| Condensed Financial Information-Parent Company Only |
Note 18-Condensed Financial Information-Parent Company Only
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Condensed Balance Sheets
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December 31,
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(dollars in thousands)
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2014
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2013
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Assets
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Cash and due from banks
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$
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678
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$
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239
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Investment in bank subsidiary
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124,301
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113,885
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Investment in other subsidiaries
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317
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790
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Premises and equipment, net
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3,724
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3,570
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Other assets
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711
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677
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Total assets
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$
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129,731
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$
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119,161
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Liabilities
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Long-term debt
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$
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10,310
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$
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10,310
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Long-term debt with bank subsidiary
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900
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1,051
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Other liabilities
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81
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151
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Total liabilities
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11,291
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11,512
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Shareholders' equity
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118,440
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107,649
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Total liabilities and shareholders' equity
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$
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129,731
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$
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119,161
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Condensed Statements of Income and Comprehensive Income
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Years ended December 31,
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(dollars in thousands)
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2014
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2013
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2012
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Income
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Interest from investment securities
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$
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6
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$
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6
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$
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7
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Dividends from bank subsidiary
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2,336
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1,520
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2,022
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Total income
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2,342
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1,526
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2,029
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Expense
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Interest expense on long-term debt
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272
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290
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320
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Occupancy of premises, net
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154
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213
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133
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Other
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316
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324
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293
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Total expense
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742
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827
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746
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Income before applicable income tax benefit and
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undistributed earnings (losses) of subsidiaries
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1,600
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699
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1,283
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Applicable income tax benefit
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249
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278
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249
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Income before undistributed earnings (losses) of subsidiaries
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1,849
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977
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1,532
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Equity in undistributed earnings of bank subsidiary
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9,920
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9,593
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7,874
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Equity in undistributed losses of other subsidiaries
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0
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(4)
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(12)
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Net income
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$
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11,769
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$
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10,566
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$
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9,394
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Preferred stock dividends
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174
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250
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384
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Net income available to common shareholders
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$
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11,595
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$
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10,316
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$
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9,010
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Comprehensive income
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$
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12,264
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$
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7,005
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$
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9,203
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Note 18-Condensed Financial Information-Parent Company Only (continued)
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Condensed Statements of Cash Flows
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Years ended December 31,
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(dollars in thousands)
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2014
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2013
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2012
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Cash flows from operating activities
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Net income
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$
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11,769
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$
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10,566
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$
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9,394
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Adjustments to reconcile net income to net cash provided by operations:
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Depreciation
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196
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182
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160
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Equity in undistributed earnings of subsidiaries, net
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(9,920)
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(9,589)
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(7,862)
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Loss on disposal of premises and equipment
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0
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1
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0
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Other, net
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216
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147
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208
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Net cash provided by operating activities
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2,261
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1,307
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1,900
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Cash flows from investing activities
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Return of investment in other subsidiary
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476
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0
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360
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Investment in other subsidiary
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(3)
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0
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0
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Purchases of premises and equipment
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(350)
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(237)
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(231)
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Net cash provided by (used in) investing activities
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123
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(237)
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129
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Cash flows from financing activities
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Repayments of long-term debt
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(151)
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(138)
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(128)
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Tax benefit on vested restricted stock
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52
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89
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44
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Cash dividends paid to preferred shareholders
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(207)
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(250)
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(634)
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Cash dividends paid to common shareholders
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(2,611)
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(2,074)
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(1,690)
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Redemption of preferred stock
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(13,000)
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0
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0
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Net issuance of common stock
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13,982
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1,239
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627
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Cash paid in lieu of fractional shares
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(10)
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(9)
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(6)
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Net cash used in financing activities
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(1,945)
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(1,143)
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(1,787)
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Net increase (decrease) in cash and cash equivalents
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439
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(73)
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242
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Cash and cash equivalents at beginning of year
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239
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312
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70
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Cash and cash equivalents at end of year
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$
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678
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$
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239
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$
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312
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