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PARENT COMPANY FINANCIAL INFORMATION (Tables) | 12 Months Ended
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Dec. 31, 2023
PARENT COMPANY FINANCIAL INFORMATION |
Schedule of parent company information of balance sheets | BALANCE SHEETS ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | AT DECEMBER 31,
​ |  | 2023 |  | 2022
​ | ​ | (IN THOUSANDS)
ASSETS |  | ​ |  |  | ​ |
Cash | ​ | $ | 100 | ​ | $ | 100
Short-term investments | ​ |  | 3,553 | ​ |  | 3,178
Cash and cash equivalents | ​ | ​ | 3,653 | ​ | ​ | 3,278
Investment securities available for sale | ​ |  | 4,532 | ​ |  | 6,334
Equity investment in banking subsidiary | ​ |  | 115,322 | ​ |  | 117,432
Equity investment in non-banking subsidiaries | ​ |  | 6,084 | ​ |  | 6,533
Other assets | ​ |  | 1,163 | ​ |  | 1,008
TOTAL ASSETS | ​ | $ | 130,754 | ​ | $ | 134,585
LIABILITIES | ​ |  |  | ​ |  |
Subordinated debt | ​ | $ | 26,685 | ​ | $ | 26,644
Other liabilities | ​ |  | 1,792 | ​ |  | 1,763
TOTAL LIABILITIES | ​ |  | 28,477 | ​ |  | 28,407
SHAREHOLDERS’ EQUITY | ​ |  |  | ​ |  |
Total shareholders’ equity | ​ |  | 102,277 | ​ |  | 106,178
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | ​ | $ | 130,754 | ​ | $ | 134,585
Schedule of parent company information of statements of operations | STATEMENTS OF OPERATIONS ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | YEAR ENDED DECEMBER 31,
​ |  | 2023 |  | 2022 |  | 2021
​ | ​ | (IN THOUSANDS)
INCOME |  | ​ |  |  | ​ |  |  | ​ |
Inter-entity management and other fees | ​ | $ | 2,702 | ​ | $ | 2,566 | ​ | $ | 2,520
Dividends from banking subsidiary | ​ |  | 3,000 | ​ |  | 4,000 | ​ |  | 2,000
Dividends from non-banking subsidiary | ​ |  | 1,650 | ​ |  | 1,055 | ​ |  | 1,550
Interest, dividend and other income | ​ |  | 221 | ​ |  | 146 | ​ |  | 115
TOTAL INCOME | ​ |  | 7,573 | ​ |  | 7,767 | ​ |  | 6,185
EXPENSE | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Interest expense | ​ |  | 1,054 | ​ |  | 1,054 | ​ |  | 1,798
Salaries and employee benefits | ​ |  | 2,816 | ​ |  | 2,811 | ​ |  | 2,871
Other expense | ​ |  | 4,362 | ​ |  | 1,948 | ​ |  | 1,783
TOTAL EXPENSE | ​ |  | 8,232 | ​ |  | 5,813 | ​ |  | 6,452
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN UNDISTRIBUTED EARNINGS OF SUBSIDIARIES | ​ |  | (659) | ​ |  | 1,954 | ​ |  | (267)
Benefit for income taxes | ​ |  | (1,115) | ​ |  | (652) | ​ |  | (802)
Equity in undistributed earnings of subsidiaries | ​ |  | (3,802) | ​ |  | 4,842 | ​ |  | 6,537
NET INCOME (LOSS) | ​ | $ | (3,346) | ​ | $ | 7,448 | ​ | $ | 7,072
COMPREHENSIVE INCOME (LOSS) | ​ | $ | (802) | ​ | $ | (8,560) | ​ | $ | 13,758
Schedule of parent company information of statements of cash flows | STATEMENTS OF CASH FLOWS ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | YEAR ENDED DECEMBER 31,
​ |  | 2023 |  | 2022 |  | 2021
​ | ​ | (IN THOUSANDS)
OPERATING ACTIVITIES |  | ​ |  |  | ​ |  |  | ​ |
Net income (loss) | ​ | $ | (3,346) | ​ | $ | 7,448 | ​ | $ | 7,072
Adjustment to reconcile net income (loss) to net cash provided by operating activities: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Equity in undistributed earnings of subsidiaries | ​ |  | 3,802 | ​ |  | (4,842) | ​ |  | (6,537)
Stock compensation expense | ​ |  | 45 | ​ |  | 50 | ​ |  | 43
Other – net | ​ |  | (53) | ​ |  | 189 | ​ |  | 1,204
NET CASH PROVIDED BY OPERATING ACTIVITIES | ​ |  | 448 | ​ |  | 2,845 | ​ |  | 1,782
INVESTING ACTIVITIES | ​ |  |  | ​ |  |  | ​ |  |
Purchase of investment securities – available for sale | ​ |  | — | ​ |  | (3,994) | ​ |  | (1,008)
Proceeds from maturity and sales of investment securities – available for sale | ​ |  | 1,891 | ​ |  | 655 | ​ |  | 991
Capital contribution to banking subsidiary | ​ |  | — | ​ |  | — | ​ |  | (3,500)
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | ​ |  | 1,891 | ​ |  | (3,339) | ​ |  | (3,517)
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 | ​ |  | 94 | ​ |  | 106 | ​ |  | 57
Purchases of treasury stock | ​ |  | — | ​ |  | — | ​ |  | —
Common stock dividends paid | ​ |  | (2,058) | ​ |  | (1,967) | ​ |  | (1,708)
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES | ​ |  | (1,964) | ​ |  | (1,861) | ​ |  | 5,270
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | ​ |  | 375 | ​ |  | (2,355) | ​ |  | 3,535
CASH AND CASH EQUIVALENTS AT JANUARY 1 | ​ |  | 3,278 | ​ |  | 5,633 | ​ |  | 2,098
CASH AND CASH EQUIVALENTS AT DECEMBER 31 | ​ | $ | 3,653 | ​ | $ | 3,278 | ​ | $ | 5,633

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