PARENT COMPANY FINANCIAL INFORMATION (Tables)

12 Months Ended

Dec. 31, 2020

PARENT COMPANY FINANCIAL INFORMATION

Condensed Balance Sheet [Table Text Block]

	December 31,
	2020		2019
ASSETS
Cash	$	14,022	$	10,993
Investment in banking subsidiary		153,645		116,417
Marketable equity securities		1,646		1,933
Prepaid expenses and other assets		778		137
TOTAL ASSETS	$	170,091	$	129,480
LIABILITIES
Advances from banking subsidiary	$	523	$	381
Subordinated Debentures		25,000		—
Accrued expenses and other liabilities		326		347
TOTAL LIABILITIES		25,849		728
STOCKHOLDERS’ EQUITY
Common stock		12,231		12,097
Surplus		39,543		38,365
Retained earnings		85,307		79,778
Accumulated other comprehensive income		12,870		4,221
Treasury stock, at cost		(5,709)		(5,709)
TOTAL STOCKHOLDERS’ EQUITY		144,242		128,752
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	170,091	$	129,480

Condensed Income Statement [Table Text Block]

	Years Ended December 31,
	2020		2019
INCOME
Dividends from subsidiary bank	$	6,102	$	6,102
Net securities (losses) gains		(287)		373
Other income		89		81
TOTAL INCOME		5,904		6,556
EXPENSE
Interest on subordinated debt		64		—
Other expense		181		125
TOTAL EXPENSE		245		125
INCOME BEFORE INCOME TAX (BENEFIT) EXPENSE		5,659		6,431
INCOME TAX (BENEFIT) EXPENSE		(98)		63
		5,757		6,368
EQUITY IN UNDISTRIBUTED EARNINGS OF BANKING SUBSIDIARY		6,080		3,859
NET INCOME	$	11,837	$	10,227

Condensed Statement of Comprehensive Income [Table Text Block]

STATEMENTS OF COMPREHENSIVE INCOME

(Dollars in thousands)

	Years Ended December 31,
	2020		2019
Net Income	$	11,837	$	10,227
Other comprehensive income:
Equity in other comprehensive income of banking subsidiary		8,649		6,802
Total other comprehensive income		8,649		6,802
Total Comprehensive Income	$	20,486	$	17,029

Condensed Cash Flow Statement [Table Text Block]

STATEMENTS OF CASH FLOWS

(Dollars in thousands)

	Years Ended December 31,
	2020		2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	11,837	$	10,227
Adjustments to reconcile net income to net cash provided by operating activities:
Losses (gains) on securities		287		(373)
Deferred income tax (benefit) expense		(83)		104
Equity in undistributed earnings of banking subsidiary		(6,080)		(3,859)
Investment in banking subsidiary		(22,500)		—
(Increase) decrease in prepaid/accrued expenses and other assets/liabilities		(563)		105
Increase (decrease) in advances from banking subsidiary		141		(155)
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES		(16,961)		6,049
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of subordinated debentures		25,000		—
Proceeds from issuance of common stock		1,298		1,203
Dividends paid		(6,308)		(6,247)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES		19,990		(5,044)
INCREASE IN CASH AND CASH EQUIVALENTS		3,029		1,005
CASH AND CASH EQUIVALENTS, BEGINNING		10,993		9,988
CASH AND CASH EQUIVALENTS, ENDING	$	14,022	$	10,993