Parent Company Only Financial Information |
24.PARENT COMPANY ONLY FINANCIAL INFORMATION Parent company (Evans Bancorp, Inc.) only condensed financial information is as follows: CONDENSED BALANCE SHEETS | | | | | | | | December 31, | | | 2020 | | | 2019 | | | (in thousands) | ASSETS | | | | | | Cash | $ | 1,642 | | $ | 1,027 | Other assets | | 485 | | | 407 | Investment in subsidiaries | | 198,873 | | | 159,620 | Total assets | $ | 201,000 | | $ | 161,054 | | | | | | | LIABILITIES AND STOCKHOLDERS’ EQUITY | LIABILITIES: | | | | | | Subordinated debt | $ | 30,872 | | $ | 11,330 | Other liabilities | | 1,223 | | | 1,271 | Total liabilities | | 32,095 | | | 12,601 | | | | | | | STOCKHOLDERS’ EQUITY | | | | | | Total Stockholders’ Equity | $ | 168,905 | | $ | 148,453 | Total liabilities and stockholders’ equity | $ | 201,000 | | $ | 161,054 |
CONDENSED STATEMENTS OF INCOME | | | | | | | | | | | December 31, | | | 2020 | | | 2019 | | | 2018 | | | (in thousands) | Dividends from subsidiaries | $ | 4,500 | | $ | 4,500 | | $ | 8,300 | | | | | | | | | | Income | | - | | | 4 | | | 147 | | | | | | | | | | Expenses | | (3,290) | | | (1,323) | | | (927) | | | | | | | | | | Income before equity in undistributed | | | | | | | | | earnings of subsidiaries | | 1,210 | | | 3,181 | | | 7,520 | | | | | | | | | | Equity in undistributed earnings of subsidiaries | | 10,036 | | | 13,833 | | | 8,836 | | | | | | | | | | Net income | | 11,246 | | | 17,014 | | | 16,356 | | | | | | | | | | Other comprehensive income | | - | | | - | | | - | | | | | | | | | | Comprehensive income | $ | 11,246 | | $ | 17,014 | | $ | 16,356 |
CONDENSED STATEMENTS OF CASH FLOWS | | | | | | | | | | | Year Ended | | | 2020 | | | 2019 | | | 2018 | | | (in thousands) | Operating Activities: | | | | | | | | | Net income | $ | 11,246 | | $ | 17,014 | | $ | 16,356 | Adjustments to reconcile net income to | | | | | | | | | net cash provided by operating activities: | | | | | | | | | Undistributed earnings of subsidiaries | | (10,036) | | | (13,833) | | | (8,836) | Changes in assets and liabilities affecting cash flow: | | | | | | | | | Other assets | | (78) | | | 130 | | | (470) | Other liabilities | | (48) | | | 4 | | | 250 | Other | | 314 | | | 180 | | | 153 | Net cash provided by operating activities | | 1,398 | | | 3,495 | | | 7,453 | | | | | | | | | | Investing Activities: | | | | | | | | | Proceeds from equity securities sales | | - | | | - | | | 1,960 | Investment in subsidiaries | | (15,000) | | | - | | | (5,000) | Net cash used in investing activities | | (15,000) | | | - | | | (3,040) | | | | | | | | | | Financing Activities: | | | | | | | | | Proceeds from issuance of common stock | | 717 | | | 1,178 | | | 1,025 | Cash dividends paid | | (5,991) | | | (5,092) | | | (4,428) | Proceeds from long-term borrowings | | 20,000 | | | - | | | - | Debt Issuance Cost of Long Term Borrowings | | (509) | | | - | | | - | Net cash used in financing activities | | 14,217 | | | (3,914) | | | (3,403) | | | | | | | | | | Net increase (decrease) in cash | | 615 | | | (419) | | | 1,010 | | | | | | | | | | Cash beginning of year | | 1,027 | | | 1,446 | | | 436 | | | | | | | | | | Cash ending of year | $ | 1,642 | | $ | 1,027 | | $ | 1,446 |
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