEMBER 31,
(dollars in thousands)	2019			2018
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	12,489		$	11,537
Adjustments to reconcile net income to net cash from operating activities:
Undistributed net income of subsidiary		(10,863	)		(9,919	)
Stock based compensation		549			431
Decrease in other liabilities		(28	)		(6	)
Decrease in other assets		59			79
Net cash from operating activities		2,206			2,122
CASH FLOWS FROM FINANCING ACTIVITIES:
Shareholder cash dividends paid		(2,214	)		(2,117	)
Proceeds from sale of common stock and exercise of stock options		6			7
Tax withholding payments on vested restricted shares surrendered		(130	)		0
Net cash used in financing activities		(2,338	)		(2,110	)
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS		(132	)		12
CASH AND CASH EQUIVALENTS, beginning of period		281			269
CASH AND CASH EQUIVALENTS, end of period	$	149		$	281
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid during the year for income taxes	$	3,870		$	4,145