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PARENT COMPANY FINANCIAL INFORMATION | 12 Months Ended
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Dec. 31, 2021
PARENT COMPANY FINANCIAL INFORMATION |
PARENT COMPANY FINANCIAL INFORMATION | 25. 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,
​ |  | 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
​ 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
​ 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
​ 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 $118,693,000 of restricted surplus and retained earnings at December 31, 2021.

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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 205 -SubTopic 10 -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(Schedule I)) -URI http://asc.fasb.org/extlink&oid=120391182&loc=d3e5864-122674 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=123454820&loc=d3e5283-111683 Reference 3: 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(a)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690 + Details
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