PARENT COMPANY FINANCIAL INFORMATION (Table)
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12 Months Ended |
Dec. 31, 2016 |
PARENT COMPANY FINANCIAL INFORMATION [Abstract] |
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Condensed Balance Sheet, Parent Only |
The following tables provide condensed financial information for Shore Bancshares, Inc. (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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2016
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2015
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Assets
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Cash
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$
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1,249
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$
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1,899
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Investment securities
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11,846
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12,246
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Investment in subsidiaries
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137,078
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129,353
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Premises and equipment, net
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3,547
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3,598
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Other assets
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3,160
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2,419
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Total assets
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$
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156,880
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$
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149,515
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Liabilities
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Accrued interest payable
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$
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1
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$
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1
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Other liabilities
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1,737
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1,204
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Long-term debt
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843
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1,343
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Total liabilities
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2,581
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2,548
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Stockholders' equity
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Common stock
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127
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126
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Additional paid in capital
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64,201
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63,815
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Retained earnings
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90,964
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83,097
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Accumulated other comprehensive (loss)
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(993)
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(71)
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Total stockholders' equity
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154,299
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146,967
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Total liabilities and stockholders' equity
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$
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156,880
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$
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149,515
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Condensed Statement of Operations, Parent Only |
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Condensed Statement of Operations
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For the Years Ended December 31,
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(Dollars in thousands)
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2016
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2015
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2014
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Income
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Dividends from subsidiaries
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$
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1,230
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$
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1,045
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$
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200
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Management and other fees from subsidiaries
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8,960
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8,723
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7,933
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Other income
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278
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228
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110
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Total income
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10,468
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9,996
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8,243
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Expenses
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Interest expense
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46
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61
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80
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Salaries and employee benefits
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6,296
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5,536
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5,321
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Occupancy and equipment expense
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327
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325
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541
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Other operating expenses
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2,739
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3,215
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2,387
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Total expenses
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9,408
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9,137
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8,329
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Income (loss) before income tax benefit and equity in
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undistributed net income (loss) of subsidiaries
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1,060
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859
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(86)
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Income tax benefit
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(58)
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(65)
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(107)
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Income before equity in undistributed net income of
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subsidiaries
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1,118
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924
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21
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Equity in undistributed net income of subsidiaries
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8,520
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6,184
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5,030
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Net income
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$
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9,638
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$
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7,108
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$
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5,051
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Condensed Cash Flow, Parent Only |
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Condensed Statements of Cash Flows
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For the Years Ended December 31,
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(Dollars in thousands)
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2016
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2015
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2014
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Cash flows from operating activities:
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Net income
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$
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9,638
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$
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7,108
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$
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5,051
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Adjustments to reconcile net (income) loss to cash
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provided by operating activities:
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Equity in undistributed net (income) loss of
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subsidiaries
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(8,520)
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(6,184)
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(5,030)
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Depreciation and amortization
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288
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336
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379
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Stock-based compensation expense
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334
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283
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87
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Excess tax benefit from stock-based arrangements
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(27)
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(3)
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-
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Net (increase) in other assets
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(669)
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(1,108)
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(121)
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Net increase in other liabilities
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533
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328
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271
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Net cash provided by operating activities
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1,577
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760
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637
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Cash flows from investing activities:
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Proceeds from maturities and principal payments of
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investment securities available for sale
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2,171
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1,418
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442
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Purchases of securities
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(2,032)
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(4,054)
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(10,112)
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Purchases of premises and equipment
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(175)
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(672)
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(632)
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Cash received from merged subsidiary
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-
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3,349
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-
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Investment in subsidiaries
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-
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-
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(20,000)
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Net cash (used in) provided by investing activities
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(36)
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41
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(30,302)
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Cash flows from financing activities:
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Repayment of long-term debt
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(500)
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(500)
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(500)
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Excess tax benefit from stock-based arrangements
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27
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3
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-
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Proceeds from issuance of common stock
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53
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-
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31,279
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Common stock dividends paid
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(1,771)
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(506)
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-
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Net cash (used in) provided by financing activities
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(2,191)
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(1,003)
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30,779
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Net (decrease) increase in cash and cash equivalents
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(650)
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(202)
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1,114
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Cash and cash equivalents at beginning of year
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1,899
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2,101
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987
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Cash and cash equivalents at end of year
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$
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1,249
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$
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1,899
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$
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2,101
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