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Condensed Financial Information of the Parent Company Only (Tables)

12 Months Ended

Dec. 31, 2020

Condensed Financial Information of the Parent Company Only

Schedule of Condensed Balance Sheets

​

​	​	​	​	​	​	​
​	​	December 31,
(in thousands)		2020			2019
Assets	​	​	​	​	​	​
Cash and due from bank subsidiaries	​	$	2,013		$	2,576
Investment in bank-issued trust preferred securities	​		1,229			1,310
Investment in subsidiaries	​		183,020			167,196
Deferred tax asset	​		1,496			1,928
Other assets	​		1,076			1,329
Total assets	​	$	188,834		$	174,339
​	​	​	​	​	​	​
Liabilities and Stockholders’ Equity	​	​	​	​	​	​
Subordinated notes	​	$	49,486		$	49,486
Other liabilities	​		8,759			9,815
Stockholders’ equity	​		130,589			115,038
Total liabilities and stockholders’ equity	​	$	188,834		$	174,339

Schedule of Condensed Statements of Income

​

​	​	​	​	​	​	​	​	​	​
​	​	For the Years Ended December 31,
​		2020			2019			2018
Income	​	​	​	​	​	​	​	​	​
Interest and dividends received from subsidiaries	​	$	4,946	​	$	8,071		$	5,067
Other	​	​	—	​	​	—	​	​	428
Total income	​		4,946	​		8,071			5,495
Expenses	​	​	​	​	​	​	​	​	​
Interest on subordinated notes	​		1,527	​		2,376			2,229
Other	​		2,692	​		2,461			3,461
Total expenses	​		4,219	​		4,837			5,690
Income before income tax benefit and equity in undistributed income of subsidiaries	​		727	​		3,234			(195)
Income tax benefit	​		876	​		1,001			1,397
Equity in undistributed income of subsidiaries	​		12,690	​		11,879			9,512
Net income	​	$	14,293	​	$	16,114		$	10,714

Schedule of Condensed Statements of Cash Flows

​

​	​	​	​	​	​	​	​	​	​
​	​	For the Years Ended December 31,
(in thousands)		2020			2019			2018
Cash flows from operating activities:	​	​	​	​	​	​	​	​	​
Net income	​	$	14,293	​	$	16,114		$	10,714
Adjustments to reconcile net income to net cash provided by operating activities:	​	​	​	​	​	​	​	​	​
Equity in undistributed income of subsidiaries	​		(12,690)	​		(11,879)			(9,512)
Decrease (Increase) in deferred tax asset	​		432	​		(319)			370
Other, net	​		1,031	​		10			(116)
Net cash provided by operating activities	​	$	3,066	​	$	3,926		$	1,456
Cash flows from investing activities:	​	​	​	​	​	​	​	​	​
Decrease in investment in subsidiaries, net	​	$	307	​	$	—		$	500
Net cash provided by investing activities	​	$	307	​	$	—		$	500
Cash flows from financing activities:	​	​	​	​	​	​	​	​	​
Cash dividends paid - common stock	​	$	(3,030)	​	$	(2,684)		$	(1,993)
Issuance of stock under equity compensation plan	​	​	—	​	​	—	​	​	135
Purchase of treasury stock	​		(906)	​		—			(179)
Net cash used in financing activities	​	$	(3,936)	​	$	(2,684)		$	(2,037)
Net increase (decrease) in cash and due from banks	​		(563)	​		1,242			(81)
Cash and due from banks at beginning of year	​		2,576	​		1,334			1,415
Cash and due from banks at end of year	​	$	2,013	​	$	2,576		$	1,334

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Tabular disclosure of condensed balance sheet, including, but not limited to, balance sheets of consolidated entities and consolidation eliminations.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Regulation S-X (SX)
-Number 210
-Section 3
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Tabular disclosure of condensed cash flow statement, including, but not limited to, cash flow statements of consolidated entities and consolidation eliminations.

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