Parent Company Financial Data (Tables)

12 Months Ended

Dec. 31, 2018

Condensed Financial Information Disclosure [Abstract]

Schedule of Balance Sheet Information of Parent Company

Condensed Balance Sheets

as of December 31, 2018 and 2017

(Dollars in thousands)

	2018			2017
ASSETS
Cash	$	776		$	1,694
Investment in consolidated wholly-owned bank subsidiary, at equity		41,497			38,633
Loans		640			105
Other assets		708			711
Total assets	$	43,621		$	41,143
LIABILITIES AND SHAREHOLDERS’ EQUITY
Total liabilities	$	2		$	0
Shareholders’ equity:
Common stock, $1 par value, 5,000,000 shares authorized,
2,545,776 shares and 4,293,835 shares issued for 2018 & 2017		2,546			4,294
Additional paid-in capital		18,419			31,701
Retained earnings		24,841			33,020
Accumulated other comprehensive loss		(2,187	)		(1,629	)
Treasury stock, at cost, 0 for 2018
and 1,752,330 for 2017		(0	)		(26,243	)
Total shareholders’ equity		43,619			41,143
Total liabilities and shareholders’ equity	$	43,621		$	41,143

Schedule of Statements of Operations Information of Parent Company

Condensed Statements of Income and Expense

for the years ended December 31, 2018, 2017, and 2016

(Dollars in thousands)

	2018			2017			2016
Income:
Dividend received from bank subsidiary	$	1,200		$	2,000		$	0
Interest income		45			26			23
Total income		1,245			2,026			23
Expenses:
Other		189			172			178
Income before income taxes and equity in
Undistributed income of bank subsidiary		1,056			1,854			(155	)
Income tax benefit – allocated from
consolidated return		40			88			91
Income before equity in undistributed
income of subsidiary		1,096			1,942			(64	)
Equity in undistributed income of subsidiary		3,551			1,865			4,098
Net income		4,647			3,807			4,034
Retained earnings – beginning of year		33,020			30,334			27,370
Adjustment to correct immaterial misstatement of investment in bank subsidiary in prior periods		(129	)		0			0
Cash dividend declared		(1,196	)		(1,121	)		(1,070	)
Retirement of treasury stock		(11,501	)		0			0
Retained earnings – end of year	$	24,841		$	33,020		$	30,334

Schedule of Cash Flow Information of Parent Company

Condensed Statements of Cash Flows

for the years ended December 31, 2018, 2017, and 2016

(Dollars in thousands)

	2018			2017			2016
Cash flow from operating activities:
Net income	$	4,647		$	3,807		$	4,034
Adjustments to reconcile net income to net
cash used by operating activities:
Equity in undistributed earnings of subsidiary		(3,551	)		(1,865	)		(4,098	)
Changes in:
Other assets		21			(25	)		(16	)
Other liabilities		2			0			0
Net cash provided (used) for operating activities		1,119			1,917			(80	)
Cash flow from investing activities:
Net change in loans		(535	)		80			178
Net cash provided (used) for investing activities		(535	)		80			178
Cash flow from financing activities:
Cash dividend paid to shareholders		(1,196	)		(1,121	)		(1,070	)
Payment to repurchase common stock		(306	)		(122	)		(7	)
Net cash used for financing activities		(1,502	)		(1,243	)		(1,077	)
Increase (decrease) in cash		(918	)		754			(979	)
Cash – beginning of year		1,694			940			1,919
Cash – end of year	$	776		$	1,694		$	940