Condensed Financial Information of Parent Company Only Disclosure [Text Block] |
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 | |
|