| Parent Company Only Financial Information |
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1.
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Parent Company Only Financial Information |
Condensed Statement of Financial Condition
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December 31,
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(In thousands)
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2013
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2012
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Assets
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Cash
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$
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3,025
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$
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2,449
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Investment in bank subsidiary
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151,711
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146,876
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Investment in non-bank subsidiaries
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4,036
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4,195
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Other assets
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4,031
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2,802
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Total Assets
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$
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162,803
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$
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156,322
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Liabilities and Shareholder’s Equity
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Accrued interest and other liabilities
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$
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14,733
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$
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10,687
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Dividends payable
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0
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0
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Junior subordinated debt
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46,730
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46,730
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Shareholder’s equity
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101,340
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98,905
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Total Liabilities and Shareholder’s Equity
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$
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162,803
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$
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156,322
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Condensed Statement of Income
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Year Ended
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December 31,
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(In thousands)
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2103
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2012
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Income:
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Dividend income from bank subsidiary
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$
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0
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$
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0
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Other income
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469
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338
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Total Income
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469
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338
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Expenses:
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Interest expense
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2,881
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2,802
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Other expenses
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513
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384
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Total Expenses
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3,394
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3,186
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Loss before income taxes and equity in undistributed
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net loss of subsidiaries
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(2,925)
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(2,848)
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Applicable income tax benefit
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1,002
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0
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Net loss before equity in undistributed net loss of subsidiaries
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(1,923)
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(2,848)
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Equity in undistributed net income/(loss)of subsidiaries:
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Bank
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8,395
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7,462
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Non-bank
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(26)
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49
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Net Income
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$
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6,446
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$
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4,663
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Condensed Statement of Comprehensive Income
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Year ended
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December 31,
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Components of Comprehensive Income (in thousands)
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2013
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2012
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Net Income
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$
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6,446
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$
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4,663
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Unrealized gains on cash flow hedges, net of tax
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233
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109
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Other comprehensive income, net of tax
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233
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109
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Comprehensive income
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$
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6,679
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$
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4,772
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Condensed Statement of Cash Flows
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Year Ended
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December 31,
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(In thousands)
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2013
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2012
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Operating Activities
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Net Income
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$
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6,446
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$
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4,663
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Adjustments to reconcile net income to net cash provided
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by/(used in) operating activities:
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Equity in undistributed net income of subsidiaries
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(8,369)
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(7,511)
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Increase in other assets
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(993)
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(303)
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Increase in accrued interest payable and other liabilities
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4,047
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3,958
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Stock Compensation
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88
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73
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Net cash provided by operating activities
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1,219
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880
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Investing Activities
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Net investment in subsidiaries
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1,066
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1,252
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Net cash provided by investing activities
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1,066
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1,252
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Financing Activities
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Dividends - preferred stock deferred
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(1,709)
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(1,626)
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Net cash used in financing activities
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(1,709)
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(1,626)
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Increase in cash and cash equivalents
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576
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506
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Cash and cash equivalents at beginning of year
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2,449
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1,943
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Cash and cash equivalents at end of year
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$
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3,025
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$
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2,449
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Accumulated Other Comprehensive Income
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Components of Comprehensive Income (in thousands)
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Before Tax Amount
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Tax (Expense) Benefit
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Net
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For the period ended December 31, 2013
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Cash flow hedges:
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Unrealized holding gains
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$
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392
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$
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(159)
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$
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233
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Other comprehensive income
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$
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392
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$
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(159)
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$
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233
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For the period ended December 31, 2012
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Cash flow hedges:
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Unrealized holding gains
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$
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185
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$
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(76)
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$
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109
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Other comprehensive income
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$
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185
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$
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(76)
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$
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109
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