Parent Company Only Financial Information

12 Months Ended

Dec. 31, 2019

Parent Company Only Financial Information

Parent Company Only Financial Information

27. Parent Company Only Financial Information

Condensed Statement of Financial Condition

	December 31,
(In thousands)	2019		2018
Assets
Cash	$	234	$	236
Investment securities- Available for Sale (at fair value)		13,164		13,992
Investment in bank subsidiary		142,290		131,816
Investment in non-bank subsidiaries		929		929
Other assets		5,427		4,801
Total Assets	$	162,044	$	151,774
Liabilities and Shareholders' Equity
Accrued interest and other liabilities	$	4,250	$	3,141
Dividends payable		925		638
Junior subordinated debt		30,929		30,929
Shareholders' equity		125,940		117,066
Total Liabilities and Shareholders' Equity	$	162,044	$	151,774

Condensed Statement of Income

	Year Ended
	December 31,
(In thousands)	2019		2018
Income:
Dividend income from bank subsidiary	$	3,141	$	1,988
Interest income on investments		948		895
Other income		99		70
Total other income		1,047		965
Total Income		4,188		2,953
Expenses:
Interest expense		1,418		1,387
Other expenses		276		263
Total Expenses		1,694		1,650
Income before income taxes and equity in undistributed net income of subsidiaries		2,494		1,303
Applicable income tax benefit/(expense)		130		(828)
Net income before equity in undistributed net income of subsidiaries		2,624		475
Equity in undistributed net income of subsidiaries:
Bank		10,505		10,192
Net Income	$	13,129	$	10,667

Condensed Statement of Comprehensive Income

	Year Ended
	December 31,
Components of Comprehensive Income (in thousands)	2019		2018
Net Income	$	13,129	$	10,667
Unrealized (losses)/gains on AFS Securities, net of tax		(685)		877
Unrealized (losses)/gains on cash flow hedges, net of tax		(858)		191
Other comprehensive (loss)/income, net of tax		(1,543)		1,068
Comprehensive income	$	11,586	$	11,735

Condensed Statement of Cash Flows

	Year Ended
	December 31,
(In thousands)	2019		2018
Operating Activities
Net Income	$	13,129	$	10,667
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed net income of subsidiaries		(10,505)		(10,192)
(Increase)/decrease in other assets		(478)		2,566
Increase/(decrease) in accrued interest payable and other liabilities		539		(653)
Stock compensation		268		249
Net cash provided by operating activities		2,953		2,637
Financing Activities
Proceeds from issuance of common stock		170		119
Cash dividends on common stock		(3,125)		(2,549)
Net cash used in financing activities		(2,955)		(2,430)
(Decrease)/increase in cash and cash equivalents		(2)		207
Cash and cash equivalents at beginning of year		236		29
Cash and cash equivalents at end of year	$	234	$	236

Accumulated Other Comprehensive Income

Components of Other Comprehensive Income/(Loss) (in thousands)	Before Tax Amount		Tax (Expense) Benefit		Net
For the year ended December 31, 2019
Available for Sale Securities:
Unrealized holding losses	$	(936)	$	251	$	(685)
Cash flow hedges:
Unrealized holding losses		(1,172)		314		(858)
Other comprehensive loss	$	(2,108)	$	565	$	(1,543)
For the year ended December 31, 2018
Available for Sale Securities:
Unrealized holding gains	$	1,203	$	(326)	$	877
Cash flow hedges:
Unrealized holding gains		262		(71)		191
Other comprehensive income	$	1,465	$	(397)	$	1,068