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Parent Company Statements (Tables) - Parent Company [Member]
12 Months Ended
Dec. 31, 2015
Condensed Balance Sheets

 

 

 

 

 

 

CONDENSED BALANCE SHEETS

 

 

 

 

 

(Dollars in thousands)

December 31,

 

2015

 

2014

ASSETS

 

 

 

 

 

Cash and cash equivalents

$

564 

 

$

554 

Equity investments

 

626 

 

 

 -

Investment in subsidiaries

 

76,334 

 

 

59,217 

Other assets

 

100 

 

 

 -

Total assets

$

77,624 

 

$

59,771 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

 

 

Subordinated debt

$

7,500 

 

$

 -

Other liabilities

 

56 

 

 

641 

Shareholders' equity

 

70,068 

 

 

59,130 

Total liabilities and shareholders' equity

$

77,624 

 

$

59,771 

 

Condensed Statements of Income and Comprehensive Income

 

 

 

 

 

 

 

 

 

CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

 

 

 

 

 

 

 

 

(Dollars in thousands)

For Years Ended December 31,

 

2015

 

2014

 

2013

Income

 

 

 

 

 

 

 

 

Dividends from subsidiaries

$

5,662 

 

$

2,325 

 

$

1,237 

Other income

 

19 

 

 

 -

 

 

 -

Total Income

 

5,681 

 

 

2,325 

 

 

1,237 

 

 

 

 

 

 

 

 

 

Expense

 

 

 

 

 

 

 

 

Other expenses

 

(695)

 

 

(716)

 

 

(184)

Total Expense

 

(695)

 

 

(716)

 

 

(184)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income tax and equity in undistributed earnings (loss) of subsidiaries

 

4,986 

 

 

1,609 

 

 

1,053 

Equity in undistributed earnings of subsidiaries

 

1,346 

 

 

4,012 

 

 

3,823 

 

 

 

 

 

 

 

 

 

Income before income tax

 

6,332 

 

 

5,621 

 

 

4,876 

Income tax benefit

 

196 

 

 

80 

 

 

63 

 

 

 

 

 

 

 

 

 

Net income

 

6,528 

 

 

5,701 

 

 

4,939 

Series A preferred stock dividends & discount accretion

 

 -

 

 

 -

 

 

14 

   Series B preferred stock dividends and redemption premium

 

473 

 

 

350 

 

 

309 

   Series C preferred stock dividends

 

17 

 

 

 

 

 

 

Net income available to common shareholders

$

6,038 

 

$

5,351 

 

$

4,616 

Comprehensive income

$

6,827 

 

$

8,086 

 

$

1,774 

 

Condensed Statement of Cash Flows

 

 

 

 

 

 

 

 

 

CONDENSED STATEMENTS OF CASH FLOWS

 

 

 

 

 

 

 

 

(Dollars in thousands)

For Years Ended December 31,

 

2015

 

2014

 

2013

CASH FLOWS FROM OPERATING ACTIVITIES

 

 

 

 

 

 

 

 

Net income

$

6,528 

 

$

5,701 

 

$

4,939 

Equity in undistributed earnings of subsidiaries

 

(1,346)

 

 

(4,012)

 

 

(3,823)

(Increase) decrease in other assets

 

(14)

 

 

 

 

(Decrease) increase in other liabilities

 

(665)

 

 

292 

 

 

334 

Net cash provided by operating activities

 

4,503 

 

 

1,989 

 

 

1,453 

CASH FLOWS FROM INVESTING ACTIVITIES

 

 

 

 

 

 

 

 

Net cash paid for acquisition

 

(2,949)

 

 

 -

 

 

 -

Net cash used in investing activities

 

(2,949)

 

 

 -

 

 

 -

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES

 

 

 

 

 

 

 

 

Dividends paid

 

(2,175)

 

 

(1,925)

 

 

(1,181)

Series B preferred stock issuance, net of costs

 

 -

 

 

 -

 

 

120 

Series B preferred stock redemption premium

 

(100)

 

 

 -

 

 

 -

Series B preferred stock redemption

 

(5,000)

 

 

 -

 

 

 -

Series C preferred stock redemption

 

(1,750)

 

 

 -

 

 

 -

Employee Stock Purchase Plan

 

66 

 

 

53 

 

 

55 

Warrant repurchase

 

 -

 

 

 -

 

 

(58)

Deferred financing fees paid for subordinated debt issuance

 

(85)

 

 

 -

 

 

 -

Subordinated debt issuance

 

7,500 

 

 

 -

 

 

 -

Net cash used in financing activities

 

(1,544)

 

 

(1,872)

 

 

(1,064)

Net increase in cash and cash equivalents

 

10 

 

 

117 

 

 

389 

Cash and cash equivalents, beginning of year

 

554 

 

 

437 

 

 

48 

Cash and cash equivalents, end of year

$

564 

 

$

554 

 

$

437