Note 18 - Condensed Financial Information - Parent Company Only
 12 Months Ended
Dec. 31, 2016
Notes to Financial Statements  
Condensed Financial Information of Parent Company Only Disclosure [Text Block]
Note
18
. CONDENSED FINANCIAL INFORMATION — PARENT COMPANY ONLY
 
The following tables present condensed parent company only financial information:
 
Condensed Statements of
Financial
Condition
 
 
December 31,
 
(in thousands)
 
2016
 
 
2015
 
Assets:
 
 
 
 
 
 
 
 
Cash
   $
567
    $
947
 
Investment in statutory trust
    
384
     
377
 
Investment in subsidiary (equity method)
    
112,106
     
122,182
 
Other assets
    
236
     
609
 
Total assets
   $
113,293
    $
124,115
 
                 
Liabilities and Shareholders’ Equity:
 
 
 
 
 
 
 
 
Subordinated debentures
   $
10,000
    $
14,000
 
Junior subordinated debentures
    
10,310
     
10,310
 
Accrued interest payable
    
52
     
10,902
 
Other liabilities
    
2,784
     
2,725
 
Total liabilities
    
23,146
     
37,937
 
Shareholders’ equity
    
90,147
     
86,178
 
Total liabilities and shareholders’ equity
   $
113,293
    $
124,115
 
 
Condensed Statements of
Income
 
 
For the Year Ended December 31,
 
(in thousands)
 
2016
 
 
2015
 
 
2014
 
Income:
                        
Dividends from subsidiaries
   $
16,000
    $
12,500
    $
1,000
 
Income from trust
    
7
     
6
     
6
 
Other income
    
-
     
-
     
275
 
Total income
    
16,007
     
12,506
     
1,281
 
Expense:
                        
Interest on subordinated notes
    
625
     
1,450
     
2,281
 
Interest on junior subordinated debt
    
247
     
206
     
236
 
Other operating expenses
    
182
     
168
     
128
 
Other losses
    
115
     
114
     
276
 
Total expenses
    
1,169
     
1,938
     
2,921
 
Income (loss) before income taxes
    
14,838
     
10,568
     
(1,640
 )
Provision (credit) for income taxes
    
-
     
-
     
-
 
Income (loss) before equity in undistributed net income of subsidiary
    
14,838
     
10,568
     
(1,640
 )
Equity in undistributed net income of subsidiary
    
(8,529
 )    
25,272
     
15,060
 
Net income
   $
6,309
    $
35,840
    $
13,420
 
 
 
 
 
 
 
 
Condensed Statements of Cash Flows
 
 
For the Year Ended December 31,
 
(in thousands)
 
2016
 
 
2015
 
 
2014
 
Cash flows from operating activities:
                        
Net income
  $
6,309
    $
35,840
    $
13,420
 
Adjustments to reconcile net income to net cash provided by operating activities:
                        
Equity in undistributed loss (income) of subsidiary
    
8,529
     
(25,272
 )    
(15,060
 )
Equity in trust
    
(7
 )    
(6
 )    
(6
 )
(Decrease) increase in accrued interest payable
    
(10,850
 )    
999
     
1,596
 
Decrease (increase) in other assets
    
639
     
(18
 )    
-
 
Increase (decrease) in other liabilities
    
59
     
(58
 )    
258
 
Net cash provided by operating activities
    
4,679
     
11,485
     
208
 
Cash flows from financing activities:
                        
Principal reduction on subordinated debentures
    
(4,000
 )    
(11,000
 )    
-
 
Proceeds from issuance of common shares
    
433
     
-
     
-
 
Cash dividends paid
    
(1,492
 )    
-
     
-
 
Net cash used in financing activities
    
(5,059
 )    
(11,000
 )    
-
 
(Decrease) increase in cash
    
(380
 )    
485
     
208
 
Cash at beginning of year
    
947
     
462
     
254
 
Cash at end of year
   $
567
    $
947
    $
462