Annual report pursuant to Section 13 and 15(d)

CONDENSED FINANCIAL STATEMENTS (PARENT COMPANY ONLY)

v2.4.1.9
CONDENSED FINANCIAL STATEMENTS (PARENT COMPANY ONLY)
12 Months Ended
Dec. 31, 2014
CONDENSED FINANCIAL STATEMENTS (PARENT COMPANY ONLY) [Abstract]  
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

   
2014
   
2013
 
ASSETS
       
Cash and cash equivalents
 
$
2,544
   
$
1,910
 
Investment in Bank subsidiary
   
177,312
     
167,292
 
Investment in other subsidiaries
   
1,491
     
1,504
 
Other assets
   
2,599
     
3,272
 
Total assets
 
$
183,946
   
$
173,978
 
                 
LIABILITIES AND SHAREHOLDERS' EQUITY
               
Long-term debt
   
41,238
     
41,238
 
Other liabilities
   
189
     
218
 
Total liabilities
   
41,427
     
41,456
 
Total shareholders' equity
   
142,519
     
132,522
 
Total liabilities and shareholders' equity
 
$
183,946
   
$
173,978
 
 
CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
 
   
2014
   
2013
   
2012
 
INCOME
           
Dividends from subsidiaries
 
$
4,139
   
$
5,179
   
$
---
 
Other
   
---
     
---
     
---
 
Total income
   
4,139
     
5,179
     
---
 
EXPENSE
                       
Interest expense
   
1,311
     
1,563
     
1,719
 
Other expense
   
611
     
575
     
555
 
Total expense
   
1,922
     
2,138
     
2,274
 
Income (loss) before income tax and equity in undistributed earnings of subsidiaries
   
2,217
     
3,041
     
(2,274
)
Equity in undistributed earnings of subsidiaries
   
7,592
     
5,770
     
35,338
 
Income before income tax
   
9,809
     
8,811
     
33,064
 
Income tax benefit
   
(664
)
   
(738
)
   
(2,426
)
Net income
 
$
10,473
   
$
9,549
   
$
35,490
 
Net income (loss) available to common shares
 
$
10,473
   
$
(8,026
)
 
$
35,490
 
Comprehensive income
 
$
12,489
   
$
6,634
   
$
36,072
 
 
CONDENSED STATEMENTS OF CASH FLOWS

   
2014
   
2013
   
2012
 
Cash flows from operating activities
           
Net income
 
$
10,473
   
$
9,549
   
$
35,490
 
Adjustments to reconcile net income to net cash from operating activities:
                       
Equity in undistributed earnings of subsidiaries
   
(7,592
)
   
(5,770
)
   
(35,338
)
Stock compensation expense
   
2
     
---
     
---
 
Change in other assets
   
673
     
(740
)
   
(2,424
)
Change in other liabilities
   
(29
)
   
(4,487
)
   
1,524
 
Net cash from operating activities
   
3,527
     
(1,448
)
   
(748
)
Cash flows from investing activities
                       
Investment in subsidiaries
   
---
     
---
     
---
 
Net cash from investing activities
   
---
     
---
     
---
 
Cash flows from investing activities
                       
Proceeds from issuance of common stock
   
4
     
---
     
---
 
Cash dividends paid
   
(2,689
)
   
---
     
---
 
Common stock issuance costs
   
(102
)
   
---
     
---
 
Redemption of subordinated debt
   
---
     
(1,650
)
   
---
 
Repurchases of shares
   
(106
)
   
(45
)
   
---
 
Cash paid in preferred stock exchange
   
---
     
(4,734
)
   
---
 
Net cash from financing activities
   
(2,893
)
   
(6,429
)
   
---
 
Net change in cash and cash equivalents
   
634
     
(7,877
)
   
(748
)
Cash and cash equivalents at beginning of year
   
1,910
     
9,787
     
10,535
 
Cash and cash equivalents at end of year
 
$
2,544
   
$
1,910
   
$
9,787
 
                         
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
     
---