CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY (Tables)
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12 Months Ended |
Dec. 31, 2016 |
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| Condensed Financial Information of Parent Company Only Disclosure [Abstract] |
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| Condensed Balance Sheets |
Information relative to the parent company’s condensed balance sheets at December 31, 2016 and 2015, and the related condensed statements of income and cash flows for the years ended December 31, 2016, 2015 and 2014 are presented below:
Condensed Balance Sheets | | | | | | | | | | | | December 31, | (Dollars in thousands) | | 2016 | | 2015 | Assets | | |
| | |
| Cash | | $ | 7,699 |
| | $ | 3,440 |
| Investment in subsidiaries | | 168,325 |
| | 142,057 |
| Other assets | | 4,316 |
| | 3,012 |
| Total assets | | $ | 180,340 |
| | $ | 148,509 |
| | | | | | Liabilities and stockholders’ equity | | |
| | |
| Other liabilities | | $ | 1,191 |
| | $ | 273 |
| Long-term debt | | 33,524 |
| | 33,524 |
| Total liabilities | | 34,715 |
| | 33,797 |
| | | | | | Total stockholders’ equity | | 145,625 |
| | 114,712 |
| Total liabilities and stockholders’ equity | | $ | 180,340 |
| | $ | 148,509 |
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| Condensed Statements of Income |
Condensed Statements of Income | | | | | | | | | | | | | | | | Year ended December 31, | (Dollars in thousands) | | 2016 | | 2015 | | 2014 | Income - dividends from bank subsidiary | | $ | 9,241 |
| | $ | 7,744 |
| | $ | 7,471 |
| Expenses - operating | | 11,307 |
| | 8,988 |
| | 7,331 |
| Income (loss) before income taxes and undistributed earnings - continuing operations | | (2,066 | ) | | (1,244 | ) | | 140 |
| Income tax (benefit) - continuing operations | | (2,072 | ) | | (1,597 | ) | | (992 | ) | Income after tax from continuing operations | | 6 |
| | 353 |
| | 1,132 |
| Income before income taxes and undistributed earnings - discontinued operations | | 6,926 |
| | — |
| | — |
| Income tax - discontinued operations | | 2,629 |
| | — |
| | — |
| Income after tax from discontinued operations | | 4,297 |
| | — |
| | — |
| Equity in undistributed income earnings of subsidiaries | | 8,609 |
| | 6,463 |
| | 947 |
| Net Income | | $ | 12,912 |
| | $ | 6,816 |
| | $ | 2,079 |
| | | | | | | | Preferred dividends | | $ | 1,128 |
| | $ | 575 |
| | $ | 332 |
| Net Income available to common shareholders | | $ | 11,784 |
| | $ | 6,241 |
| | $ | 1,747 |
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| Condensed Statements of Cash Flows |
Condensed Statements of Cash Flows | | | | | | | | | | | | | | (Dollars in thousands) | | 2016 | | 2015 | | 2014 | OPERATING ACTIVITIES | | |
| | |
| | |
| Net Income | | $ | 12,912 |
| | $ | 6,816 |
| | $ | 2,079 |
| Equity in undistributed earnings of subsidiaries | | (8,609 | ) | | (6,463 | ) | | (947 | ) | (Decrease) in other assets | | (612 | ) | | (529 | ) | | (1,778 | ) | Decrease (increase) in other liabilities | | 920 |
| | (261 | ) | | 436 |
| Stock option expense | | 568 |
| | 413 |
| | 321 |
| | | | | | | | Net cash provided by (used in) operating activities | | 5,179 |
| | (24 | ) | | 111 |
| | | | | | | | INVESTING ACTIVITIES | | |
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| | |
| Investment in subsidiary | | (19,697 | ) | | (400 | ) | | (37,042 | ) | | | | | | | | Net cash used in investing activities | | (19,697 | ) | | (400 | ) | | (37,042 | ) | | | | | | | | FINANCING ACTIVITIES | | |
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| | |
| Proceeds of stock offering | | 20,519 |
| | — |
| | 5,588 |
| Dividend reinvestment plan | | — |
| | — |
| | 180 |
| Proceeds from subordinated debt | | — |
| | — |
| | 29,400 |
| Preferred stock issuance | | — |
| | — |
| | 7,834 |
| Common stock options exercised | | 32 |
| | (448 | ) | | 63 |
| Cash dividends paid on common stock | | (646 | ) | | (641 | ) | | (636 | ) | Cash dividends paid on preferred stock | | (1,128 | ) | | (575 | ) | | (332 | ) | | | | | | | | Net cash provided by (used in) financing activities | | 18,777 |
| | (1,664 | ) | | 42,097 |
| | | | | | | | Increase (decrease) in cash | | 4,259 |
| | (2,088 | ) | | 5,166 |
| | | | | | | | Cash at beginning of period | | 3,440 |
| | 5,528 |
| | 362 |
| | | | | | | | Cash at end of period | | $ | 7,699 |
| | $ | 3,440 |
| | $ | 5,528 |
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