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PARENT COMPANY FINANCIAL INFORMATION (Tables)

12 Months Ended

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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Tabular disclosure of condensed balance sheet, including, but not limited to, balance sheets of consolidated entities and consolidation eliminations.

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-Name Regulation S-X (SX)
-Number 210
-Section 12
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+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-X (SX)
-Number 210
-Section 12
-Subsection 04
-Paragraph (a)
-Publisher SEC

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
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+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-X (SX)
-Number 210
-Section 12
-Subsection 04
-Paragraph (a)
-Publisher SEC

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
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