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PARENT COMPANY FINANCIAL INFORMATION (Tables)

12 Months Ended

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