Condensed Financial Statements of Parent Company

12 Months Ended

Dec. 31, 2020

Condensed Financial Information Of Parent Company Only Disclosure [Abstract]

Condensed Financial Statements of Parent Company

Note 18 – Condensed Financial Statements of Parent Company

Balance Sheets
	(In Thousands)
	2020		2019
Assets
Cash	$	5,763	$	2,281
Related party receivables:
Dividends and accounts receivable from subsidiary		3,380		4,080
Accrued interest receivable - municipals		91		75
Securities - municipals		17,885		17,196
Certificate of deposits		1,727		1,974
Investment in subsidiaries		222,423		206,553
Total Assets	$	251,269	$	232,159
Liabilities
Accrued expenses	$	220	$	133
Dividends payable		1,889		1,768
Total Liabilities		2,109		1,901
Stockholders' Equity		249,160		230,258
Total Liabilities and Stockholders' Equity	$	251,269	$	232,159

Statements of Income and Comprehensive Income
	(In Thousands)
	2020			2019			2018
Income
Dividends from subsidiaries	$	8,800		$	13,137		$	8,350
Interest - municipals / certificates of deposit		382			374			389
Loss on sales of available-for-sale securities		-			-			(19	)
Total income		9,182			13,511			8,720
Operating Expenses		923			999			1,020
Income Before Income Taxes and Equity in    Undistributed Earnings of Subsidiaries		8,259			12,512			7,700
Income Taxes (Benefit)		(184	)		(166	)		(362	)
		8,443			12,678			8,062
Equity in undistributed earnings of subsidiaries		11,652			5,724			6,887
Net Income		20,095			18,402			14,949
Other Comprehensive Income (Loss):
Unrealized gains (losses) on securities		4,599			4,112			(829	)
Comprehensive Income	$	24,694		$	22,514		$	14,120

Statements of Cash Flows
	(In Thousands)
	2020			2019			2018
Cash Flows from Operating Activities
Net income	$	20,095		$	18,402		$	14,949
Adjustments to reconcile net income to net cash    provided by operating activities:
Equity in undistributed net income		(11,652	)		(5,724	)		(6,887	)
Net amortization of securities		154			99			190
Other assets and liabilities		2,814			(1,604	)		(6,991	)
Net cash provided by operating activities		11,411			11,173			1,261
Cash Flows from Investing Activities
Activity in available-for-sale securities:
Maturities, prepayments and calls		385			7,060			5,030
Sales		-			500			3,300
Purchases		(745	)		(11,453	)		(2,695	)
Net cash provided by (used in) investing activities		(360	)		(3,893	)		5,635
Cash Flows from Financing Activities
Payment of dividends		(7,186	)		(6,345	)		(4,956	)
Purchase of Treasury stock		(383	)		(381	)		(490	)
Net cash used in financing activities		(7,569	)		(6,726	)		(5,446	)
Net Change in Cash and Cash Equivalents		3,482			554			1,450
Cash and Cash Equivalents - Beginning of year		2,281			1,727			277
Cash and Cash Equivalents - End of year	$	5,763		$	2,281		$	1,727