Condensed Financial Statements of Parent Company

12 Months Ended

Dec. 31, 2019

Note 18 – Condensed Financial Statements of Parent Company

Balance Sheets
	(In Thousands)
	2019		2018
Assets
Cash	$	2,281	$	1,727
Related party receivables:
Dividends and accounts receivable from subsidiary		4,080		9,808
Accrued interest receivable - municipals		75		67
Securities - municipals		17,196		12,977
Certificate of deposits		1,974		1,974
Investment in subsidiaries		206,553		118,151
Total Assets	$	232,159	$	144,704
Liabilities
Accrued expenses	$	133	$	38
Dividends payable		1,768		1,379
Total Liabilities		1,901		1,417
Stockholders' Equity		230,258		143,287
Total Liabilities and Stockholders' Equity	$	232,159	$	144,704

Statements of Income and Comprehensive Income
	(In Thousands)
	2019			2018			2017
Income
Dividends from subsidiaries	$	13,137		$	8,350		$	6,850
Interest - municipals / certificates of deposit		374			389			313
Gain (loss) on sales of available-for-sale securities		-			(19	)		-
Total income		13,511			8,720			7,163
Operating Expenses		999			1,020			828

Income Before Income Taxes and Equity in Undistributed Earnings of Subsidiaries		12,512			7,700			6,335
Income Taxes (Benefit)		(166	)		(362	)		(422	)
		12,678			8,062			6,757
Equity in undistributed earnings of subsidiaries		5,724			6,887			5,963
Net Income		18,402			14,949			12,720
Other Comprehensive Income (Loss):
Unrealized gains (losses) on securities		4,112			(829	)		146
Comprehensive Income	$	22,514		$	14,120		$	12,866

Statements of Cash Flows
	(In Thousands)
	2019			2018			2017
Cash Flows from Operating Activities
Net income	$	18,402		$	14,949		$	12,720
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed net income (distributions in excess earnings) of subsidiaries		(5,724	)		(6,887	)		(5,963	)
Accretion and amortization of securities		99			190			206
Other assets and liabilities		(1,604	)		(6,991	)		159
Net cash provided by operating activities		11,173			1,261			7,122
Cash Flows from Investing Activities
Activity in available-for-sale securities:
Maturities, prepayments and calls		7,060			5,030			2,815
Sales		500			3,300			-
Purchases		(11,453	)		(2,695	)		(4,482	)
Purchases of certificates of deposit		-			-			(1,974	)
Net cash provided by (used in) investing activities		(3,893	)		5,635			(3,641	)
Cash Flows from Financing Activities
Payment of dividends		(6,345	)		(4,956	)		(4,443	)
Purchase of Treasury stock		(381	)		(490	)		(196	)
Net cash used in financing activities		(6,726	)		(5,446	)		(4,639	)
Net Change in Cash and Cash Equivalents		554			1,450			(1,158	)
Cash and Cash Equivalents - Beginning of year		1,727			277			1,435
Cash and Cash Equivalents - End of year	$	2,281		$	1,727		$	277