Parent Company Statements

12 Months Ended

Dec. 31, 2016

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

(23)

Parent Company Statements

CONDENSED BALANCE SHEETS


	December 31,
(Dollars in thousands)	2016		2015
ASSETS
Cash and cash equivalents	$	780	$	564
Equity investments		545		626
Investment in subsidiaries		77,029		76,334
Other assets		40		14

Total assets	$	78,394	$	77,538

LIABILITIES AND SHAREHOLDERS’ EQUITY
Subordinated debt	$	7,414	$	7,414
Other liabilities		513		56
Shareholders’ equity		70,467		70,068

Total liabilities and shareholders’ equity	$	78,394	$	77,538

CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME


	For Years Ended December 31,
(Dollars in thousands)	2016			2015			2014
Income
Dividends from subsidiaries	$	2,871		$	5,662		$	2,325
Other income		33			19			—

Total Income		2,904			5,681			2,325
Expense
Other expenses		(606	)		(695	)		(716	)

Total Expense		(606	)		(695	)		(716	)
Income before income tax and equity in undistributed earnings (loss) of subsidiaries		2,298			4,986			1,609
Equity in undistributed earnings of subsidiaries		5,311			1,346			4,012

Income before income tax		7,609			6,332			5,621
Income tax benefit		195			196			80

Net income		7,804			6,528			5,701
Series B preferred stock dividends and redemption premium		—			473			350
Series C preferred stock dividends		—			17			—

Net income available to common shareholders	$	7,804		$	6,038		$	5,351

Comprehensive income	$	3,139		$	6,827		$	8,086

CONDENSED STATEMENTS OF CASH FLOWS


	For Years Ended December 31,
(Dollars in thousands)	2016			2015			2014
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	7,804		$	6,528		$	5,701
Equity in undistributed earnings of subsidiaries		(5,311	)		(1,346	)		(4,012	)
Decrease (increase) in other assets		59			(14	)		8
Increase (decrease) in other liabilities		457			(665	)		292

Net cash provided by operating activities		3,009			4,503			1,989

CASH FLOWS FROM INVESTING ACTIVITIES
Net cash paid for acquisition		—			(2,949	)		—

Net cash used in investing activities		—			(2,949	)		—

CASH FLOWS FROM FINANCING ACTIVITIES
Dividends paid		(2,875	)		(2,175	)		(1,925	)
Series B preferred stock redemption premium		—			(100	)		—
Series B preferred stock redemption		—			(5,000	)		—
Series C preferred stock redemption		—			(1,750	)		—
Employee Stock Purchase Plan		82			66			53
Deferred financing fees paid for subordinated debt issuance		—			(85	)		—
Subordinated debt issuance		—			7,500			—

Net cash used in financing activities		(2,793	)		(1,544	)		(1,872	)

Net increase in cash and cash equivalents		216			10			117
Cash and cash equivalents, beginning of year		564			554			437

Cash and cash equivalents, end of year	$	780		$	564		$	554

- Definition

The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document.

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