Condensed Financial Statements of Parent Company (Tables)

12 Months Ended

Dec. 31, 2018

Balance Sheets
	(In Thousands)
	2018		2017
Assets
Cash	$	1,727	$	277
Related party receivables:
Dividends and accounts receivable from subsidiary		9,808		2,038
Accrued interest receivable - municipals		67		110
Securities - municipals		12,977		18,944
Certificate of deposits		1,974		1,974
Investment in subsidiaries		118,151		112,025
Total Assets	$	144,704	$	135,368
Liabilities
Accrued expenses	$	38	$	38
Dividends payable		1,379		1,193
Total Liabilities		1,417		1,231
Stockholders' Equity		143,287		134,137
Total Liabilities and Stockholders' Equity	$	144,704	$	135,368

Statements of Income and Comprehensive Income
	(In Thousands)
	2018			2017			2016
Income
Dividends from subsidiaries	$	8,350		$	6,850		$	6,000
Interest - municipals / certificates of deposit		389			313			272
Gain (loss) on sales of available-for-sale securities		(19	)		-			-
Total income		8,720			7,163			6,272
Operating Expenses		1,020			828			681

Income Before Income Taxes and Equity in Undistributed Earnings of Subsidiaries		7,700			6,335			5,591
Income Taxes (Benefit)		(362	)		(422	)		(238	)
		8,062			6,757			5,829
Equity in undistributed earnings of subsidiaries		6,887			5,963			5,835
Net Income		14,949			12,720			11,664
Other Comprehensive Income (Loss):
Unrealized gains (losses) on securities		(829	)		146			(2,184	)
Comprehensive Income	$	14,120		$	12,866		$	9,480

Statements of Cash Flows
	(In Thousands)
	2018			2017			2016
Cash Flows from Operating Activities
Net income	$	14,949		$	12,720		$	11,664
Adjustments to reconcile ret income to net cash provided by operating activities:
Equity in undistributed net income (distributions in excess earnings) of subsidiaries		(6,887	)		(5,963	)		(5,835	)
Accretion and amortization of securities		190			206			179
Other assets and liabilities		(6,991	)		159			355
Net cash provided by operating activities		1,261			7,122			6,363
Cash Flows from Investing Activities
Activity in available-for-sale securities:
Maturities, prepayments and calls		5,030			2,815			1,485
Sales		3,300			-			-
Purchases		(2,695	)		(4,482	)		(2,891	)
Purchases of certificates of deposit		-			(1,974	)		-
Net cash provided by (used in) investing activities		5,635			(3,641	)		(1,406	)
Cash Flows from Financing Activities
Payment of dividends		(4,956	)		(4,443	)		(4,115	)
Purchase of Treasury stock		(490	)		(196	)		(194	)
Net cash used in financing activities		(5,446	)		(4,639	)		(4,309	)
Net Change in Cash and Cash Equivalents		1,450			(1,158	)		648
Cash and Cash Equivalents - Beginning of year		277			1,435			787
Cash and Cash Equivalents - End of year	$	1,727		$	277		$	1,435