Condensed Parent Company Financial Information

12 Months Ended

Dec. 31, 2012

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

CONDENSED PARENT COMPANY FINANCIAL INFORMATION

NOTE 13 – CONDENSED PARENT COMPANY FINANCIAL INFORMATION

A summary of condensed financial information of the parent company as of December 31, 2012 and 2011 and for each of the three years in the period ended December 31, 2012 follows:

(Dollars in thousands)	2012		2011
CONDENSED BALANCE SHEETS
ASSETS
Cash deposited with subsidiary bank	$	388	$	535
Investment in subsidiary bank		51,858		48,652
Securities available-for-sale		69		60
Other assets		207		196
TOTAL ASSETS	$	52,522	$	49,443
LIABILITIES AND SHAREHOLDERS’ EQUITY
Total liabilities	$	69	$	14
Total shareholders’ equity		52,453		49,429
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	52,522	$	49,443

(Dollars in thousands)	2012			2011			2010
CONDENSED STATEMENTS OF INCOME
Interest on securities	$	2		$	1		$	1
Dividends from subsidiary		2,000			2,300			2,000
Total income		2,002			2,301			2,001
Operating expenses		354			336			483
Income before taxes and undistributed equity income of subsidiary		1,648			1,965			1,518
Income tax benefit		(120	)		(115	)		(164	)
Equity earnings in subsidiary, net of dividends		2,779			1,607			1,814
NET INCOME	$	4,547		$	3,687		$	3,496
COMPREHENSIVE INCOME	$	4,981		$	4,244		$	3,301

(Dollars in thousands)	2012			2011			2010
CONDENSED STATEMENTS OF CASH FLOWS
Cash flows from operating activities:
Net income	$	4,547		$	3,687		$	3,496
Adjustments to reconcile net income to cash provided by operations:
Equity earnings in subsidiary, net of dividends		(2,779	)		(1,607	)		(1,814	)
Change in other assets, liabilities		49			48			21
Net cash provided by operating activities		1,817			2,128			1,703
Cash flows from investing activities:
Purchase of investment securities		—			—			(4	)
Net cash used in investing activities		—			—			(4	)
Cash flows from financing activities:
Cash dividends paid		(1,969	)		(1,969	)		(1,969	)
Cash received from exercise of stock options		5			—			—
Net cash used in financing activities		(1,964	)		(1,969	)		(1,969	)
Increase (decrease) in cash		(147	)		159			(270	)
Cash at beginning of year		535			376			646
Cash at end of year	$	388		$	535		$	376