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Parent Company Condensed Financial Statements (Tables)

12 Months Ended

Dec. 31, 2019

Condensed Financial Information Disclosure [Abstract]

Schedule of Condensed Financial Statements

The following is condensed financial information of the parent company as of December 31, 2019 and 2018 and for the years ended December 31, 2019, 2018 and 2017:

Condensed Balance Sheets

(Dollars in thousands)	As of December 31,
	2019		2018
Assets:
Cash and cash equivalents	$	173	$	100
Investment securities		239		237
Investment in subsidiaries		129,049		112,394
Other		929		942
Total assets	$	130,390	$	113,673
Liabilities and stockholders’ equity:
Subordinated debentures	$	21,651	$	21,651
Other		132		121
Stockholders’ equity		108,607		91,901
Total liabilities and stockholders’ equity	$	130,390	$	113,673

Condensed Statements of Earnings

(Dollars in thousands)	Years ended December 31,
	2019			2018			2017
Dividends from Bank	$	4,500		$	3,200		$	3,700
Interest income		31			29			49
Gain on sale of investment		-			-			493
Other non-interest income		7			7			7
Interest expense		(970	)		(1,078	)		(898	)
Other expense, net		(304	)		(325	)		(470	)
Earnings before equity in undistributed earnings		3,264			1,833			2,881
Increase in undistributed equity of Bank		6,801			7,567			633
Increase in undistributed equity of Nonbank subsidiary		338			740			542
Earnings before income taxes		10,403			10,140			4,056
Income tax benefit		(259	)		(286	)		(313	)
Net earnings		10,662			10,426			4,369
Other comprehensive income (loss)		9,230			(3,579	)		1,010
Total comprehensive income	$	19,892		$	6,847		$	5,379

Condensed Statements of Cash Flows

(Dollars in thousands)	Years ended December 31,
	2019			2018			2017
Cash flows from operating activities:
Net earnings	$	10,662		$	10,426		$	4,369
Increase in undistributed equity of subsidiaries		(7,139	)		(8,307	)		(1,175	)
Amortization of purchase accounting adjustment on subordinated debentures		-			167			200
Gain on sale of investment		-			-			(493	)
Other		23			381			(543	)
Net cash provided by operating activities		3,546			2,667			2,358

Cash flows from investing activities:
Investment in subsidiary		-			-			(250	)
Purchase of investment securities		(1	)		-			-
Proceeds from sales of investments		-			7			967
Net cash (used in) provided by investing activities		(1	)		7			717

Cash flows from financing activities:
Proceeds from exercise of stock options		36			534			228
Proceeds from other borrowings		-			-			100
Repayments on other borrowings		-			-			(100	)
Payment of dividends		(3,508	)		(3,325	)		(3,108	)
Net cash used in financing activities		(3,472	)		(2,791	)		(2,880	)
Net increase (decrease) in cash		73			(117	)		195
Cash at beginning of year		100			217			22
Cash at end of year	$	173		$	100		$	217