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Parent Company Only Condensed Financial Information (Tables) | 12 Months Ended
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Dec. 31, 2020
Parent Company Only Condensed Financial Information |
Condensed Balance Sheet | Condensed Balance Sheet December 31,
|  | 2020 |  |  | 2019 |
|  | (In thousands) |
Assets |  |  |  |  |  |
Cash and cash equivalents |  | $ | 126 |  |  | $ | 134 |
Investment in bank subsidiary |  |  | 49,418 |  |  |  | 50,594 |
Other assets |  |  | 2,735 |  |  |  | 2,512 |
Total assets |  | $ | 52,279 |  |  | $ | 53,240 |
Liabilities and stockholders’ equity |  |  |  |  |  |  |  |
Junior subordinated debentures |  | $ | 3,315 |  |  | $ | 4,335 |
Accrued expenses and other liabilities |  |  | 79 |  |  |  | 57 |
Stockholders’ equity |  |  | 48,885 |  |  |  | 48,848 |
Total liabilities and stockholders’ equity |  | $ | 52,279 |  |  | $ | 53,240 |
Condensed Statements of Income | Condensed Statements of Income Years ended December 31,
|  | 2020 |  |  | 2019 |
|  | (In thousands) |
Interest income |  | $ | 23 |  |  | $ | 23 |
Interest expense |  |  | (133 | ) |  |  | (247 | )
Other expense |  |  | (1,033 | ) |  |  | (720 | )
Loss before income tax and undistributed subsidiary income |  |  | (1,143 | ) |  |  | (944 | )
Income tax benefits |  |  | 291 |  |  |  | 279 |
Equity in undistributed subsidiary income |  |  | 210 |  |  |  | 459 |
Net loss |  | $ | (642 | ) |  | $ | (206 | )
Condensed Statements of Cash Flows | Condensed Statements of Cash Flows Years ended December 31,
|  | 2020 |  |  | 2019 |
|  | (In thousands) |
Cash flows from operating activities |  |  |  |  |  |
Net loss |  | $ | (642 | ) |  | $ | (206 | )
Adjustments to reconcile net loss to net cash used in operating activities: |  |  |  |  |  |  |  |
Equity in undistributed subsidiary income |  |  | (210 | ) |  |  | (459 | )
Change in other assets |  |  | (223 | ) |  |  | (287 | )
Change in accrued expenses and other liabilities |  |  | 21 |  |  |  | (9 | )
Net cash used in operating activities |  |  | (1,054 | ) |  |  | (961 | )
Cash flows from investing activities |  |  |  |  |  |  |  |
Dividends from bank subsidiary |  |  | 2,000 |  |  |  | 1,650 |
Net cash provided by investing activities |  |  | 2,000 |  |  |  | 1,650 |
Cash flows from financing activities |  |  |  |  |  |  |  |
Common stock repurchased for tax withholdings |  |  | - |  |  |  | (14 | )
Repayments of borrowings |  |  | (1,020 | ) |  |  | (765 | )
Proceeds from repayment of ESOP loan |  |  | 66 |  |  |  | 68 |
Net cash used in financing activities |  |  | (954 | ) |  |  | (711 | )
Net change in cash and cash equivalents |  |  | (8 | ) |  |  | (22 | )
Beginning cash and cash equivalents |  |  | 134 |  |  |  | 156 |
Ending cash and cash equivalents |  | $ | 126 |  |  | $ | 134 |

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