Parent Company Financial Statements

12 Months Ended

Dec. 31, 2019

(24)Parent Company Financial Statements

The condensed financial statements of the Corporation (parent company only) are presented below. These statements should be read in conjunction with the notes to the consolidated financial statements.

A. Condensed Balance Sheets


	December 31,		December 31,
(dollars in thousands, except per share data)	2019		2018
Cash and due from banks	$	148	—
Cash and cash equivalents		148	—
Investments in subsidiaries		159,643	109,867
Other assets		40	—
Total assets	$	159,831	109,867

Liabilities:
Subordinated debentures		39,058	—
Accrued interest payable		78	—
Total liabilities		39,136	—
Stockholders’ equity:
Common stock, $1 par value. Authorized 10,000,000 shares; issued and outstanding 6,406,795 and 6,392,287 as of December 31, 2019 and December 31, 2018		6,408	6,407
Surplus		80,196	79,919
Treasury Stock		(3)	—
Retained earnings		34,097	23,931
Accumulated other comprehensive loss		(3)	(390)
Total stockholders’ equity		120,695	109,867
Total liabilities and stockholders’ equity	$	159,831	109,867

B. Condensed Statements of Income


	Year ended
	December 31,
(dollars in thousands, except per share data)	2019		2018
Dividends from subsidiaries	$	—	—
Net interest and other income		—	—
Total operating income		—	—
Expenses		81	—
Income before equity in undistributed income of subsidiaries		(81)	—
Equity in undistributed income of subsidiaries		10,562	8,163
Income before income taxes		10,481	8,163
Income tax (benefit) expense		—	—
Net income		10,481	8,163
Total other comprehensive income		387	(92)
Total comprehensive income	$	10,868	8,071

C. Condensed Statements of Cash Flows


	Year ended
	December 31,
(dollars in thousands)	2019		2018
Net income	$	10,481	8,163
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed income of subsidiaries		(10,562)	(8,163)
Increase in accrued interest payable		78
Decrease (increase) in other assets		(40)	—
Net cash used in operating activities		(43)	—
Cash flows from investing activities:
Investment in subsidiaries		(38,804)	—
Net cash used in investing activities		(38,804)	—
Cash flows from financing activities:
Issuance of long term subordinated debt		39,051	—
Notes repaid (received) for common stock		(59)	—
Net purchase of treasury stock through publicly announced plans		(3)	—
Share based awards and exercises		6	—
Net cash provided by financing activities		38,995	—
Net change in cash and cash equivalents		148	—
Cash and cash equivalents at beginning of period		—	—
Cash and cash equivalents at end of period	$	148	—