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Condensed Financial Information (Parent Company Only) (Tables)
12 Months Ended
Dec. 31, 2019
Condensed Financial Information Disclosure [Abstract]  
Schedule of Condensed Balance Sheet

 

 

 

 

 

 

 

 

 

As of December 31, 

(in thousands)

    

2019

    

2018

Assets:

 

 

  

 

 

  

Cash

 

$

4,040

 

$

5,879

Due from Subsidiary Bank

 

 

51

 

 

35

Investments in Bank Subsidiary

 

 

19,082

 

 

18,296

Other Assets

 

 

49

 

 

61

Total Assets

 

$

23,222

 

$

24,271

Liabilities and Shareholders’ Equity:

 

 

  

 

 

  

Liabilities

 

$

38

 

$

154

Total Shareholders Equity

 

 

23,184

 

 

24,117

Total Liabilities and Shareholders’ Equity

 

$

23,222

 

$

24,271

 

Schedule of Condensed Statement of Income

 

 

 

 

 

 

 

 

 

Years Ended December 31, 

 

    

2019

    

2018

Income:

 

 

  

 

 

  

Equity in Net Income of Bank Subsidiary

 

$

733

 

$

649

Interest Income - ESOP

 

 

28

 

 

22

Total Income

 

$

761

 

$

671

 

 

 

 

 

 

 

Expense:

 

 

  

 

 

  

Compensation Expense

 

$

257

 

$

80

Professional Fees

 

 

129

 

 

127

Other Noninterest Expense

 

 

121

 

 

107

Total Expense

 

$

507

 

$

314

 

 

 

 

 

 

 

Income Before Income Tax Expense (Income)

 

$

254

 

$

357

Provision for Income Tax

 

 

(101)

 

 

(61)

Net Income

 

$

355

 

$

418

 

Schedule of Condensed Statement of Cash Flows

 

 

 

 

 

 

 

 

 

Years Ended December 31, 

 

    

2019

    

2018

Cash Flows From Operating Activities:

 

 

  

 

 

  

Net Income

 

$

355

 

$

418

Increase (Decrease) in Due to Bank Subsidiary

 

 

(16)

 

 

50

Increase in Equity in Net Income of Bank Subsidiary

 

 

(668)

 

 

(584)

Deferred Income Tax Benefit

 

 

(21)

 

 

(17)

Increase in Other Assets

 

 

33

 

 

(44)

Increase (Decrease) in other Liabilities

 

 

(116)

 

 

154

Compensation expense related to stock benefit plans

 

 

257

 

 

80

Net Cash provided by (used in) Operating Activities

 

 

(176)

 

 

57

 

 

 

 

 

 

 

Cash Flows From Investing Activities:

 

 

  

 

 

  

Investment in Bank Subsidiary

 

 

 —

 

 

 —

Net Cash provided by (used in) Investing Activities

 

 

 —

 

 

 —

 

 

 

 

 

 

 

Cash Flows From Financing Activities:

 

 

  

 

 

  

Net Proceeds from Issuance of Common Stock

 

 

 —

 

 

 —

Shares Repurchased

 

 

(1,663)

 

 

(579)

Net Cash provided by (used in) Financing Activities

 

 

(1,663)

 

 

(579)

 

 

 

 

 

 

 

Net Increase (Decrease) in Cash

 

 

(1,839)

 

 

(522)

 

 

 

 

 

 

 

Cash at Beginning of Period

 

 

5,879

 

 

6,401

 

 

 

 

 

 

 

Cash at End of Period

 

$

4,040

 

$

5,879