XML 49 R32.htm IDEA: XBRL DOCUMENT
v3.24.1

PARENT COMPANY FINANCIAL INFORMATION | 12 Months Ended
--- | ---
Dec. 31, 2023
PARENT COMPANY FINANCIAL INFORMATION |
PARENT COMPANY FINANCIAL INFORMATION | 24. 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 audit, 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,
​ |  | 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
​ 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
​ 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
​ 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. The subsidiary Bank had a combined $124,585,000 of restricted surplus and retained earnings at December 31, 2023. Cash may also be upstreamed to the parent company by the subsidiaries as an inter-entity management fee.

X
- References No definition available. + Details
Name: | srt_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract
Namespace Prefix: | srt_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 205 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(Schedule I)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480922/205-10-S99-6 Reference 3: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-11 + Details
Name: | us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration