Parent Company Only Financial Information

12 Months Ended

Dec. 31, 2020

Parent Company Only Financial Information

Parent Company Only Financial Information

29. Parent Company Only Financial Information

Condensed Statement of Financial Condition

	December 31,
(In thousands)	2020		2019
Assets
Cash	$	186	$	234
Investment securities- Available for Sale (at fair value)		12,198		13,164
Investment in bank subsidiary		150,895		142,290
Investment in non-bank subsidiaries		929		929
Other assets		7,082		5,427
Total Assets	$	171,290	$	162,044
Liabilities and Shareholders' Equity
Accrued interest and other liabilities	$	8,405	$	4,250
Dividends payable		910		925
Junior subordinated debt		30,929		30,929
Shareholders' equity		131,046		125,940
Total Liabilities and Shareholders' Equity	$	171,290	$	162,044

Condensed Statement of Income

	Year Ended
	December 31,
(In thousands)	2020		2019
Income:
Dividend income from bank subsidiary	$	7,328	$	3,141
Interest income on investments		603		948
Other income		61		99
Total other income		664		1,047
Total Income		7,992		4,188
Expenses:
Interest expense		1,354		1,418
Other expenses		3,607		276
Total Expenses		4,961		1,694
Income before income taxes and equity in undistributed net income of subsidiaries		3,031		2,494
Applicable income tax benefit		982		130
Net income before equity in undistributed net income of subsidiaries		4,013		2,624
Equity in undistributed net income of subsidiaries:
Bank		9,828		10,505
Net Income	$	13,841	$	13,129

Condensed Statement of Comprehensive Income

	Year Ended
	December 31,
Components of Comprehensive Income (in thousands)	2020		2019
Net Income	$	13,841	$	13,129
Unrealized losses on AFS Securities, net of tax		(3,330)		(685)
Unrealized losses on cash flow hedges, net of tax		(869)		(858)
Other comprehensive loss, net of tax		(4,199)		(1,543)
Comprehensive income	$	9,642	$	11,586

Condensed Statement of Cash Flows

	Year Ended
	December 31,
(In thousands)	2020		2019
Operating Activities
Net Income	$	13,841	$	13,129
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed net income of subsidiaries		(9,828)		(10,505)
Increase in other assets		(1,490)		(478)
Increase in accrued interest payable and other liabilities		3,286		539
Stock compensation		345		268
Net cash provided by operating activities		6,154		2,953
Financing Activities
Proceeds from issuance of common stock		198		170
Repurchase of common stock		(2,754)		—
Cash dividends on common stock		(3,646)		(3,125)
Net cash used in financing activities		(6,202)		(2,955)
Decrease in cash and cash equivalents		(48)		(2)
Cash and cash equivalents at beginning of year		234		236
Cash and cash equivalents at end of year	$	186	$	234

Accumulated Other Comprehensive Income

Components of Other Comprehensive Loss (in thousands)	Before Tax ‎Amount		Tax (Expense) ‎Benefit		Net
For the year ended December 31, 2020
Available for Sale Securities:
Unrealized holding losses	$	(4,548)	$	1,218	$	(3,330)
Cash flow hedges:
Unrealized holding losses		(1,187)		318		(869)
Other comprehensive loss	$	(5,735)	$	1,536	$	(4,199)
For the year ended December 31, 2019
Available for Sale Securities:
Unrealized holding losses	$	(936)	$	251	$	(685)
Cash flow hedges:
Unrealized holding losses		(1,172)		314		(858)
Other comprehensive loss	$	(2,108)	$	565	$	(1,543)

 
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