XML 40 R25.htm IDEA: XBRL DOCUMENT v3.10.0.1
Parent Only Condensed Financial Statements
12 Months Ended
Dec. 31, 2018
Condensed Financial Information Disclosure [Abstract]  
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