Parent Company Financial Data (Tables)

12 Months Ended

Dec. 31, 2019

Condensed Financial Information Disclosure [Abstract]

Schedule of Balance Sheet Information of Parent Company

Condensed Balance Sheets

as of December 31, 2019 and 2018

(Dollars in thousands)

	2019		2018
ASSETS
Cash		1,370	$	776
Investment in consolidated wholly-owned bank subsidiary, at equity		48,122		41,497
Loans		912		640
Other assets		94		708
Total assets	$	50,498	$	43,621
LIABILITIES AND SHAREHOLDERS’ EQUITY
Total liabilities	$	7	$	2
Shareholders’ equity:
Common stock, $1 par value, 5,000,000 shares authorized,
2,548,510 shares and 2,545,776 shares issued for 2019 & 2018		2,549		2,546
Additional paid-in capital		18,479		18,419
Retained earnings		28,910		24,841
Accumulated other comprehensive loss		553		(2,187	)
Total shareholders’ equity		50,491		43,619
Total liabilities and shareholders’ equity	$	50,498	$	43,621

Schedule of Statements of Operations Information of Parent Company

Condensed Statements of Income and Expense

for the years ended December 31, 2019, 2018, and 2017

(Dollars in thousands) 

	2019			2018			2017
Income:
Dividend received from bank subsidiary	$	2,245		$	1,200		$	2,000
Interest income		80			45			26
Total income		2,325			1,245			2,026
Expenses:
Other		373			189			172
Income before income taxes and equity in
Undistributed income of bank subsidiary		1,952			1,056			1,854
Income tax benefit – allocated from
consolidated return		82			40			88
Income before equity in undistributed
income of subsidiary		2,034			1,096			1,942
Equity in undistributed income of subsidiary		3,256			3,551			1,865
Net income		5,290			4,647			3,807
Retained earnings – beginning of year		24,841			33,020			30,334
Adjustment to correct immaterial misstatement of investment in bank subsidiary in prior periods		0			(129	)		0
Cash dividend declared		(1,221	)		(1,196	)		(1,121	)
Retirement of treasury stock		0			(11,501	)		0
Retained earnings – end of year	$	28,910		$	24,841		$	33,020

Schedule of Cash Flow Information of Parent Company

Condensed Statements of Cash Flows

for the years ended December 31, 2019, 2018, and 2017

(Dollars in thousands)

	2019			2018			2017
Cash flow from operating activities:
Net income	$	5,290		$	4,647		$	3,807
Adjustments to reconcile net income to net
cash used by operating activities:
Equity in undistributed earnings of subsidiary		(3,256	)		(3,551	)		(1,865	)
Stock-based compensation – restricted stock		75			18			0
Changes in:
Other assets		(15	)		3			(25	)
Other liabilities		5			2			0
Net cash provided for operating activities		2,099			1,119			1,917
Cash flow from investing activities:
Net change in loans		(272	)		(535	)		80
Net cash provided (used) for investing activities		(272	)		(535	)		80
Cash flow from financing activities:
Cash dividend paid to shareholders		(1,221	)		(1,196	)		(1,121	)
Payment to repurchase common stock		(12	)		(306	)		(122	)
Net cash used for financing activities		(1,233	)		(1,502	)		(1,243	)
Increase (decrease) in cash		594			(918	)		754
Cash – beginning of year		776			1,694			940
Cash – end of year	$	1,370		$	776		$	1,694