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PARENT COMPANY FINANCIAL INFORMATION (Tables)

12 Months Ended

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