Condensed Parent Company Financial Information

12 Months Ended

Dec. 31, 2014

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, 2014 and 2013 and for each of the three years in the period ended December 31, 2014 follows:

(Dollars in thousands)	2014			2013
CONDENSED BALANCE SHEETS
ASSETS
Cash deposited with subsidiary bank	$	699		$	598
Investment in subsidiary bank		56,424			51,596
Securities available-for-sale		128			128
Other assets		199			192
TOTAL ASSETS	$	57,450		$	52,514
LIABILITIES AND SHAREHOLDERS’ EQUITY
Total liabilities	$	–		$	103
Total shareholders’ equity		57,450			52,411
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	57,450		$	52,514
(Dollars in thousands)	2014			2013			2012
CONDENSED STATEMENTS OF INCOME
Interest on securities	$	2		$	2		$	2
Dividends from subsidiary		2,400			2,400			2,000
Total income		2,402			2,402			2,002
Operating expenses		312			356			354
Income before taxes and undistributed equity income of subsidiary		2,090			2,046			1,648
Income tax benefit		(141	)		(121	)		(120	)
Equity earnings in subsidiary, net of dividends		3,653			3,073			2,779
NET INCOME	$	5,884		$	5,240		$	4,547
COMPREHENSIVE INCOME	$	7,058		$	1,920		$	4,981

(Dollars in thousands)	2014			2013			2012
CONDENSED STATEMENTS OF CASH FLOWS
Cash flows from operating activities:
Net income	$	5,884		$	5,240		$	4,547
Adjustments to reconcile net income to cash provided by operations:
Equity earnings in subsidiary, net of dividends		(3,653	)		(3,073	)		(2,779	)
Change in other assets, liabilities		(111	)		42			49
Net cash provided by operating activities		2,120			2,209			1,817
Cash flows from investing activities:
Purchase of investment securities		–			(37	)		–
Net cash used in investing activities		–			(37	)		–
Cash flows from financing activities:
Cash dividends paid		(2,026	)		(1,970	)		(1,969	)
Cash received from exercise of stock options		7			8			5
Net cash used in financing activities		(2,019	)		(1,962	)		(1,964	)
Increase (decrease) in cash		101			210			(147	)
Cash at beginning of year		598			388			535
Cash at end of year	$	699		$	598		$	388