Parent Company Financial Statements (Tables)

12 Months Ended

Dec. 31, 2014

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Balance Sheets of Parent Company

BALANCE SHEETS

December 31,	2014		2013
(dollars in thousands)
ASSETS:
Cash	$	7,674	$	12,245
Investment in subsidiary, at equity		213,245		193,783
Other assets		7,700		6,634
Total assets	$	228,619	$	212,662
LIABILITIES AND STOCKHOLDERS’ EQUITY:
Liabilities	$	36	$	107
Subordinated debentures		36,083		36,083
Stockholders’ equity		192,500		176,472
Total liabilities and stockholders’ equity	$	228,619	$	212,662

Statements of Income of Parent Company

STATEMENTS OF INCOME

Year Ended December 31,	2014			2013			2012
(dollars in thousands)
Income:
Interest income from deposits in bank	$	21		$	28		$	33
Other income		72			72			72
Total income		93			100			105
Interest expense		2,329			2,400			2,400
Operating expenses		204			208			198
Income before income taxes and equity in undistributed income of subsidiary		(2,440	)		(2,508	)		(2,493	)
Benefit from income taxes		(830	)		(853	)		(848	)
Income before equity in undistributed income of subsidiary		(1,610	)		(1,655	)		(1,645	)
Equity in undistributed income of subsidiary		23,470			21,701			20,684
Net income	$	21,860		$	20,046		$	19,039

Statements of Cash Flows of Parent Company

STATEMENTS OF CASH FLOWS

December 31,	2014			2013			2012
(dollars in thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	21,860		$	20,046		$	19,039
Adjustments to reconcile net income to net cash provided by operating activities
Undistributed income of subsidiary		(23,470	)		(21,701	)		(20,684	)
Depreciation and amortization		12			12			12
Increase in other assets		(1,067	)		(3,500	)		(416	)
Decrease in liabilities		(71	)		—			—
Net cash (used in) operating activities		(2,736	)		(5,143	)		(2,049	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net proceeds from the exercise of stock options		361			43			304
Cash dividends paid		(2,196	)		(2,191	)		(2,186	)
Net cash used in financing activities		(1,835	)		(2,148	)		(1,882	)
Net (decrease) in cash		(4,571	)		(7,291	)		(3,931	)
Cash at beginning of year		12,245			19,536			23,467
Cash at end of year	$	7,674		$	12,245		$	19,536