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PARENT COMPANY FINANCIAL INFORMATION (Tables) | 12 Months Ended
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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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