Parent Only Condensed Financial Statements (Tables)
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12 Months Ended |
Dec. 31, 2013
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Condensed Financial Information of Parent Company Only Disclosure [Abstract] |
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Condensed Balance Sheets |
CONDENSED BALANCE SHEETS December 31, 2013 and 2012 (In thousands) | | | | | | | | | | 2013 | | 2012 | ASSETS | |
| | |
| Cash and cash equivalents | $ | 385 |
| | $ | 2,807 |
| Investment in Bank subsidiary | 124,378 |
| | 119,812 |
| Other assets | 523 |
| | 576 |
| Total assets | $ | 125,286 |
| | $ | 123,195 |
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |
| | |
| Liabilities: | |
| | |
| Junior subordinated debentures due to subsidiary grantor trust | $ | 5,155 |
| | $ | 5,155 |
| Other liabilities | 88 |
| | 375 |
| Total liabilities | 5,243 |
| | 5,530 |
| Shareholders’ equity: | |
| | |
| Preferred stock, Series C | — |
| | 7,000 |
| Common stock | 53,981 |
| | 40,583 |
| Retained earnings | 68,348 |
| | 62,496 |
| Accumulated other comprehensive (loss) income, net of tax | (2,286 | ) | | 7,586 |
| Total shareholders’ equity | 120,043 |
| | 117,665 |
| Total liabilities and shareholders’ equity | $ | 125,286 |
| | $ | 123,195 |
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Condensed Statements of Income and Comprehensive Income |
CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the Years Ended December 31, 2013, 2012, and 2011 (In thousands) | | | | | | | | | | | | | | 2013 | | 2012 | | 2011 | Income: | |
| | |
| | |
| Dividends declared by Subsidiary - eliminated in consolidation | $ | 18,000 |
| | $ | 3,000 |
| | $ | — |
| Other income | 5 |
| | 3 |
| | 3 |
| Total income | 18,005 |
| | 3,003 |
| | 3 |
| Expenses: | |
| | |
| | |
| Interest on junior subordinated deferrable interest debentures | 98 |
| | 107 |
| | 100 |
| Professional fees | 102 |
| | 140 |
| | 148 |
| Other expenses | 424 |
| | 587 |
| | 352 |
| Total expenses | 624 |
| | 834 |
| | 600 |
| Income (loss) before equity in undistributed net income of Subsidiary | 17,381 |
| | 2,169 |
| | (597 | ) | Equity in undistributed net income of Subsidiary, net of distributions | (9,414 | ) | | 4,993 |
| | 6,854 |
| Income before income tax benefit | 7,967 |
| | 7,162 |
| | 6,257 |
| Benefit from income taxes | 283 |
| | 358 |
| | 220 |
| Net income | 8,250 |
| | 7,520 |
| | 6,477 |
| Preferred stock dividend and accretion of discount | 350 |
| | 350 |
| | 486 |
| Income available to common shareholders | $ | 7,900 |
| | $ | 7,170 |
| | $ | 5,991 |
| | | | | | | Comprehensive (loss) income | $ | (1,622 | ) | | $ | 10,982 |
| | $ | 9,634 |
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Condensed Statements of Cash Flows |
CONDENSED STATEMENTS OF CASH FLOWS For the Years Ended December 31, 2013, 2012, and 2011 (In thousands) | | | | | | | | | | | | | | 2013 | | 2012 | | 2011 | Cash flows from operating activities: | |
| | |
| | |
| Net income | $ | 8,250 |
| | $ | 7,520 |
| | $ | 6,477 |
| Adjustments to reconcile net income to net cash provided by (used in) operating activities: | | | | | |
| Undistributed net income of subsidiary, net of distributions | 9,414 |
| | (4,993 | ) | | (6,854 | ) | Stock-based compensation | 98 |
| | 108 |
| | 196 |
| Tax benefit from exercise of stock options | (17 | ) | | (26 | ) | | (116 | ) | Net decrease (increase) in other assets | 86 |
| | (28 | ) | | (50 | ) | Net (decrease) increase in other liabilities | (198 | ) | | 179 |
| | (23 | ) | Benefit for deferred income taxes | (18 | ) | | (15 | ) | | (36 | ) | Net cash provided by (used in) operating activities | 17,615 |
| | 2,745 |
| | (406 | ) | Cash flows used in investing activities: | |
| | |
| | |
| Investment in subsidiary | (11,358 | ) | | — |
| | — |
| Cash flows from financing activities: | |
| | |
| | |
| Cash dividend payments on common stock | (2,048 | ) | | (480 | ) | | — |
| Cash dividend payments on preferred stock | (437 | ) | | (350 | ) | | (307 | ) | Share repurchase and retirement | — |
| | (488 | ) | | — |
| Proceeds from exercise of stock options | 789 |
| | 385 |
| | 680 |
| Redemption of preferred stock Series C | (7,000 | ) | | — |
| | — |
| Warrant purchase | — |
| | — |
| | (185 | ) | Tax benefit from exercise of stock options | 17 |
| | 26 |
| | 116 |
| Net cash (used in) provided by financing activities | (8,679 | ) | | (907 | ) | | 304 |
| (Decrease) increase in cash and cash equivalents | (2,422 | ) | | 1,838 |
| | (102 | ) | Cash and cash equivalents at beginning of year | 2,807 |
| | 969 |
| | 1,071 |
| Cash and cash equivalents at end of year | $ | 385 |
| | $ | 2,807 |
| | $ | 969 |
| | | | | | | Cash paid during the year for interest | $ | 125 |
| | $ | 109 |
| | $ | 98 |
| Non-cash investing and financing activities: | | | |
| | |
| Redemption of preferred stock Series A and issuance of preferred stock Series C | $ | — |
| | $ | — |
| | $ | 7,000 |
| Common stock issued in Visalia Community Bank acquisition | 12,494 |
| | — |
| | — |
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