Note 21 - 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

2

1

. Parent Company Financial Information

Condensed financial information of Parkway Acquisition Corp. is presented as follows:

Balance Sheets

December 31, 2019

and

2018

(dollars in thousands)	2019			2018
Assets
Cash and due from banks	$	52		$	1,409
Federal funds sold		532			-
Investment in affiliate bank		80,587			73,813
Other assets		326			468
Total assets	$	81,497		$	75,690
Liabilities
Other liabilities	$	69		$	68
Stockholders’ Equity
Common stock		-			-
Surplus		40,752			41,660
Retained earnings		41,600			35,929
Accumulated other comprehensive loss		(924	)		(1,967	)
Total stockholders’ equity		81,428			75,622
Total liabilities and stockholders’ equity	$	81,497		$	75,690

Statements of Income

For the years ended

December 31, 2019

and

2018

(dollars in thousands)	2019		2018
Income
Dividends from affiliate bank	$	1,484	$	1,123
Federal funds sold		3		-
Other income		-		1
		1,487		1,124
Expenses
Management and professional fees		74		68
Other expenses		5		8
		79		76
Income before tax benefit and equity in undistributed income of affiliate		1,408		1,048
Federal income tax benefit		16		16
Income before equity in undistributed income of affiliate		1,424		1,064
Equity in undistributed income of affiliate		5,731		3,462
Net income	$	7,155	$	4,526

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	$	7,155		$	4,526
Adjustments to reconcile net income to net cash provided by operations:
Equity in undistributed income of affiliate		(5,731	)		(3,462	)
Change in other assets		142			(80	)
Change in other liabilities		1			31
Net cash provided by operating activities		1,567			1,015
Cash flows from investing activities
Net decrease in loans		-			-
Cash received in business combination		-			-
Net cash provided by investing activities		-			-
Cash flows from financing activities
Cash paid for fractional shares		-			(1	)
Common stock repurchased		(908	)		-
Dividends paid		(1,484	)		(1,123	)
Net cash used by financing activities		(2,392	)		(1,124	)
Net decrease in cash and cash equivalents		(825	)		(109	)
Cash and cash equivalents, beginning		1,409			1,518
Cash and cash equivalents, ending	$	584		$	1,409
Business combinations
Elimination of Company’s existing investment in Great State Bank	$	-		$	198
Stock issued to acquire Great State Bank	$	-		$	15,495