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PARENT COMPANY FINANCIAL INFORMATION (Tables) | 12 Months Ended
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Dec. 31, 2019
PARENT COMPANY FINANCIAL INFORMATION |
Schedule of parent company information of balance sheets | 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
Schedule of parent company information of statements of operations | 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
Schedule of parent company information of statements of cash flows | 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

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