Parent Company Financial Information

12 Months Ended

Dec. 31, 2018

Condensed Financial Information Disclosure [Abstract]

Parent Company Financial Information

Note 20. Parent Company Financial Information

Condensed financial information of Parkway Acquisition Corp. is presented as follows:

Balance Sheets

December 31, 2018 and 2017

(dollars in thousands)	2018			2017
Assets
Cash and due from banks	$	1,409		$	1,518
Investment in affiliate bank		73,813			55,115
Other assets		468			586
Total assets	$	75,690		$	57,219
Liabilities
Other liabilities	$	68		$	37
Stockholders’ Equity
Common stock		—			—
Surplus		41,660			26,166
Retained earnings		35,929			32,526
Accumulated other comprehensive loss		(1,967	)		(1,510	)
Total stockholders’ equity		75,622			57,182
Total liabilities and stockholders’ equity	$	75,690		$	57,219

Statements of Income

For the years ended December 31, 2018 and 2017

(dollars in thousands)	2018		2017
Income
Dividends from affiliate bank	$	1,123	$	803
Bargain purchase gain		—		—
Other income		1		1
		1,124		804
Expenses
Management and professional fees		39		35
Other expenses		37		36
		76		71
Income before tax benefit and equity in undistributed income of affiliate		1,048		733
Federal income tax expense		16		(161	)
Income before equity in undistributed income of affiliate		1,064		572
Equity in undistributed income of affiliate		3,462		1,855
Net income	$	4,526	$	2,427

Statements of Cash Flows

For the years ended December 31, 2018 and 2017

(dollars in thousands)	2018			2017
Cash flows from operating activities
Net income	$	4,526		$	2,427
Adjustments to reconcile net income to net cash provided by operations:
Equity in undistributed income of affiliate		(3,462	)		(1,855	)
Change in other assets		(80	)		91
Change in other liabilities		31			37
Net cash provided by operating activities		1,015			700
Cash flows from investing activities
Net decrease in loans		—			—
Cash received in business combination		—			—
Net cash provided by investing activities		—			—
Cash flows from financing activities
Cash paid for fractional shares		(1	)		—
Dividends paid		(1,123	)		(803	)
Net cash used by financing activities		(1,124	)		(803	)
Net decrease in cash and cash equivalents		(109	)		(103	)
Cash and cash equivalents, beginning		1,518			1,621
Cash and cash equivalents, ending	$	1,409		$	1,518
Business combinations
Elimination of Company’s existing investment in Great State Bank	$	198		$	—
Stock issued to acquire Great State Bank	$	15,495		$	—