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Parent Company Only Financial Information | 12 Months Ended
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Dec. 31, 2020
Parent Company Only Financial Information |
Parent Company Only Financial Information | 29. Parent Company Only Financial Information Condensed Statement of Financial Condition
|  | December 31,
(In thousands) |  | 2020 |  | 2019
Assets |  |  |  |  |  |
Cash |  | $ | 186 |  | $ | 234
Investment securities- Available for Sale (at fair value) |  |  | 12,198 |  |  | 13,164
Investment in bank subsidiary |  |  | 150,895 |  |  | 142,290
Investment in non-bank subsidiaries |  |  | 929 |  |  | 929
Other assets |  |  | 7,082 |  |  | 5,427
Total Assets |  | $ | 171,290 |  | $ | 162,044
Liabilities and Shareholders' Equity |  |  |  |  |  |
Accrued interest and other liabilities |  | $ | 8,405 |  | $ | 4,250
Dividends payable |  |  | 910 |  |  | 925
Junior subordinated debt |  |  | 30,929 |  |  | 30,929
Shareholders' equity |  |  | 131,046 |  |  | 125,940
Total Liabilities and Shareholders' Equity |  | $ | 171,290 |  | $ | 162,044
Condensed Statement of Income
|  | Year Ended
|  | December 31,
(In thousands) |  | 2020 |  | 2019
Income: |  |  |  |  |  |
Dividend income from bank subsidiary |  | $ | 7,328 |  | $ | 3,141
Interest income on investments |  |  | 603 |  |  | 948
Other income |  |  | 61 |  |  | 99
Total other income |  |  | 664 |  |  | 1,047
Total Income |  |  | 7,992 |  |  | 4,188
Expenses: |  |  |  |  |  |
Interest expense |  |  | 1,354 |  |  | 1,418
Other expenses |  |  | 3,607 |  |  | 276
Total Expenses |  |  | 4,961 |  |  | 1,694
Income before income taxes and equity in undistributed net income of subsidiaries |  |  | 3,031 |  |  | 2,494
Applicable income tax benefit |  |  | 982 |  |  | 130
Net income before equity in undistributed net income of subsidiaries |  |  | 4,013 |  |  | 2,624
Equity in undistributed net income of subsidiaries: |  |  |  |  |  |
Bank |  |  | 9,828 |  |  | 10,505
Net Income |  | $ | 13,841 |  | $ | 13,129
Condensed Statement of Comprehensive Income
|  | Year Ended
|  | December 31,
Components of Comprehensive Income (in thousands) |  | 2020 |  | 2019
Net Income |  | $ | 13,841 |  | $ | 13,129
Unrealized losses on AFS Securities, net of tax |  |  | (3,330) |  |  | (685)
Unrealized losses on cash flow hedges, net of tax |  |  | (869) |  |  | (858)
Other comprehensive loss, net of tax |  |  | (4,199) |  |  | (1,543)
Comprehensive income |  | $ | 9,642 |  | $ | 11,586
Condensed Statement of Cash Flows
|  | Year Ended
|  | December 31,
(In thousands) |  | 2020 |  | 2019
Operating Activities |  |  |  |  |  |
Net Income |  | $ | 13,841 |  | $ | 13,129
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |
Equity in undistributed net income of subsidiaries |  |  | (9,828) |  |  | (10,505)
Increase in other assets |  |  | (1,490) |  |  | (478)
Increase in accrued interest payable and other liabilities |  |  | 3,286 |  |  | 539
Stock compensation |  |  | 345 |  |  | 268
Net cash provided by operating activities |  |  | 6,154 |  |  | 2,953
Financing Activities |  |  |  |  |  |
Proceeds from issuance of common stock |  |  | 198 |  |  | 170
Repurchase of common stock |  |  | (2,754) |  |  | —
Cash dividends on common stock |  |  | (3,646) |  |  | (3,125)
Net cash used in financing activities |  |  | (6,202) |  |  | (2,955)
Decrease in cash and cash equivalents |  |  | (48) |  |  | (2)
Cash and cash equivalents at beginning of year |  |  | 234 |  |  | 236
Cash and cash equivalents at end of year |  | $ | 186 |  | $ | 234
Accumulated Other Comprehensive Income
Components of Other Comprehensive Loss (in thousands) |  | Before Tax ‎Amount |  | Tax (Expense) ‎Benefit |  | Net
For the year ended December 31, 2020 |  |  |  |  |  |  |  |  |
Available for Sale Securities: |  |  |  |  |  |  |  |  |
Unrealized holding losses |  | $ | (4,548) |  | $ | 1,218 |  | $ | (3,330)
Cash flow hedges: |  |  |  |  |  |  |  |  |
Unrealized holding losses |  |  | (1,187) |  |  | 318 |  |  | (869)
Other comprehensive loss |  | $ | (5,735) |  | $ | 1,536 |  | $ | (4,199)
For the year ended December 31, 2019 |  |  |  |  |  |  |  |  |
Available for Sale Securities: |  |  |  |  |  |  |  |  |
Unrealized holding losses |  | $ | (936) |  | $ | 251 |  | $ | (685)
Cash flow hedges: |  |  |  |  |  |  |  |  |
Unrealized holding losses |  |  | (1,172) |  |  | 314 |  |  | (858)
Other comprehensive loss |  | $ | (2,108) |  | $ | 565 |  | $ | (1,543)
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- 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. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 10 -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(Schedule I)) -URI http://asc.fasb.org/extlink&oid=120391182&loc=d3e5864-122674 Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=108774443&loc=d3e5283-111683 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690 + Details
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