Parent Only Financial Statements

12 Months Ended

Dec. 31, 2019

Condensed Financial Information Disclosure [Abstract]

Parent Only Financial Statements

Parent Only Financial Statements

	At December 31, 2019			At December 31, 2018
(In thousands)
Assets
Cash and due from banks	$	1,389		$	1,953
Loan receivable	1,909			2,003
Investments in subsidiaries	61,991			61,741
Other assets	135			1,015
Total Assets	$	65,424		$	66,712
Liabilities
Other liabilities	$	49		$	66
Total Liabilities	49			66
Stockholders' Equity
Common stock	52			54
Paid-in capital	41,857			44,726
Retained earnings	24,989			23,498
Unallocated common stock held by ESOP	(1,523		)	(1,632		)
Total Stockholders' Equity	65,375			66,646
Total Liabilities and Stockholders' Equity	$	65,424		$	66,712

Condensed Statements of Comprehensive Income
	Years Ended  December 31,
	2019			2018
	(In thousands)
Dividends from Subsidiaries	$	4,500		$	2,452
Equity in undistributed earnings of subsidiaries	(9		)	2,569
Interest income	64			67
Non-interest expense	(490		)	(283		)
Income Before Income Tax Benefit	4,065			4,805
Income tax benefit	(38		)	(30		)
Net Income	$	4,103		$	4,835

Condensed Statements of Cash Flows
	Years Ended December 31,
	2019			2018
	(In thousands)
Cash Flows from Operating Activities
Net income	$	4,103		$	4,835
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed earnings of subsidiaries	9			(2,569		)
Net change in other assets and liabilities	1,191			(172		)
Net Cash Provided by Operating Activities	5,303			2,094
Cash Flows from Investing Activities
Repayment of ESOP loan receivable	94			91
Net Cash Provided by Investing Activities	94			91
Cash Flows from Financing Activities
Repurchase of common stock	(3,349		)	(6,840		)
Cash dividends paid to stockholders	(2,612		)	(4,978		)
Net exercise of options and repurchase of shares	—			(53		)
Net Cash Used in Financing Activities	$	(5,961	)	$	(11,871	)
Net Decrease in Cash and Cash Equivalents	(564		)	(9,686		)
Cash and Cash Equivalents - Beginning	1,953			11,639
Cash and Cash Equivalents - Ending	$	1,389		$	1,953