Annual report pursuant to Section 13 and 15(d)

CONDENSED FINANCIAL STATEMENTS (PARENT COMPANY ONLY) (Tables)

v3.3.1.900
CONDENSED FINANCIAL STATEMENTS (PARENT COMPANY ONLY) (Tables)
12 Months Ended
Dec. 31, 2015
CONDENSED FINANCIAL STATEMENTS (PARENT COMPANY ONLY) [Abstract]  
Condensed Balance Sheets
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
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
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