Condensed Financial Information - Parent Corporation Only

12 Months Ended

Dec. 31, 2016

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Condensed Financial Information - Parent Corporation Only

Condensed Financial Information – Parent Corporation Only

BALANCE SHEETS
	December 31,
(Dollars in thousands)	2016			2015
ASSETS
Cash on deposit with subsidiary bank	$	2,154		$	1,403
Investment in subsidiaries	126,694			125,900
Other assets	3,199			1,686
TOTAL ASSETS	$	132,047		$	128,989
LIABILITIES
Subordinated notes	$	5,155		$	5,155
Other liabilities	213			280
TOTAL LIABILITIES	5,368			5,435
SHAREHOLDERS' EQUITY
Common stock	17,636			17,330
Capital surplus	45,688			44,155
Retained earnings	64,755			60,392
Accumulated other comprehensive income (loss), net	(1,400		)	1,677
TOTAL SHAREHOLDERS' EQUITY	126,679			123,554
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	132,047		$	128,989

STATEMENTS OF INCOME
	Year End December 31,
(Dollars in thousands)	2016			2015			2014
INCOME:
Dividends from subsidiaries	$	6,870		$	5,383		$	3,440
Interest and dividends from investments	—			—			15
Other income	2			17			—
Total income	6,872			5,400			3,455
EXPENSES:
Salaries and employee benefits	1,240			919			746
Legal and advisory fees	1,506			164			91
Directors fees	352			274			280
Interest expense	280			279			279
Other	426			416			366
Total expenses	3,804			2,052			1,762
Income before allocated tax benefits and undistributed income of subsidiaries	3,068			3,348			1,693
Income tax benefit	(1,081		)	(715		)	(753		)
Income before equity in undistributed income of subsidiaries	4,149			4,063			2,446
Equity in undistributed income of subsidiaries	3,915			3,767			5,138
Net income	$	8,064		$	7,830		$	7,584

STATEMENTS OF CASH FLOWS
	December 31,
(Dollars in thousands)	2016			2015			2014
Cash Flows from Operating Activities
Net income	$	8,064		$	7,830		$	7,584
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed earnings of subsidiaries	(3,915		)	(3,767		)	(5,138		)
Share-based compensation	925			605			426
(Increase) decrease in other assets	(1,469		)	957			(1,099		)
(Decrease) increase in other liabilities	(67		)	13			213
Net cash provided by operating activities	3,538			5,638			1,986
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	1,742			—			394
Cash dividends paid on common stock	(3,701		)	(3,292		)	(2,419		)
Repurchases of stock	(828		)	(1,506		)	(88		)
Net cash used in financing activities	(2,787		)	(4,798		)	(2,113		)
Increase (decrease) in cash and cash equivalents	751			840			(83		)
Cash and Cash Equivalents at beginning of year	1,403			563			646
Cash and Cash Equivalents at end of year	$	2,154		$	1,403		$	563