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Note 21 - Parent Company
12 Months Ended
Dec. 31, 2020
Notes to Financial Statements  
Condensed Financial Information of Parent Company Only Disclosure [Text Block]

21.

PARENT COMPANY

 

Following are condensed financial statements for the Company.

 

CONDENSED BALANCE SHEET

 
         

(Dollar amounts in thousands)

 

December 31,

 
  

2020

  

2019

 

ASSETS

        

Cash and due from banks

 $1,222  $2,577 

Equity securities, at fair value

  609   710 

Investment in nonbank subsidiary

  1   1,400 

Investment in subsidiary bank

  149,272   141,104 

Other assets

  1,561   977 
         

TOTAL ASSETS

 $152,665  $146,768 
         

LIABILITIES

        

Trust preferred debt

 $8,248  $8,248 

Other liabilities

  607   745 

TOTAL LIABILITIES

  8,855   8,993 
         

STOCKHOLDERS' EQUITY

  143,810   137,775 
         

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

 $152,665  $146,768 

 

CONDENSED STATEMENT OF COMPREHENSIVE INCOME

 
         
  

Year Ended December 31,

 

(Dollar amounts in thousands)

 

2020

  

2019

 
         

INCOME

        

Dividends from subsidiary bank

 $4,700  $4,450 

Dividends from nonbank subsidiary

  1,399   1,000 

(Loss) gain on equity securities

  (101)  94 

Other

  7   12 

Total income

  6,005   5,556 
         

EXPENSES

        

Interest expense

  192   343 

Salaries and employee benefits

  465   909 

Ohio state franchise tax

  1,082   1,044 

Other

  796   996 

Total expenses

  2,535   3,292 
         

Income before income tax benefit

  3,470   2,264 
         

Income tax benefit

  (552)  (669)
         

Income before equity in undistributed net income of subsidiaries

  4,022   2,933 
         

Equity in undistributed net income of subsidiaries

  4,327   9,778 
         

NET INCOME

 $8,349  $12,711 
         

Comprehensive income

 $10,791  $14,707 

 

CONDENSED STATEMENT OF CASH FLOWS

 
         
  

Year Ended December 31,

 

(Dollar amounts in thousands)

 

2020

  

2019

 
         

OPERATING ACTIVITIES

        

Net income

 $8,349  $12,711 

Adjustments to reconcile net income to net cash provided by operating activities:

        

Equity in undistributed net income of Middlefield Banking Company

  (5,726)  (10,742)

Equity in undistributed net loss of EMORECO

  1,399   964 

Stock-based compensation

  144   548 

Loss (gain) on equity securities

  101   (94)

Other, net

  (609)  3,095 

Net cash provided by operating activities

  3,658   6,482 
         

FINANCING ACTIVITIES

        

Proceeds from issuance of common stock

  -   95 

Restricted stock cash portion

  -   (44)

Stock options exercised

  12   4 

Proceeds from dividend reinvestment plan

  -   372 

Repurchase of treasury shares

  (1,191)  (2,229)

Cash dividends

  (3,834)  (3,685)

Net cash used in financing activities

  (5,013)  (5,487)
         

(Decrease) increase in cash

  (1,355)  995 
         

CASH AT BEGINNING OF YEAR

  2,577   1,582 
         

CASH AT END OF YEAR

 $1,222  $2,577 
         

SUPPLEMENTAL INFORMATION

        

Increase in common stock through increase in other, net

 $-  $265