PARENT COMPANY FINANCIAL STATEMENTS

12 Months Ended

Dec. 31, 2013

PARENT COMPANY FINANCIAL STATEMENTS [Abstract]

PARENT COMPANY FINANCIAL STATEMENTS

NOTE 22 - PARENT COMPANY FINANCIAL STATEMENTS

Condensed Balance Sheets
December 31
	2013			2012
ASSETS
Cash	$	8,761		$	6,130
Investment in subsidiaries		151,019			152,885
Premises and equipment		207			191
Other assets		1,519			1,957
Total assets	$	161,506		$	161,163
LIABILITIES AND STOCKHOLDERS’ EQUITY
Other liabilities	$	766		$	818
Other borrowed funds		13,800			16,049
Total liabilities		14,566			16,867
Stockholders’ equity
Preferred stock		11,955			11,896
Common stock		73,589			72,849
Retained earnings		62,021			52,975
Accumulated other comprehensive income (loss)		(625	)		6,576
Total stockholders’ equity		146,940			144,296
Total liabilities and stockholders’ equity	$	161,506		$	161,163

Condensed Statement of Operations
Years Ended December 31
	2013			2012			2011
Income
Dividends from subsidiaries	$	9,675		$	13,915		$	6,165
Interest and dividend income		12			22			23
Other income		1,327			1,201			1,132
Total income		11,014			15,138			7,320
Expenses
Interest expense		650			754			852
Salaries and employee benefits		2,387			2,318			1,952
Professional fees		51			337			113
Other expenses		1,020			1,053			1,079
Total expenses		4,108			4,462			3,996
Income before income taxes and equity in undistributed income of subsidiaries		6,906			10,676			3,324
Income tax (benefit)		(987	)		(1,144	)		(1,034	)
Income before equity in undistributed income of subsidiaries		7,893			11,820			4,358
Equity in undistributed income (excess distributions) of subsidiaries		5,336			(1,497	)		2,810
Net income	$	13,229		$	10,323		$	7,168

Condensed Statement of Cash Flows
Years Ended December 31
	2013			2012			2011
Cash flows from operating activities
Net income	$	13,229		$	10,323		$	7,168
Adjustments to reconcile net income to net cash from operating activities
Depreciation		64			57			70
Stock compensation expense		169			181			106
Gain from sales of assets		(11	)		-			-
Dividends in excess of net income of subsidiaries		-			1,497			-
Equity in undistributed earnings of subsidiaries		(5,336	)		-			(2,810	)
Change in other assets		438			24			652
Change in other liabilities		(51	)		220			(44	)
Net cash from operating activities		8,502			12,302			5,142
Cash flows from investing activities
Cash from merger of subsidiaries		-			-			391
Purchases of fixed assets, net of proceeds from asset sales		(69	)		(108	)		(81	)
Net cash from investing activities		(69	)		(108	)		310
Cash flows from financing activities
Cash dividends on preferred stock		(600	)		(984	)		(1,390	)
Cash dividends paid to shareholders		(3,524	)		(1,749	)		-
Repurchase of preferred stock		-			(9,237	)		-
Proceeds from stock option exercises		571			192			-
Payments on other borrowed funds		(2,249	)		(2,081	)		(2,047	)
Net cash from financing activities		(5,802	)		(13,859	)		(3,437	)
Net change in cash and cash equivalents		2,631			(1,665	)		2,015
Cash and cash equivalents at beginning of year		6,130			7,795			5,780
Cash and cash equivalents at end of year	$	8,761		$	6,130		$	7,795