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PARENT COMPANY FINANCIAL INFORMATION (Tables) | 12 Months Ended
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Dec. 31, 2024
PARENT COMPANY FINANCIAL INFORMATION |
Schedule of parent company information of balance sheets | BALANCE SHEETS ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | AT DECEMBER 31,
​ |  | 2024 |  | 2023
​ | ​ | (IN THOUSANDS)
ASSETS |  | ​ |  |  | ​ |
Cash | ​ | $ | 10 | ​ | $ | 100
Short-term investments | ​ |  | 2,673 | ​ |  | 3,553
Cash and cash equivalents | ​ | ​ | 2,683 | ​ | ​ | 3,653
Investment securities available for sale | ​ |  | 4,153 | ​ |  | 4,532
Equity investment in banking subsidiary | ​ |  | 127,905 | ​ |  | 115,322
Equity investment in non-banking subsidiary | ​ |  | — | ​ |  | 6,084
Other assets | ​ |  | 745 | ​ |  | 1,163
TOTAL ASSETS | ​ | $ | 135,486 | ​ | $ | 130,754
LIABILITIES | ​ |  |  | ​ |  |
Subordinated debt | ​ | $ | 26,726 | ​ | $ | 26,685
Other liabilities | ​ |  | 1,512 | ​ |  | 1,792
TOTAL LIABILITIES | ​ |  | 28,238 | ​ |  | 28,477
SHAREHOLDERS’ EQUITY | ​ |  |  | ​ |  |
Total shareholders’ equity | ​ |  | 107,248 | ​ |  | 102,277
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | ​ | $ | 135,486 | ​ | $ | 130,754
Schedule of parent company information of statements of operations | STATEMENTS OF OPERATIONS ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | YEAR ENDED DECEMBER 31,
​ |  | 2024 |  | 2023
​ | ​ | (IN THOUSANDS)
INCOME |  | ​ |  |  | ​ |
Inter-entity management and other fees | ​ | $ | 2,745 | ​ | $ | 2,702
Dividends from banking subsidiary | ​ |  | 5,500 | ​ |  | 3,000
Dividends from non-banking subsidiary | ​ |  | — | ​ |  | 1,650
Interest, dividend and other income | ​ |  | 227 | ​ |  | 221
TOTAL INCOME | ​ |  | 8,472 | ​ |  | 7,573
EXPENSE | ​ |  | ​ | ​ |  | ​
Interest expense | ​ |  | 1,054 | ​ |  | 1,054
Salaries and employee benefits | ​ |  | 2,831 | ​ |  | 2,816
Other expense | ​ |  | 3,492 | ​ |  | 4,362
TOTAL EXPENSE | ​ |  | 7,377 | ​ |  | 8,232
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN UNDISTRIBUTED EARNINGS OF SUBSIDIARIES | ​ |  | 1,095 | ​ |  | (659)
Benefit for income taxes | ​ |  | (925) | ​ |  | (1,115)
Equity in undistributed earnings of subsidiaries | ​ |  | 1,581 | ​ |  | (3,802)
NET INCOME (LOSS) | ​ | $ | 3,601 | ​ | $ | (3,346)
COMPREHENSIVE INCOME (LOSS) | ​ | $ | 8,494 | ​ | $ | (802)
Schedule of parent company information of statements of cash flows | STATEMENTS OF CASH FLOWS ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | YEAR ENDED DECEMBER 31,
​ |  | 2024 |  | 2023
​ | ​ | (IN THOUSANDS)
OPERATING ACTIVITIES |  | ​ |  |  | ​ |
Net income (loss) | ​ | $ | 3,601 | ​ | $ | (3,346)
Adjustment to reconcile net income (loss) to net cash provided by operating activities: | ​ |  | ​ | ​ |  | ​
Equity in undistributed earnings of subsidiaries | ​ |  | (1,581) | ​ |  | 3,802
Stock compensation expense | ​ |  | 8 | ​ |  | 45
Other – net | ​ |  | 196 | ​ |  | (53)
NET CASH PROVIDED BY OPERATING ACTIVITIES | ​ |  | 2,224 | ​ |  | 448
INVESTING ACTIVITIES | ​ |  |  | ​ |  |
Purchase of investment securities – available for sale | ​ |  | (968) | ​ |  | —
Proceeds from maturity and sales of investment securities – available for sale | ​ |  | 1,305 | ​ |  | 1,891
NET CASH PROVIDED BY INVESTING ACTIVITIES | ​ |  | 337 | ​ |  | 1,891
FINANCING ACTIVITIES | ​ |  |  | ​ |  |
Stock options exercised | ​ |  | — | ​ |  | 94
Purchases of treasury stock | ​ |  | (1,511) | ​ |  | —
Common stock dividends paid | ​ |  | (2,020) | ​ |  | (2,058)
NET CASH USED IN FINANCING ACTIVITIES | ​ |  | (3,531) | ​ |  | (1,964)
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | ​ |  | (970) | ​ |  | 375
CASH AND CASH EQUIVALENTS AT JANUARY 1 | ​ |  | 3,653 | ​ |  | 3,278
CASH AND CASH EQUIVALENTS AT DECEMBER 31 | ​ | $ | 2,683 | ​ | $ | 3,653

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