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Condensed Financial Information of the Parent Company Only (Tables) | 12 Months Ended
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Dec. 31, 2019
Condensed Financial Information of the Parent Company Only |
Schedule of Condensed Balance Sheets |
|  | December 31,
(in thousands) |  | 2019 |  | 2018
Assets |  |  |  |  |  |
Cash and due from bank subsidiaries |  | $ | 2,576 |  | $ | 1,334
Investment in bank-issued trust preferred securities |  |  | 1,310 |  |  | 1,374
Investment in subsidiaries |  |  | 167,196 |  |  | 152,735
Deferred tax asset |  |  | 1,928 |  |  | 1,307
Other assets |  |  | 1,329 |  |  | 403
Total assets |  | $ | 174,339 |  | $ | 157,153
Liabilities and Stockholders’ Equity |  |  |  |  |  |
Subordinated notes |  | $ | 49,486 |  | $ | 49,486
Other liabilities |  |  | 9,815 |  |  | 8,253
Stockholders’ equity |  |  | 115,038 |  |  | 99,414
Total liabilities and stockholders’ equity |  | $ | 174,339 |  | $ | 157,153
Schedule of Condensed Statements of Income |
|  | For the Years Ended December 31,
|  | 2019 |  | 2018 |  | 2017
Income |  |  |  |  |  |  |  |  |
Interest and dividends received from subsidiaries |  | $ | 8,071 |  | $ | 5,067 |  | $ | 2,653
Other |  |  | — |  |  | 428 |  |  | —
Total income |  |  | 8,071 |  |  | 5,495 |  |  | 2,653
Expenses |  |  |  |  |  |  |  |  |
Interest on subordinated notes |  |  | 2,376 |  |  | 2,229 |  |  | 1,751
Other |  |  | 2,461 |  |  | 3,461 |  |  | 2,358
Total expenses |  |  | 4,837 |  |  | 5,690 |  |  | 4,109
Income before income tax benefit and equity in undistributed income of subsidiaries |  |  | 3,234 |  |  | (195) |  |  | (1,456)
Income tax benefit |  |  | 1,001 |  |  | 1,397 |  |  | 191
Equity in undistributed income of subsidiaries |  |  | 11,879 |  |  | 9,512 |  |  | 4,679
Net income |  | $ | 16,114 |  | $ | 10,714 |  | $ | 3,414
Schedule of Condensed Statements of Cash Flows |
|  | For the Years Ended December 31,
(in thousands) |  | 2019 |  | 2018 |  | 2017
Cash flows from operating activities: |  |  |  |  |  |  |  |  |
Net income |  | $ | 16,114 |  | $ | 10,714 |  | $ | 3,414
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |  |  |  |
Equity in undistributed income of subsidiaries |  |  | (11,879) |  |  | (9,512) |  |  | (4,679)
Stock based compensation expense |  |  | — |  |  | — |  |  | 3
(Increase) decrease in deferred tax asset |  |  | (319) |  |  | 370 |  |  | 881
Other, net |  |  | 10 |  |  | (116) |  |  | 453
Net cash provided by operating activities |  | $ | 3,926 |  | $ | 1,456 |  | $ | 72
Cash flows from investing activities: |  |  |  |  |  |  |  |  |
Decrease (increase) in investment in subsidiaries, net |  | $ | — |  | $ | 500 |  | $ | (250)
Net cash provided by (used in) investing activities |  | $ | — |  | $ | 500 |  | $ | (250)
Cash flows from financing activities: |  |  |  |  |  |  |  |  |
Cash dividends paid - common stock |  | $ | (2,684) |  | $ | (1,993) |  | $ | (1,474)
Issuance of stock under equity compensation plan |  |  | — |  |  | 135 |  |  | —
Purchase of treasury stock |  |  | — |  |  | (179) |  |  | (878)
Net cash used in financing activities |  | $ | (2,684) |  | $ | (2,037) |  | $ | (2,352)
Net increase (decrease) in cash and due from banks |  |  | 1,242 |  |  | (81) |  |  | (2,530)
Cash and due from banks at beginning of year |  |  | 1,334 |  |  | 1,415 |  |  | 3,945
Cash and due from banks at end of year |  | $ | 2,576 |  | $ | 1,334 |  | $ | 1,415

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