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PARENT COMPANY FINANCIAL INFORMATION (Tables)

12 Months Ended

Dec. 31, 2021

PARENT COMPANY FINANCIAL INFORMATION

Schedule of parent company information of balance sheets

BALANCE SHEETS

​

​	​	​	​	​	​	​
​	​	AT DECEMBER 31,
​		2021			2020
​	​	(IN THOUSANDS)
ASSETS		​			​
Cash	​	$	100	​	$	100
Short-term investments	​		5,533	​		1,998
Cash and cash equivalents	​	​	5,633	​	​	2,098
Investment securities available for sale	​		3,692	​		3,789
Equity investment in banking subsidiary	​		127,874	​		111,513
Equity investment in non-banking subsidiaries	​		6,707	​		7,327
Other assets	​		866	​		1,289
TOTAL ASSETS	​	$	144,772	​	$	126,016
LIABILITIES	​			​
Guaranteed junior subordinated deferrable interest debentures	​	$	—	​	$	12,970
Subordinated debt	​		26,603	​		7,534
Other liabilities	​		1,620	​		1,113
TOTAL LIABILITIES	​		28,223	​		21,617
STOCKHOLDERS’ EQUITY	​			​
Total stockholders’ equity	​		116,549	​		104,399
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	​	$	144,772	​	$	126,016

Schedule of parent company information of statements of operations

STATEMENTS OF OPERATIONS

​

​	​	​	​	​	​	​	​	​	​
​	​	YEAR ENDED DECEMBER 31,
​		2021			2020			2019
​	​	(IN THOUSANDS)
INCOME		​			​			​
Inter-entity management and other fees	​	$	2,520	​	$	2,708	​	$	2,556
Dividends from banking subsidiary	​		2,000	​		2,000	​		3,800
Dividends from non-banking subsidiaries	​		1,550	​		1,944	​		1,105
Interest, dividend and other income	​		115	​		106	​		186
TOTAL INCOME	​		6,185	​		6,758	​		7,647
EXPENSE	​		​	​		​	​		​
Interest expense	​		1,798	​		1,642	​		1,642
Salaries and employee benefits	​		2,871	​		2,667	​		2,614
Other expense	​		1,783	​		1,749	​		1,707
TOTAL EXPENSE	​		6,452	​		6,058	​		5,963
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN UNDISTRIBUTED EARNINGS OF SUBSIDIARIES	​		(267)	​		700	​		1,684
Benefit for income taxes	​		(802)	​		(681)	​		(676)
Equity in undistributed earnings of subsidiaries	​		6,537	​		3,217	​		3,668
NET INCOME	​	$	7,072	​	$	4,598	​	$	6,028
COMPREHENSIVE INCOME	​	$	13,758	​	$	7,571	​	$	4,082

Schedule of parent company information of statements of cash flows

STATEMENTS OF CASH FLOWS

​

​	​	​	​	​	​	​	​	​	​
​	​	YEAR ENDED DECEMBER 31,
​		2021			2020			2019
​	​	(IN THOUSANDS)
OPERATING ACTIVITIES		​			​			​
Net income	​	$	7,072	​	$	4,598	​	$	6,028
Adjustment to reconcile net income to net cash provided by operating activities:	​		​	​		​	​		​
Equity in undistributed earnings of subsidiaries	​		(6,537)	​		(3,217)	​		(3,668)
Stock compensation expense	​		43	​		3	​		7
Other – net	​		1,204	​		(133)	​		(526)
NET CASH PROVIDED BY OPERATING ACTIVITIES	​		1,782	​		1,251	​		1,841
INVESTING ACTIVITIES	​			​			​
Purchase of investment securities – available for sale	​		(1,008)	​		(1,254)	​		—
Proceeds from maturity and sales of investment securities – available for sale	​		991	​		1,246	​		1,085
Capital contribution to banking subsidiary	​		(3,500)	​		—	​		—
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES	​		(3,517)	​		(8)	​		1,085
FINANCING ACTIVITIES	​			​			​
Redemption of guaranteed junior subordinated deferrable interest debentures	​		(12,018)	​		—	​		—
Subordinated debt issuance, net	​		26,589	​		—	​		—
Redemption of subordinated debt	​		(7,650)	​		—	​		—
Stock options exercised	​		57	​		78	​		99
Purchases of treasury stock	​		—	​		(151)	​		(2,550)
Common stock dividends paid	​		(1,708)	​		(1,716)	​		(1,642)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES	​		5,270	​		(1,789)	​		(4,093)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	​		3,535	​		(546)	​		(1,167)
CASH AND CASH EQUIVALENTS AT JANUARY 1	​		2,098	​		2,644	​		3,811
CASH AND CASH EQUIVALENTS AT DECEMBER 31	​	$	5,633	​	$	2,098	​	$	2,644

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