| CONDENSED FINANCIAL STATEMENTS (PARENT COMPANY ONLY) |
NOTE 18 – CONDENSED FINANCIAL STATEMENTS (PARENT COMPANY ONLY)
Following are condensed parent company only financial statements (dollars in thousands):
CONDENSED BALANCE SHEETS
| |
|
2015 |
|
|
2014 |
|
ASSETS |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
4,818 |
|
|
$ |
2,544 |
|
Investment in Bank subsidiary |
|
|
186,737 |
|
|
|
177,312 |
|
Investment in other subsidiaries |
|
|
1,478 |
|
|
|
1,491 |
|
Other assets |
|
|
362 |
|
|
|
2,599 |
|
Total assets |
|
$ |
193,395 |
|
|
$ |
183,946 |
|
| |
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
Long-term debt |
|
|
41,238 |
|
|
|
41,238 |
|
Other liabilities |
|
|
180 |
|
|
|
189 |
|
Total liabilities |
|
|
41,418 |
|
|
|
41,427 |
|
Total shareholders' equity |
|
|
151,977 |
|
|
|
142,519 |
|
Total liabilities and shareholders' equity |
|
$ |
193,395 |
|
|
$ |
183,946 |
|
CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
| |
|
2015 |
|
|
2014 |
|
|
2013 |
|
INCOME |
|
|
|
|
|
|
|
|
|
Dividends from subsidiaries |
|
$ |
5,160 |
|
|
$ |
4,139 |
|
|
$ |
5,179 |
|
Other |
|
|
--- |
|
|
|
--- |
|
|
|
--- |
|
Total income |
|
|
5,160 |
|
|
|
4,139 |
|
|
|
5,179 |
|
EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
1,331 |
|
|
|
1,311 |
|
|
|
1,563 |
|
Other expense |
|
|
592 |
|
|
|
611 |
|
|
|
575 |
|
Total expense |
|
|
1,923 |
|
|
|
1,922 |
|
|
|
2,138 |
|
Income before income tax and equity in undistributed earnings of subsidiaries |
|
|
3,237 |
|
|
|
2,217 |
|
|
|
3,041 |
|
Equity in undistributed earnings of subsidiaries |
|
|
8,893 |
|
|
|
7,592 |
|
|
|
5,770 |
|
Income before income tax |
|
|
12,130 |
|
|
|
9,809 |
|
|
|
8,811 |
|
Income tax benefit |
|
|
(664 |
) |
|
|
(664 |
) |
|
|
(738 |
) |
Net income |
|
$ |
12,794 |
|
|
$ |
10,473 |
|
|
$ |
9,549 |
|
Net income (loss) available to common shares |
|
$ |
12,794 |
|
|
$ |
10,473 |
|
|
$ |
(8,026 |
) |
Comprehensive income |
|
$ |
13,080 |
|
|
$ |
12,489 |
|
|
$ |
6,634 |
|
CONDENSED STATEMENTS OF CASH FLOWS
| |
|
2015 |
|
|
2014 |
|
|
2013 |
|
Cash flows from operating activities |
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
12,794 |
|
|
$ |
10,473 |
|
|
$ |
9,549 |
|
Adjustments to reconcile net income to net cash from operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
Equity in undistributed earnings of subsidiaries |
|
|
(8,893 |
) |
|
|
(7,592 |
) |
|
|
(5,770 |
) |
Stock compensation expense |
|
|
18 |
|
|
|
2 |
|
|
|
--- |
|
Change in other assets |
|
|
2,237 |
|
|
|
673 |
|
|
|
(740 |
) |
Change in other liabilities |
|
|
(9 |
) |
|
|
(29 |
) |
|
|
(4,487 |
) |
Net cash from operating activities |
|
|
6,147 |
|
|
|
3,527 |
|
|
|
(1,448 |
) |
Cash flows from investing activities |
|
|
|
|
|
|
|
|
|
|
|
|
Investment in subsidiaries |
|
|
--- |
|
|
|
--- |
|
|
|
--- |
|
Net cash from investing activities |
|
|
--- |
|
|
|
--- |
|
|
|
--- |
|
Cash flows from financing activities |
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from issuance of common stock |
|
|
--- |
|
|
|
4 |
|
|
|
--- |
|
Cash dividends paid |
|
|
(3,702 |
) |
|
|
(2,689 |
) |
|
|
--- |
|
Common stock issuance costs |
|
|
--- |
|
|
|
(102 |
) |
|
|
--- |
|
Redemption of subordinated debt |
|
|
--- |
|
|
|
--- |
|
|
|
(1,650 |
) |
Repurchases of shares |
|
|
(171 |
) |
|
|
(106 |
) |
|
|
(45 |
) |
Cash paid in preferred stock exchange |
|
|
--- |
|
|
|
--- |
|
|
|
(4,734 |
) |
Net cash from financing activities |
|
|
(3,873 |
) |
|
|
(2,893 |
) |
|
|
(6,429 |
) |
Net change in cash and cash equivalents |
|
|
2,274 |
|
|
|
634 |
|
|
|
(7,877 |
) |
Cash and cash equivalents at beginning of year |
|
|
2,544 |
|
|
|
1,910 |
|
|
|
9,787 |
|
Cash and cash equivalents at end of year |
|
$ |
4,818 |
|
|
$ |
2,544 |
|
|
$ |
1,910 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental noncash disclosures: |
|
|
|
|
|
|
|
|
|
|
|
|
Conversion of 300 shares of Preferred Series B to 50,000 shares of common stock |
|
$ |
--- |
|
|
$ |
--- |
|
|
$ |
300 |
|
Exchange of 31,290 shares of Preferred Series A to 5,973,519 shares of common stock |
|
|
--- |
|
|
|
--- |
|
|
|
30,604 |
|
Exchange of 2,300 shares of Preferred Series B to 457,159 shares of common stock |
|
|
--- |
|
|
|
--- |
|
|
|
2,260 |
|
|