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Parent Only Condensed Financial Information (Tables)
12 Months Ended
Dec. 31, 2013
Parent Only Condensed Financial Information [Abstract]  
Statement of Financial Condition [Table Text Block]

 

 

 

 

 

 

 

 

 

 

STATEMENTS OF FINANCIAL CONDITION

 

 

 

 

 

 

Years Ended December 31,

 

 

2013

 

2012

 

 

(In Thousands)

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

Cash and due from banks

$

402 

$

1,052 

Investment in subsidiaries

 

103,725 

 

95,037 

Restricted common stock

 

124 

 

124 

Other assets

 

155 

 

58 

 

 

 

 

 

Total assets

 

104,406 

 

96,271 

 

 

 

 

 

 

 

 

 

 

Liabilities and Stockholders' Equity

 

 

 

 

Liabilities

 

 

 

 

Subordinated debentures

$

4,124 

$

4,124 

Other Liabilities

 

222 

 

566 

 

 

 

 

 

Total Liabilities

 

4,346 

 

4,690 

 

 

 

 

 

Stockholder's Equity

 

100,060 

 

91,581 

 

 

 

 

 

Total Liabilities and Stockholders' Equity

$

104,406 

$

96,271 

 

Statements of Operations [Table Text Block]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

STATEMENTS OF OPERATIONS

 

 

 

 

 

 

 

 

Years Ended December 31,

 

 

2013

 

2012

 

2011

 

 

(In Thousands)

 

 

 

 

 

 

 

Dividends from Bank subsidiary

$

6,477 

$

15,745 

$

9,611 

Total Income

 

6,477 

 

15,745 

 

9,611 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, borrowed money

 

119 

 

128 

 

120 

Other

 

312 

 

37 

 

(17)

Total Expense

 

431 

 

165 

 

103 

 

 

 

 

 

 

 

Income before Income Tax Expense (Benefit) and Equity in Undistributed Earnings (Losses) of Subsidiaries

 

6,046 

 

15,580 

 

9,508 

Income tax (benefit) expense

 

(93)

 

(55)

 

97 

 

 

 

 

 

 

 

Income before Equity in Undistributed (Losses) Earnings of Subsidiaries

 

6,139 

 

15,635 

 

9,411 

 

 

 

 

 

 

 

Equity in undistributed (losses) earnings of Subsidiaries

 

3,277 

 

(17,697)

 

(3,360)

 

 

 

 

 

 

 

Net Income (loss)

$

9,416 

$

(2,062)

$

6,051 

 

Statements of Cash Flows [Table Text Block]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

STATEMENTS OF CASH FLOWS

 

 

 

 

 

 

 

 

Years Ended December 31,

 

 

2013

 

2012

 

2011

 

 

(In Thousands)

 

 

 

 

 

 

 

Cash Flows from Operating Activities

 

 

 

 

 

 

Net Income (Loss)

$

9,416 

$

(2,062)

$

6,051 

Adjustments to reconcile net income (loss) to net cash provided by operating activites:

 

 

 

 

 

 

Equity in undistributed (earnings) losses of subsidiaries

 

(3,277)

 

17,697 

 

3,360 

(Increase) decrease in other assets

 

(97)

 

(22)

 

95 

(Decrease) increase in other liabilities

 

(514)

 

490 

 

18 

 

 

 

 

 

 

 

Net Cash Provided By Operating Activities

 

5,528 

 

16,103 

 

9,524 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash Flows from Investing Activities

 

 

 

 

 

 

      Additional investment in subsidiary                                                     

 

(3,986)

 

(8,570)

 

-

 

 

 

 

 

 

 

Net Cash Used In Investing Activities

$

(3,986)

$

(8,570)

$

-

 

 

 

 

 

 

 

Cash Flows from Financing Activities

 

 

 

 

 

 

     Proceeds from issuance of preferred stock

 

3,986 

 

8,570 

 

-

     Proceeds from issuance of common stock

 

157 

 

109 

 

237 

     Cash dividends paid

 

(4,419)

 

(4,310)

 

(4,549)

     Purchase of treasury stock

 

(1,916)

 

(10,850)

 

(5,567)

 

 

 

 

 

 

 

Net Cash Used in Financing Activities

 

(2,192)

 

(6,481)

 

(9,879)

 

 

 

 

 

 

 

Net (Decrease) increase in Cash and Cash Equivalents

 

(650)

 

1,052 

 

(355)

 

 

 

 

 

 

 

Cash and Cash Equivalents - Beginning

$

1,052 

$

-

$

355 

 

 

 

 

 

 

 

Cash and Cash Equivalents - Ending

$

402 

$

1,052 

$

-