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Note 23 - Parent Company Condensed Financial Information
 12 Months Ended
Dec. 31, 2019
Notes to Financial Statements  
Condensed Financial Information of Parent Company Only Disclosure [Text Block]
(
23
)
PARENT COMPANY CONDENSED FINANCIAL INFORMATION
 
Condensed financial information for the Company (parent company only) follows:
 
 
Balance Sheets
(In thousands)
 
    As of December 31,
    2019   2018
Assets:                
Cash and cash equivalents   $
3,847
     $
2,845
  
Other assets    
2,110
      
2,039
  
Investment in subsidiaries    
92,879
      
80,960
  
                 
    $
98,836
     $
85,844
  
                 
Liabilities and Equity:                
Accrued expenses   $
-
     $
-
  
Stockholders' equity    
98,836
      
85,844
  
                 
    $
98,836
     $
85,844
  
 
Statements of Income
(In thousands)
 
    Years Ended December 31,
    2019   2018   2017
             
Dividend income from subsidiaries   $
4,450
     $
6,297
     $
4,175
  
Other income    
59
      
16
      
4
  
Income (loss) on equity securities    
32
    
(207
 )    
-
  
Other operating expenses    
(714
 )    
(587
 )    
(383
 )
                         
Income before income taxes and equity in undistributed net income of subsidiaries    
3,827
      
5,519
      
3,796
  
                         
Income tax benefit    
199
      
210
      
147
  
                         
Income before equity in undistributed net income of subsidiaries    
4,026
      
5,729
      
3,943
  
Equity in undistributed net income of subsidiaries    
6,299
      
3,524
      
3,496
  
                         
Net income   $
10,325
     $
9,253
     $
7,439
  
 
 
Statements of Cash Flows
(In thousands)
 
    Years Ended December 31,
    2019   2018   2017
Operating Activities:                        
Net income   $
10,325
     $
9,253
     $
7,439
  
Adjustments to reconcile net income to cash and cash equivalents provided by operating activities:                        
Equity in undistributed net income of subsidiaries    
(6,299
 )    
(3,524
 )    
(3,496
 )
Stock compensation expense    
288
      
192
      
88
  
Unrealized (gain) loss on equity securities    
(32
 )    
207
      
-
  
Net change in other assets and liabilities    
(40
 )    
(89
 )    
(20
 )
Net cash provided by operating activities    
4,242
      
6,039
      
4,011
  
                         
Investing Activities:                        
Purchase of equity investment    
-
    
(1,922
 )    
-
  
Net cash used in investing activities    
-
    
(1,922
 )    
-
  
                       
Financing Activities:                        
Purchase of treasury stock    
(2
 )    
(32
 )    
(16
 )
Taxes paid on stock award shares for employees    
(42
 )    
(2
 )    
(2
 )
Cash dividends paid    
(3,196
 )    
(3,088
 )    
(2,870
 )
Net cash used in financing activities    
(3,240
 )    
(3,122
 )    
(2,888
 )
                         
Net increase in cash and cash equivalents    
1,002
      
995
      
1,123
  
                         
Cash and cash equivalents at beginning of year    
2,845
      
1,850
      
727
  
                         
Cash and cash equivalents at end of year   $
3,847
     $
2,845
     $
1,850