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PARENT COMPANY FINANCIAL INFORMATION | 12 Months Ended
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Dec. 31, 2019
PARENT COMPANY FINANCIAL INFORMATION |
PARENT COMPANY FINANCIAL INFORMATION | 26. PARENT COMPANY FINANCIAL INFORMATION The parent company functions primarily as a coordinating and servicing unit for all subsidiary entities. Provided services include general management, accounting and taxes, loan review, internal auditing, investment advisory, marketing, insurance, risk management, general corporate services, and financial and strategic planning. The following financial information relates only to the parent company operations: BALANCE SHEETS
|  | AT DECEMBER 31,
|  | 2019 |  | 2018
|  | (IN THOUSANDS)
ASSETS |  |  |  |  |  |
Cash |  | $ | 100 |  | $ | 100
Short-term investments in money market funds |  |  | 2,544 |  |  | 3,711
Cash and cash equivalents |  |  | 2,644 |  |  | 3,811
Investment securities available for sale |  |  | 3,758 |  |  | 4,747
Equity investment in banking subsidiary |  |  | 104,843 |  |  | 103,647
Equity investment in non-banking subsidiaries |  |  | 7,830 |  |  | 6,745
Other assets |  |  | 978 |  |  | 208
TOTAL ASSETS |  | $ | 120,053 |  | $ | 119,158
LIABILITIES |  |  |  |  |  |
Guaranteed junior subordinated deferrable interest debentures |  | $ | 12,955 |  | $ | 12,939
Subordinated debt |  |  | 7,511 |  |  | 7,488
Other liabilities |  |  | 973 |  |  | 754
TOTAL LIABILITIES |  |  | 21,439 |  |  | 21,181
STOCKHOLDERS’ EQUITY |  |  |  |  |  |
Total stockholders’ equity |  |  | 98,614 |  |  | 97,977
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |  | $ | 120,053 |  | $ | 119,158
STATEMENTS OF OPERATIONS
|  | YEAR ENDED DECEMBER 31,
|  | 2019 |  | 2018 |  | 2017
|  | (IN THOUSANDS)
INCOME |  |  |  |  |  |  |  |  |
Inter-entity management and other fees |  | $ | 2,556 |  | $ | 2,430 |  | $ | 2,315
Dividends from banking subsidiary |  |  | 3,800 |  |  | 3,500 |  |  | 2,850
Dividends from non-banking subsidiaries |  |  | 1,105 |  |  | 1,190 |  |  | 840
Interest, dividend and other income |  |  | 186 |  |  | 119 |  |  | 163
TOTAL INCOME |  |  | 7,647 |  |  | 7,239 |  |  | 6,168
EXPENSE |  |  |  |  |  |  |  |  |
Interest expense |  |  | 1,642 |  |  | 1,642 |  |  | 1,642
Salaries and employee benefits |  |  | 2,614 |  |  | 2,610 |  |  | 2,416
Other expense |  |  | 1,707 |  |  | 1,733 |  |  | 1,618
TOTAL EXPENSE |  |  | 5,963 |  |  | 5,985 |  |  | 5,676
INCOME BEFORE INCOME TAXES AND EQUITY IN UNDISTRIBUTED EARNINGS OF SUBSIDIARIES |  |  | 1,684 |  |  | 1,254 |  |  | 492
Benefit for income taxes |  |  | (676) |  |  | (722) |  |  | (1,114)
Equity in undistributed earnings of subsidiaries |  |  | 3,668 |  |  | 5,792 |  |  | 1,687
NET INCOME |  | $ | 6,028 |  | $ | 7,768 |  | $ | 3,293
COMPREHENSIVE INCOME |  | $ | 4,082 |  | $ | 6,493 |  | $ | 4,051
STATEMENTS OF CASH FLOWS
|  | YEAR ENDED DECEMBER 31,
|  | 2019 |  | 2018 |  | 2017
|  | (IN THOUSANDS)
OPERATING ACTIVITIES |  |  |  |  |  |  |  |  |
Net income |  | $ | 6,028 |  | $ | 7,768 |  | $ | 3,293
Adjustment to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |  |  |  |
Equity in undistributed earnings of subsidiaries |  |  | (3,668) |  |  | (5,792) |  |  | (1,687)
Stock compensation expense |  |  | 7 |  |  | 14 |  |  | 13
Other – net |  |  | (427) |  |  | 433 |  |  | 1,325
NET CASH PROVIDED BY OPERATING ACTIVITIES |  |  | 1,940 |  |  | 2,423 |  |  | 2,944
INVESTING ACTIVITIES |  |  |  |  |  |  |  |  |
Purchase of investment securities – available for sale |  |  | — |  |  | (1,002) |  |  | (1,002)
Proceeds from maturity and sales of investment securities – available for sale |  |  | 1,085 |  |  | 1,462 |  |  | 1,699
NET CASH PROVIDED BY INVESTING ACTIVITIES |  |  | 1,085 |  |  | 460 |  |  | 697
FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |
Purchases of treasury stock |  |  | (2,550) |  |  | (2,346) |  |  | (3,404)
Common stock dividends paid |  |  | (1,642) |  |  | (1,347) |  |  | (1,113)
NET CASH USED IN FINANCING ACTIVITIES |  |  | (4,192) |  |  | (3,693) |  |  | (4,517)
NET DECREASE IN CASH AND CASH EQUIVALENTS |  |  | (1,167) |  |  | (810) |  |  | (876)
CASH AND CASH EQUIVALENTS AT JANUARY 1 |  |  | 3,811 |  |  | 4,621 |  |  | 5,497
CASH AND CASH EQUIVALENTS AT DECEMBER 31 |  | $ | 2,644 |  | $ | 3,811 |  | $ | 4,621
The ability of the subsidiary Bank to upstream cash to the parent company is restricted by regulations. Federal law prevents the parent company from borrowing from its subsidiary Bank unless the loans are secured by specified assets. Further, such secured loans are limited in amount to ten percent of the subsidiary Bank’s capital and surplus. In addition, the Bank is subject to legal limitations on the amount of dividends that can be paid to its shareholder. The dividend limitation generally restricts dividend payments to a bank’s retained net income for the current and preceding two calendar years. Cash may also be upstreamed to the parent company by the subsidiaries as an inter-entity management fee. The subsidiary Bank had a combined $108,228,000 of restricted surplus and retained earnings at December 31, 2019.

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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 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e24072-122690 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 + Details
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