Condensed Financial Information - Parent Corporation Only

12 Months Ended

Dec. 31, 2015

Condensed Financial Information – Parent Corporation Only



BALANCE SHEETS
	December 31,
(Dollars in thousands)	2015		2014
ASSETS
Cash on deposit with subsidiary bank	$	1,403	$	563
Investment in subsidiaries	125,900		124,242
Other assets	1,686		2,651
TOTAL ASSETS	$	128,989	$	127,456
LIABILITIES
Subordinated notes	$	5,155	$	5,155
Other liabilities	280		267
TOTAL LIABILITIES	5,435		5,422
SHAREHOLDERS' EQUITY
Common stock	17,330		17,494
Capital surplus	44,155		44,892
Retained earnings	60,392		55,854
Accumulated other comprehensive income, net	1,677		3,794
TOTAL SHAREHOLDERS' EQUITY	123,554		122,034
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	128,989	$	127,456



STATEMENTS OF INCOME
	Year End December 31,
(Dollars in thousands)	2015			2014			2013
INCOME:
Dividends from subsidiaries	$	5,383		$	3,440		$	2,670
Interest and dividends from investments	—			15			—
Other income	17			—			41
Total income	5,400			3,455			2,711
EXPENSES:
Salaries and employee benefits	919			746			671
Legal and professional fees	156			56			20
Directors fees	274			280			279
Interest expense	279			279			279
Other	424			401			361
Total expenses	2,052			1,762			1,610
Income before allocated tax benefits and undistributed income of subsidiaries	3,348			1,693			1,101
Income tax benefit	(715		)	(753		)	(542		)
Income before equity in undistributed income of subsidiaries	4,063			2,446			1,643
Equity in undistributed income of subsidiaries	3,767			5,138			4,511
Net income	$	7,830		$	7,584		$	6,154



STATEMENTS OF CASH FLOWS
	December 31,
(Dollars in thousands)	2015			2014			2013
Cash Flows from Operating Activities
Net income	$	7,830		$	7,584		$	6,154
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed earnings of subsidiaries	(3,767		)	(5,138		)	(4,511		)
Share-based compensation	605			426			492
Decrease (increase) in other assets	957			(1,099		)	(87		)
Increase in other liabilities	13			213			2
Net cash provided by operating activities	5,638			1,986			2,050
Cash Flows from Investing Activities
Proceeds from sales, calls and maturities of available for sale securities	—			44			—
Net cash provided by investing activities	—			44			—
Cash Flows from Financing Activities
Net proceeds from issuance of common stock	—			394			39
Cash dividends paid on common stock	(3,292		)	(2,419		)	(1,700		)
Repurchase of stock	(1,506		)	(88		)	(103		)
Net cash used in financing activities	(4,798		)	(2,113		)	(1,764		)
Increase (decrease) in cash and cash equivalents	840			(83		)	286
Cash and Cash Equivalents at beginning of year	563			646			360
Cash and Cash Equivalents at end of year	$	1,403		$	563		$	646