Condensed Financial Information (Parent Company Only)

12 Months Ended

Dec. 31, 2019

Condensed Financial Information (Parent Company Only)

Condensed Financial Information (Parent Company Only)

Note 20: Condensed Financial Information (Parent Company Only)

Presented below is condensed financial information as to financial position, results of operations and cash flows of the Company:

Condensed Balance Sheets

	December 31,
	2019		2018
	(In thousands)
Assets
Cash and cash equivalents	$	6,846	$	1,595
Investment in the Bank		74,890		50,813
Other assets		2,719		2,913
Total assets	$	84,455	$	55,321
Liabilities and Stockholders’ Equity
Subordinated debentures	$	23,543	$	4,124
Other liabilities		990		555
Stockholders’ equity		59,922		50,642
Total liabilities and stockholders’ equity	$	84,455	$	55,321

Condensed Statements of Income and Comprehensive Income

	Years Ended December 31,
	2019		2018
	(In thousands)
Operating Income
Dividends from subsidiary	$	7,625	$	5,501
Interest and dividend income from securities and federal funds		1		—
Total operating income		7,626		5,501
Merger related expenses		—		1,306
General, Administrative and Other Expenses		3,456		2,220
Income Before Income Taxes and Equity in Undistributed Income of Subsidiary		4,170		1,975
Income Tax Benefits		710		750
Income Before Equity in Undistributed Income of Subsidiary		4,880		2,725
Equity in Undistributed Income of Subsidiary		1,930		1,557
Net Income	$	6,810	$	4,282
Comprehensive Income	$	12,356	$	4,692

Condensed Statements of Cash Flows

	Years Ended December 31,
	2019		2018
	(In thousands)
Operating Activities
Net income	$	6,810	$	4,282
Items not requiring (providing) cash
Equity in undistributed income of subsidiary		(1,930)		(1,557)
Amortization of ESOP and share-based compensation plans		565		567
Net change in other assets and other liabilities		65		282
Net cash provided by operating activities		5,510		3,574
Investing Activities
Equity infusion into the Bank		(16,000)		—
Cash paid for acquisition of Powhatan Point Community Bancshares, Inc.		—		(1,529)
Net cash used in investing activities		(16,000)		(1,529)
Financing Activities
Proceeds from issuance of subordinated debentures, net of origination fees		19,383		—
Repurchase of Common Stock		(416)		—
Dividends paid to stockholders		(3,226)		(3,221)
Net cash provided by (used in) financing activities		15,741		(3,221)
Net Change in Cash and Cash Equivalents		5,251		(1,176)
Cash and Cash Equivalents at Beginning of Year		1,595		2,771
Cash and Cash Equivalents at End of Year	$	6,846	$	1,595