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PARENT COMPANY FINANCIAL INFORMATION (Tables) | 12 Months Ended
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Dec. 31, 2022
PARENT COMPANY FINANCIAL INFORMATION |
Schedule of parent company information of balance sheets | BALANCE SHEETS ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | AT DECEMBER 31,
​ |  | 2022 |  | 2021
​ | ​ | (IN THOUSANDS)
ASSETS |  | ​ |  |  | ​ |
Cash | ​ | $ | 100 | ​ | $ | 100
Short-term investments | ​ |  | 3,178 | ​ |  | 5,533
Cash and cash equivalents | ​ | ​ | 3,278 | ​ | ​ | 5,633
Investment securities available for sale | ​ |  | 6,334 | ​ |  | 3,692
Equity investment in banking subsidiary | ​ |  | 117,432 | ​ |  | 127,874
Equity investment in non-banking subsidiaries | ​ |  | 6,533 | ​ |  | 6,707
Other assets | ​ |  | 1,008 | ​ |  | 866
TOTAL ASSETS | ​ | $ | 134,585 | ​ | $ | 144,772
LIABILITIES | ​ |  |  | ​ |  |
Subordinated debt | ​ | $ | 26,644 | ​ | $ | 26,603
Other liabilities | ​ |  | 1,763 | ​ |  | 1,620
TOTAL LIABILITIES | ​ |  | 28,407 | ​ |  | 28,223
STOCKHOLDERS’ EQUITY | ​ |  |  | ​ |  |
Total stockholders’ equity | ​ |  | 106,178 | ​ |  | 116,549
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | ​ | $ | 134,585 | ​ | $ | 144,772
​
Schedule of parent company information of statements of operations | STATEMENTS OF OPERATIONS ​
​ ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | YEAR ENDED DECEMBER 31,
​ |  | 2022 |  | 2021 |  | 2020
​ | ​ | (IN THOUSANDS)
INCOME |  | ​ |  |  | ​ |  |  | ​ |
Inter-entity management and other fees | ​ | $ | 2,566 | ​ | $ | 2,520 | ​ | $ | 2,708
Dividends from banking subsidiary | ​ |  | 4,000 | ​ |  | 2,000 | ​ |  | 2,000
Dividends from non-banking subsidiaries | ​ |  | 1,055 | ​ |  | 1,550 | ​ |  | 1,944
Interest, dividend and other income | ​ |  | 146 | ​ |  | 115 | ​ |  | 106
TOTAL INCOME | ​ |  | 7,767 | ​ |  | 6,185 | ​ |  | 6,758
EXPENSE | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Interest expense | ​ |  | 1,054 | ​ |  | 1,798 | ​ |  | 1,642
Salaries and employee benefits | ​ |  | 2,811 | ​ |  | 2,871 | ​ |  | 2,667
Other expense | ​ |  | 1,948 | ​ |  | 1,783 | ​ |  | 1,749
TOTAL EXPENSE | ​ |  | 5,813 | ​ |  | 6,452 | ​ |  | 6,058
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN UNDISTRIBUTED EARNINGS OF SUBSIDIARIES | ​ |  | 1,954 | ​ |  | (267) | ​ |  | 700
Benefit for income taxes | ​ |  | (652) | ​ |  | (802) | ​ |  | (681)
Equity in undistributed earnings of subsidiaries | ​ |  | 4,842 | ​ |  | 6,537 | ​ |  | 3,217
NET INCOME | ​ | $ | 7,448 | ​ | $ | 7,072 | ​ | $ | 4,598
COMPREHENSIVE (LOSS) INCOME | ​ | $ | (8,560) | ​ | $ | 13,758 | ​ | $ | 7,571
​
Schedule of parent company information of statements of cash flows | STATEMENTS OF CASH FLOWS ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | YEAR ENDED DECEMBER 31,
​ |  | 2022 |  | 2021 |  | 2020
​ | ​ | (IN THOUSANDS)
OPERATING ACTIVITIES |  | ​ |  |  | ​ |  |  | ​ |
Net income | ​ | $ | 7,448 | ​ | $ | 7,072 | ​ | $ | 4,598
Adjustment to reconcile net income to net cash provided by operating activities: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Equity in undistributed earnings of subsidiaries | ​ |  | (4,842) | ​ |  | (6,537) | ​ |  | (3,217)
Stock compensation expense | ​ |  | 50 | ​ |  | 43 | ​ |  | 3
Other – net | ​ |  | 189 | ​ |  | 1,204 | ​ |  | (133)
NET CASH PROVIDED BY OPERATING ACTIVITIES | ​ |  | 2,845 | ​ |  | 1,782 | ​ |  | 1,251
INVESTING ACTIVITIES | ​ |  |  | ​ |  |  | ​ |  |
Purchase of investment securities – available for sale | ​ |  | (3,994) | ​ |  | (1,008) | ​ |  | (1,254)
Proceeds from maturity and sales of investment securities – available for sale | ​ |  | 655 | ​ |  | 991 | ​ |  | 1,246
Capital contribution to banking subsidiary | ​ |  | — | ​ |  | (3,500) | ​ |  | —
NET CASH USED IN INVESTING ACTIVITIES | ​ |  | (3,339) | ​ |  | (3,517) | ​ |  | (8)
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 | ​ |  | 106 | ​ |  | 57 | ​ |  | 78
Purchases of treasury stock | ​ |  | — | ​ |  | — | ​ |  | (151)
Common stock dividends paid | ​ |  | (1,967) | ​ |  | (1,708) | ​ |  | (1,716)
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES | ​ |  | (1,861) | ​ |  | 5,270 | ​ |  | (1,789)
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | ​ |  | (2,355) | ​ |  | 3,535 | ​ |  | (546)
CASH AND CASH EQUIVALENTS AT JANUARY 1 | ​ |  | 5,633 | ​ |  | 2,098 | ​ |  | 2,644
CASH AND CASH EQUIVALENTS AT DECEMBER 31 | ​ | $ | 3,278 | ​ | $ | 5,633 | ​ | $ | 2,098
​

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