Note 22 - Parent Company Condensed Financial Information

12 Months Ended

Dec. 31, 2017

Notes to Financial Statements

Condensed Financial Information of Parent Company Only Disclosure [Text Block]

(

22

)        

PARENT COMPANY CONDENSED FINANCIAL INFORMATION

Condensed financial information for the Company (parent company only) follows:

Balance Sheets
(In thousands)
	As of December 31,
	2017		2016
Assets:
Cash and cash equivalents	$	1,850	$	727
Other assets		234		243
Investment in subsidiaries		78,854		74,790
	$	80,938	$	75,760
Liabilities and Equity:
Accrued expenses	$	-	$	30
Stockholders' equity		80,938		75,730
	$	80,938	$	75,760

Statements of Income
(In thousands)
	Years Ended December 31,
	2017			2016			2015
Dividend income from subsidiaries	$	4,175		$	2,550		$	18,200
Other income		4			152			9
Other operating expenses		(383	)		(534	)		(1,116	)
Income before income taxes and equity in undistributed net income of subsidiaries		3,796			2,168			17,093
Income tax benefit		147			158			179
Income before equity in undistributed net income of subsidiaries		3,943			2,326			17,272
Equity in undistributed net income of subsidiaries		3,496			4,538			(12,074	)
Net income	$	7,439		$	6,864		$	5,198

Statements of Cash Flows
(In thousands)
	Years Ended December 31,
	2017			2016			2015
Operating Activities:
Net income	$	7,439		$	6,864		$	5,198
Adjustments to reconcile net income to cash and cash equivalents provided by operating activities:
Equity in undistributed net income of subsidiaries		(3,496	)		(4,538	)		12,074
Stock compensation expense		88			82			71
Gain on sale of cost method equity investment		-			(145	)		-
Net change in other assets and liabilities		(20	)		(15	)		3
Net cash provided by operating activities		4,011			2,248			17,346
Investing Activities:
Proceeds from sale of cost method equity investment		-			856			-
Net cash paid in acquisition of Peoples		-			-			(14,748	)
Net cash provided by (used in) investing activities		-			856			(14,748	)
Financing Activities:
Purchase of treasury stock		(18	)		(34	)		(10	)
Cash dividends paid		(2,870	)		(2,804	)		(2,436	)
Net cash used in financing activities		(2,888	)		(2,838	)		(2,446	)
Net increase in cash and cash equivalents		1,123			266			152
Cash and cash equivalents at beginning of year		727			461			309
Cash and cash equivalents at end of year	$	1,850		$	727		$	461