Condensed Parent Company Financial Information

12 Months Ended

Dec. 31, 2016

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, 2016 and 2015, and for each of the three years in the period ended December 31, 2016 follows:

(Dollars in thousands)	2016			2015
CONDENSED BALANCE SHEETS
ASSETS
Cash deposited with subsidiary bank	$	921		$	790
Investment in subsidiary bank		64,272			60,201
Securities available-for-sale		80			64
Other assets		195			218
TOTAL ASSETS	$	65,468		$	61,273
LIABILITIES AND SHAREHOLDERS’ EQUITY
Total liabilities	$	53		$	7
Total shareholders’ equity		65,415			61,266
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	65,468		$	61,273
(Dollars in thousands)	2016			2015			2014
CONDENSED STATEMENTS OF COMPREHENSIVE INCOME
Interest on securities	$	2		$	2		$	2
Dividends from subsidiary		2,450			2,400			2,400
Securities gains		–			35			–
Total income		2,452			2,437			2,402
Operating expenses		384			465			312
Income before taxes and undistributed equity income of subsidiary		2,068			1,972			2,090
Income tax benefit		(131	)		(146	)		(141	)
Equity earnings in subsidiary, net of dividends		4,539			3,904			3,653
NET INCOME	$	6,738		$	6,022		$	5,884
COMPREHENSIVE INCOME	$	6,281		$	5,887		$	7,058

(Dollars in thousands)	2016			2015			2014
CONDENSED STATEMENTS OF CASH FLOWS
Cash flows from operating activities:
Net income	$	6,738		$	6,022		$	5,884
Adjustments to reconcile net income to cash provided by operations:
Equity earnings in subsidiary, net of dividends		(4,539	)		(3,904	)		(3,653	)
Securities gain		–			(35	)		–
Change in other assets, liabilities		71			2			(111	)
Net cash provided by operating activities		2,270			2,085			2,120
Cash flows from investing activities:
Proceeds from sale of securities		–			88			–
Net cash provided by investing activities		–			88			–
Cash flows from financing activities:
Cash dividends paid		(2,139	)		(2,082	)		(2,026	)
Cash received from exercise of stock options		–			–			7
Net cash used in financing activities		(2,139	)		(2,082	)		(2,019	)
Increase in cash		131			91			101
Cash at beginning of year		790			699			598
Cash at end of year	$	921		$	790		$	699