Condensed Financial Statements of Parent Company

12 Months Ended

Dec. 31, 2017

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Condensed Financial Statements of Parent Company

Note 18 – Condensed Financial Statements of Parent Company


Balance Sheets

	(In Thousands)
	2017		2016
Assets
Cash	$	277	$	1,435
Related party receivables:
Dividends & Accounts receivable from subsidiaries		2,038		1,842
Accrued interest receivable Municipals		110		63
Note receivable from Bank subsidiary		—		—
Securities—Municipals		18,944		17,290
Certificate of Deposits		1,974		—
Investment in subsidiaries		112,025		106,044

Total Assets	$	135,368	$	126,674

Liabilities
Accrued expenses	$	39	$	44
Dividends payable		1,192		1,053

Total Liabilities		1,231		1,097

Stockholders’ Equity		134,137		125,577

Total Liabilities and Stockholders’ Equity	$	135,368	$	126,674


Statements of Income and Comprehensive Income

	(In Thousands)
	2017			2016			2015
Income
Dividends from subsidiaries	$	6,850		$	6,000		$	6,220
Interest		—			—			—
Interest Municipals		313			272			219
Gain on sales of available-for-sale securities		—			—			124

Total Income		7,163			6,272			6,563
Operating Expenses		828			681			677

Income Before Income Taxes and Equity in Undistributed Earnings of Subsidiaries		6,335			5,591			5,886
Income Taxes (Benefit)		(422	)		(238	)		(188	)

		6,757			5,829			6,074
Equity in undistributed earnings of Subsidiaries		5,963			5,835			4,266

Net Income		12,720			11,664			10,340

Other Comprehensive Income (Loss):
Unrealized gains (losses) on securities		146			(2,184	)		(232	)

Comprehensive Income	$	12,866		$	9,480		$	10,108


Statements of Cash Flows

	(In Thousands)
	2017			2016			2015
Cash Flows from Operating Activities
Net income	$	12,720		$	11,664		$	10,340
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Equity in undistributed net income (Distributions in excess earnings) of subsidiaries		(5,963	)		(5,835	)		(4,266	)
Accretion & Amortization of Securities		206			179			152
Gain on Sale of Available for Sale Securities		—			—			(124	)
Changes in Assets and Liabilities:
Dividends receivable		—			—			475
Other Assets and Liabilities		199			355			156

Net Cash Provided by
Operating Activities		7,162			6,363			6,733
Cash Flows from Investing Activities
Activity in available for sale securities:
Maturities, prepayments and calls		2,815			1,485			1,000
Sales		—			—			6,282
Purchases		(4,482	)		(2,891	)		(8,784	)
Purchases of Certificates of Deposit		(1,974	)		—			—

Net Cash used in Investing Activities		(3,641	)		(1,406	)		(1,502	)
Cash Flows from Financing Activities
Payment of dividends		(4,443	)		(4,115	)		(3,943	)
Purchase of Treasury Stock		(236	)		(194	)		(803	)

Net Cash Used in Financing Activities		(4,679	)		(4,309	)		(4,746	)

Net Change in Cash and
Cash Equivalents		(1,158	)		648			485
Cash and Cash Equivalents
Beginning of year		1,435			787			302

Cash and Cash Equivalents
End of year	$	277		$	1,435		$	787

- Definition

The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document.

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