Condensed Parent Company Financial Information

12 Months Ended

Dec. 31, 2015

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, 2015 and 2014 and for each of the three years in the period ended December 31, 2015 follows:

(Dollars in thousands)	2015			2014
CONDENSED BALANCE SHEETS
ASSETS
Cash deposited with subsidiary bank	$	790		$	699
Investment in subsidiary bank		60,201			56,424
Securities available-for-sale		64			128
Other assets		218			199
TOTAL ASSETS	$	61,273		$	57,450
LIABILITIES AND SHAREHOLDERS’ EQUITY
Total liabilities	$	7		$	–
Total shareholders’ equity		61,266			57,450
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	61,273		$	57,450
(Dollars in thousands)	2015			2014			2013
CONDENSED STATEMENTS OF COMPREHENSIVE INCOME
Interest on securities	$	2		$	2		$	2
Dividends from subsidiary		2,400			2,400			2,400
Securities gains		35			–			–
Total income		2,437			2,402			2,402
Operating expenses		465			312			356
Income before taxes and undistributed equity income of subsidiary		1,972			2,090			2,046
Income tax benefit		(146	)		(141	)		(121	)
Equity earnings in subsidiary, net of dividends		3,904			3,653			3,073
NET INCOME	$	6,022		$	5,884		$	5,240
COMPREHENSIVE INCOME	$	5,887		$	7,058		$	1,920

(Dollars in thousands)	2015			2014			2013
CONDENSED STATEMENTS OF CASH FLOWS
Cash flows from operating activities:
Net income	$	6,022		$	5,884		$	5,240
Adjustments to reconcile net income to cash provided by operations:
Equity earnings in subsidiary, net of dividends		(3,904	)		(3,653	)		(3,073	)
Securities gain		(35	)		–			–
Change in other assets, liabilities		2			(111	)		42
Net cash provided by operating activities		2,085			2,120			2,209
Cash flows from investing activities:
Purchase of investment securities		–			–			(37	)
Proceeds from sale of securities		88			–			–
Net cash provided by (used in) investing activities		88			–			(37	)
Cash flows from financing activities:
Cash dividends paid		(2,082	)		(2,026	)		(1,970	)
Cash received from exercise of stock options		–			7			8
Net cash used in financing activities		(2,082	)		(2,019	)		(1,962	)
Increase in cash		91			101			210
Cash at beginning of year		699			598			388
Cash at end of year	$	790		$	699		$	598