Parent Company Financial Statements (Tables)

12 Months Ended

Dec. 31, 2019

Parent Company Financial Statements [Abstract]

Summary of financial position, result of operation and cash flows

Statements of Financial Condition

	December 31,
	2019		2018
ASSETS	(dollars in thousands)
Cash	$	1,481	$	1,378
Equity in net assets of subsidiaries:
Bank		118,712		115,799
Nonbank		4,516		4,152
Other assets		1,505		1,431
Total assets	$	126,214	$	122,760
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Subordinated debentures	$	20,619	$	20,619
Other liabilities		123		3,688
Total liabilities		20,742		24,307
Stockholders' Equity		105,472		98,453
Total liabilities and stockholders' equity	$	126,214	$	122,760

Statements of Income

	Years Ended December 31,
	2019		2018
	(dollars in thousands)
Interest income	$	—	$	1
Interest expense on subordinated debentures		1,066		1,006
Net interest expense		(1,066)		(1,005)
Dividend from subsidiary		6,340		2,215
General and administrative expenses		(235)		(167)
Income before income taxes and equity in undistributed net income of subsidiaries		5,039		1,043
Income tax benefit		87		159
Equity in undistributed net income of subsidiaries		3,248		7,367
Net income		8,374		8,569
Other comprehensive income (loss) item - unrealized holding gains (losses) on AFS securities arising during the period (net of tax (expense) benefit of $(10) and $14)		28		(38)
Total comprehensive income	$	8,402	$	8,531

Statements of Cash Flows

	Years Ended December 31,
	2019		2018
Cash flows from operating activities:	(dollars in thousands)
Net income	$	8,374	$	8,569
Adjustments to reconcile net income to net cash from operating activities:
Equity in undistributed earnings of subsidiaries		(3,248)		(7,367)
Stock-based compensation		146		218
Deferred income taxes		(885)		(80)
Decrease (increase) in other assets		811		(120)
(Decrease) increase in accrued expenses and other liabilities		(66)		55
Net cash provided by operating activities		5,132		1,275
Cash flows from financing activities:
Repayment of borrowings		(3,500)		—
Preferred stock dividends		—		(70)
Common stock dividends		(1,789)		(1,511)
Proceeds from common stock issuance		260		374
Net cash used in financing activities		(5,029)		(1,207)
Increase in cash and cash equivalents		103		68
Cash and cash equivalents at beginning of period		1,378		1,310
Cash and cash equivalents at end of period	$	1,481	$	1,378