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PARENT COMPANY FINANCIAL INFORMATION (Tables)

12 Months Ended

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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-Name Regulation S-X (SX)
-Number 210
-Section 12
-Subsection 04
-Paragraph a
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-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
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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))
-Publisher FASB
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+ References

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-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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