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PARENT COMPANY FINANCIAL INFORMATION

12 Months Ended

Dec. 31, 2024

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 its subsidiary entity. 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,
​		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

​

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)

​

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

​

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 $136,976,000 of restricted surplus and retained earnings at December 31, 2024. Cash may also be upstreamed to the parent company by the subsidiary as an inter-entity management fee.

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- References

No definition available.

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- 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/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

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