| Condensed Financial Statements - Parent Company Only |
NOTE 21 - CONDENSED FINANCIAL STATEMENTS – PARENT COMPANY ONLY
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Balance Sheets
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December 31,
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(dollars in thousands)
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2015
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2014
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Assets
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Cash - noninterest bearing
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$ 1,541
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$ 1,064
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Investment in wholly owned subsidiaries
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132,943
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127,210
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Other assets
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1,895
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1,423
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Total Assets
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$ 136,379
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$ 129,697
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Liabilities and Stockholders' Equity
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Current liabilities
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$ 1,224
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$ 766
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Guaranteed preferred beneficial interest in junior subordinated debentures
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12,372
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12,372
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Subordinated notes - 6.25%
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23,000
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-
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Total Liabilities
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36,596
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13,138
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Stockholders' Equity
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Preferred Stock - Series C
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-
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20,000
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Common stock
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46
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47
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Additional paid in capital
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46,809
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46,416
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Retained earnings
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53,495
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50,936
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Accumulated other comprehensive loss
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(251)
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(378)
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Unearned ESOP shares
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(316)
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(462)
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Total Stockholders’ Equity
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99,783
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116,559
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Total Liabilities and Stockholders’ Equity
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$ 136,379
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$ 129,697
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Condensed Statements of Income
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Years Ended December 31,
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(dollars in thousands)
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2015
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2014
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2013
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Interest and Dividend Income
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Dividends from subsidiary
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$ 2,775
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$ 3,500
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$ -
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Interest income
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51
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6
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46
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Interest expense
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1,599
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312
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305
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Net Interest Income (Expense)
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1,227
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3,194
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(259)
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Miscellaneous expenses
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(1,421)
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(1,427)
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(825)
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Income (Loss) before income taxes and equity in
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undistributed net income of subsidiary
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(194)
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1,767
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(1,084)
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Federal and state income tax benefit
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1,009
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589
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368
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Equity in undistributed net income of subsidiary
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5,528
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4,134
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7,367
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Net Income
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$ 6,343
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$ 6,490
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$ 6,651
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Preferred stock dividends
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23
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200
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200
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Net Income Available to Common Shareholders
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$ 6,320
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$ 6,290
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$ 6,451
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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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2015
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2014
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2013
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Cash Flows from Operating Activities
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Net income
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$ 6,343
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$ 6,490
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$ 6,651
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Adjustments to reconcile net income to net cash provided by operating activities
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Equity in undistributed earnings of subsidiary
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(5,528)
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(4,134)
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(7,367)
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Stock based compensation
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139
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191
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216
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(Increase) Decrease in other assets
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(284)
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(259)
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1,730
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Decrease (Increase) deferred income tax benefit
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23
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162
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(26)
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(Decrease) Increase in current liabilities
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459
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(145)
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67
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Net Cash Provided by Operating Activities
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1,152
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2,305
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1,271
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Cash Flows from Financing Activities
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Dividends paid
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(1,916)
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(2,055)
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(1,579)
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Proceeds from public offering
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-
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-
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27,387
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Downstream of capital to subsidiary
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(78)
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(15)
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(27,474)
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Proceeds from Subordinated Notes
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23,000
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-
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-
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Redemption of Small Business Lending Fund Preferred Stock
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(20,000)
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-
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-
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Exercise of stock options
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-
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226
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317
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Net change in ESOP loan
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146
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201
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355
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Repurchase of common stock
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(1,827)
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-
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(536)
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Net Cash Used in Financing Activities
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(675)
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(1,643)
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(1,530)
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Increase (Decrease) in Cash
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477
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662
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(259)
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Cash at Beginning of Year
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1,064
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402
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661
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Cash at End of Year
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$ 1,541
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$ 1,064
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$ 402
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