Parent-only Financial Statements (Tables)

12 Months Ended

Dec. 31, 2020

Parent-only Financial Statements [Abstract]

Condensed Balance Sheets

Condensed Balance Sheets
Assets	December 31, 2020		December 31, 2019
Cash and due from banks	$	302	$	296
Investment in bank subsidiary		106,268		99,076
Dividends receivable		995		5,029
Goodwill		1,011		1,011
Other assets		-		-
Total assets	$	108,576	$	105,412
Liabilities and Shareholders’ Equity
Other liabilities		1,257		5,286
Total liabilities		1,257		5,286
Total shareholders’ equity		107,319		100,126
Total liabilities and shareholders’ equity	$	108,576	$	105,412

Condensed Statements of Income

Condensed Statements of Income	For the Years Ended December 31,
	2020		2019		2018
Income
Dividends received from subsidiary bank	$	12,846	$	6,035	$	11,930
Other		-		155		-
Total Income		12,846		6,190		11,930
Expense
Interest expense		-		-		175
Other		-		4		315
Total expense		-		4		490
Income and equity in undistributed net income of bank subsidiary		12,846		6,185		11,440
Equity in undistributed net income of bank subsidiary		6,420		2,040		13,521
Income before Taxes		19,266		8,225		24,961
Income tax expense		-		-		(39	)
Net Income Available to Common Shareholders	$	19,266	$	8,225	$	25,000

Condensed Statements of Cash Flows

Condensed Statements of Cash Flows	For the Years Ended December 31,
	2020			2019			2018
Operating Activities
Net income	$	19,266		$	8,225		$	25,000
Items not requiring (providing) cash
Equity in undistributed net income		(6,420	)		(2,040	)		(13,521	)
Dividends receivable from subsidiary bank		(995	)		(5,029	)		-
Stock-based compensation expense		-			-			154
Changes in
Accounts payable and accrued expenses		-			(149	)		-
Other current assets and liabilities		5,034			-			199
Net cash provided by operating activities		16,885			1,007			11,832
Financing Activities
Repayment of borrowed funds		-			-			(5,600	)
Common stock acquired and canceled		(9,076	)		-			50,154
Dividends paid		(7,803	)		(1,006	)		(56,155	)
Net cash used in financing activities		(16,879	)		(1,006	)		(11,601	)
Increase in Cash and Due from Banks		6			1			231
Cash and Due from Banks, Beginning of Period		296			295			64
Cash and Due from Banks, End of Period	$	302		$	296		$	295
Supplemental Disclosure of Cash Flows Information
Interest paid	$	-		$	-		$	175
Dividends declared and not paid	$	995		$	5,029		$	-