PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION (Tables) (Parent Company)

12 Months Ended

Dec. 31, 2013

Parent Company

Condensed financial information

Schedule of condensed balance sheets

Condensed Balance Sheets

December 31,	2013		2012
(In thousands)
ASSETS
Cash and cash equivalents	$	37,364	$	5,203
Other assets	299		199
Investment in the Bank	137,799		129,277
Total Assets	$	175,462	$	134,679
LIABILITIES AND STOCKHOLDERS’ EQUITY
Junior subordinated debentures	$	16,002	$	16,002
Other liabilities	—		5
Total Liabilities	16,002		16,007
Total Stockholders’ Equity	159,460		118,672
Total Liabilities and Stockholders’ Equity	$	175,462	$	134,679

Schedule of condensed statements of income

Years ended December 31,	2013			2012			2011
(In thousands)
Interest expense	$	1,365		$	1,365		$	1,366
Non-interest expense	69			82			69
Loss before income taxes and equity in undistributed earnings of the Bank	(1,434		)	(1,447		)	(1,435		)
Income tax benefit	(483		)	(466		)	(445		)
Loss before equity in undistributed earnings of the Bank	(951		)	(981		)	(990		)
Equity in undistributed earnings of the Bank	14,044			13,753			11,349
Net income	$	13,093		$	12,772		$	10,359

Schedule of condensed statements of cash flows

Years ended December 31,	2013			2012			2011
(In thousands)
Cash flows from operating activities:
Net income	$	13,093		$	12,772		$	10,359
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Equity in undistributed earnings of the Bank	(14,044		)	(13,753		)	(11,349		)
(Increase) decrease in other assets	(100		)	(7		)	558
(Decrease) increase in other liabilities	(5		)	(227		)	198
Net cash used in operating activities	(1,056		)	(1,215		)	(234		)
Cash flows from investing activities:
Investment in the Bank	(6,000		)	(7,000		)	(12,000		)
Cash in lieu of fractional shares for business acquisition	—			—			(3		)
Net cash used in investing activities	(6,000		)	(7,000		)	(12,003		)
Cash flows from financing activities:
Net proceeds from issuance of common stock	46,237			10,507			28,088
Net proceeds from exercise of stock options	4			—			—
Repurchase of surrendered stock from exercise of stock options and vesting of restricted stock awards	(291		)	(175		)	(128		)
Excess tax (expense) benefit from share based compensation	21			(18		)	(16		)
Cash dividends paid	(6,754		)	(9,898		)	(6,061		)
Net cash provided by financing activities	39,217			416			21,883
Net increase (decrease) in cash and cash equivalents	32,161			(7,799		)	9,646
Cash and cash equivalents at beginning of year	5,203			13,002			3,356
Cash and cash equivalents at end of year	$	37,364		$	5,203		$	13,002