Parent Only Condensed Financial Statements |
PARENT ONLY CONDENSED FINANCIAL STATEMENTS CONDENSED BALANCE SHEETS December 31, 2018 and 2017
| | | | | | | | | | (In thousands) | | 2018 | | 2017 | ASSETS | | |
| | |
| Cash and cash equivalents | | $ | 2,326 |
| | $ | 3,296 |
| Investment in Bank subsidiary | | 222,514 |
| | 210,816 |
| Other assets | | 367 |
| | 750 |
| Total assets | | $ | 225,207 |
| | $ | 214,862 |
| LIABILITIES AND SHAREHOLDERS’ EQUITY | | |
| | |
| Liabilities: | | |
| | |
| Junior subordinated debentures due to subsidiary grantor trust | | $ | 5,155 |
| | $ | 5,155 |
| Other liabilities | | 314 |
| | 148 |
| Total liabilities | | 5,469 |
| | 5,303 |
| Shareholders’ equity: | | |
| | |
| Common stock | | 103,851 |
| | 103,314 |
| Retained earnings | | 120,294 |
| | 103,419 |
| Accumulated other comprehensive (loss) income, net of tax | | (4,407 | ) | | 2,826 |
| Total shareholders’ equity | | 219,738 |
| | 209,559 |
| Total liabilities and shareholders’ equity | | $ | 225,207 |
| | $ | 214,862 |
|
CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the Years Ended December 31, 2018, 2017, and 2016
| | | | | | | | | | | | | | (In thousands) | | 2018 | | 2017 | | 2016 | Income: | | |
| | |
| | |
| Dividends declared by Subsidiary - eliminated in consolidation | | $ | 2,850 |
| | $ | 3,133 |
| | $ | 13,010 |
| Other income | | 6 |
| | 4 |
| | 4 |
| Total income | | 2,856 |
| | 3,137 |
| | 13,014 |
| Expenses: | | |
| | |
| | |
| Interest on junior subordinated deferrable interest debentures | | 199 |
| | 147 |
| | 121 |
| Professional fees | | 217 |
| | 231 |
| | 133 |
| Other expenses | | 548 |
| | 1,019 |
| | 779 |
| Total expenses | | 964 |
| | 1,397 |
| | 1,033 |
| Income before equity in undistributed net income of Subsidiary | | 1,892 |
| | 1,740 |
| | 11,981 |
| Equity in undistributed net income of Subsidiary, net of distributions | | 19,075 |
| | 11,754 |
| | 2,852 |
| Income before income tax benefit | | 20,967 |
| | 13,494 |
| | 14,833 |
| Benefit from income taxes | | 322 |
| | 532 |
| | 349 |
| Net income | | $ | 21,289 |
| | $ | 14,026 |
| | $ | 15,182 |
| | | | | | | | Comprehensive income | | $ | 13,912 |
| | $ | 16,867 |
| | $ | 10,204 |
|
CONDENSED STATEMENTS OF CASH FLOWS For the Years Ended December 31, 2018, 2017, and 2016 | | | | | | | | | | | | | | (In thousands) | | 2018 | | 2017 | | 2016 | Cash flows from operating activities: | | |
| | |
| | |
| Net income | | $ | 21,289 |
| | $ | 14,026 |
| | $ | 15,182 |
| Adjustments to reconcile net income to net cash provided by operating activities: | | | | | | |
| Undistributed net income of subsidiary, net of distributions | | (19,075 | ) | | (11,754 | ) | | (2,852 | ) | Stock-based compensation | | 482 |
| | 384 |
| | 284 |
| Tax benefit from exercise of stock options | | — |
| | — |
| | (30 | ) | Net decrease (increase) in other assets | | 372 |
| | (114 | ) | | (405 | ) | Net increase (decrease) in other liabilities | | 166 |
| | (7 | ) | | 64 |
| Benefit for deferred income taxes | | 11 |
| | 155 |
| | 98 |
| Net cash provided by operating activities | | 3,245 |
| | 2,690 |
| | 12,341 |
| Cash flows used in investing activities: | | |
| | |
| | |
| Investment in subsidiary | | — |
| | (151 | ) | | (9,584 | ) | Cash flows from financing activities: | | |
| | |
| | |
| Cash dividend payments on common stock | | (4,270 | ) | | (3,010 | ) | | (2,715 | ) | Purchase and retirement of common stock | | (894 | ) | | — |
| | — |
| Proceeds from exercise of stock options | | 738 |
| | 2,880 |
| | 231 |
| Proceeds from stock issued under employee stock purchase plan | | 211 |
| | — |
| | — |
| Excess tax benefit from exercise of stock options | | — |
| | — |
| | 30 |
| Net cash used in financing activities | | (4,215 | ) | | (130 | ) | | (2,454 | ) | (Decrease) increase in cash and cash equivalents | | (970 | ) | | 2,409 |
| | 303 |
| Cash and cash equivalents at beginning of year | | 3,296 |
| | 887 |
| | 584 |
| Cash and cash equivalents at end of year | | $ | 2,326 |
| | $ | 3,296 |
| | $ | 887 |
| | | | | | | | Supplemental Disclosure of Cash Flow Information: | | | | | | | Cash paid during the year for interest | | $ | 185 |
| | $ | 142 |
| | $ | 112 |
| Non-cash investing and financing activities: | | | | |
| | |
| Common stock issued in acquisitions | | $ | — |
| | $ | 28,405 |
| | $ | 16,678 |
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