Parent Company Only Financial Information (Tables)

12 Months Ended

Dec. 31, 2018




		December 31,
(In thousands)		2018		2017
Assets
Cash	$	236	$	29
Investment securities- Available for Sale (at fair value)		13,992		12,770
Investment in bank subsidiary		131,816		122,505
Investment in non-bank subsidiaries		929		929
Other assets		4,801		7,709
Total Assets	$	151,774	$	143,942

Liabilities and Shareholders' Equity
Accrued interest and other liabilities	$	3,141	$	4,623
Dividends payable		638		0
Junior subordinated debt		30,929		30,929
Shareholders' equity		117,066		108,390
Total Liabilities and Shareholders' Equity	$	151,774	$	143,942



		Year Ended
		December 31,
(In thousands)		2018		2017
Income:
Dividend income from bank subsidiary	$	1,988	$	22,250
Interest income on investments		895		625
Other income		70		73
Total other income		965		698
Total Income		2,953		22,948

Expenses:
Interest expense		1,387		1,621
Other expenses		263		219
Total Expenses		1,650		1,840

Income before income taxes and equity in undistributed
net income/(loss) of subsidiaries		1,303		21,108
Applicable income tax (expense)/benefit		(828)		486
Net income before equity in undistributed net income/(loss) of subsidiaries		475		21,594

Equity in undistributed net income/(loss) of subsidiaries:
Bank		10,192		(16,325)
Net Income	$	10,667	$	5,269


	Year Ended
	December 31,
Components of Comprehensive Income (in thousands)	2018		2017
Net Income	$	10,667	$	5,269

Unrealized gains on AFS Securities, net of tax		877		457
Unrealized gains on cash flow hedges, net of tax		191		59

Other comprehensive income, net of tax		1,068		516

Comprehensive income	$	11,735	$	5,785

Condensed Statement of Cash Flows



		Year Ended
		December 31,
(In thousands)		2018		2017
Operating Activities
Net Income	$	10,667	$	5,269
Adjustments to reconcile net income to net cash provided
by operating activities:
Equity in undistributed net (income)/loss of subsidiaries		(10,192)		16,325
Decrease/(increase) in other assets		2,566		(581)
(Increase)/decrease in accrued interest payable and other liabilities		(653)		552
Tax Cuts and Jobs Act- reclassification items		0		380
Stock Compensation		249		192
Net cash provided by operating activities		2,637		22,137

Investing Activities
Net investment in subsidiaries		0		(150)
Net cash provided by/(used in) investing activities		0		(150)

Financing Activities
Repayment of Long-term debt		0		(10,475)
Proceeds from issuance of common stock		119		9,191
Preferred Stock Redemption		0		(20,000)
Cash dividends on common stock		(2,549)		0
Preferred stock dividends paid		0		(1,215)
Net cash used in financing activities		(2,430)		(22,499)
Increase/(decrease) in cash and cash equivalents		207		(512)
Cash and cash equivalents at beginning of year		29		541
Cash and cash equivalents at end of year	$	236	$	29

Accumulated Other Comprehensive Income


Components of Other Comprehensive Income (in thousands)	Before Tax Amount		Tax (Expense) Benefit		Net
For the year ended December 31, 2018
Available for Sale Securities:
Unrealized holding gains	$	1,203	$	(326)	$	877
Cash flow hedges:
Unrealized holding gains		262		(71)		191

Other comprehensive income	$	1,465	$	(397)	$	1,068

For the year ended December 31, 2017
Available for Sale Securities:
Unrealized holding gains	$	594	$	(137)	$	457
Cash flow hedges:
Unrealized holding gains		81		(22)		59

Other comprehensive income	$	675	$	(159)	$	516