Parent Company financial statements

12 Months Ended

Dec. 31, 2014

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

17. Parent Company financial statements:

CONDENSED BALANCE SHEETS


December 31	2014		2013
Assets:
Cash and cash equivalents	$	4,183	$	3,157
Investment in bank subsidiary		240,225		232,825
Investment in non-bank subsidiary
Due from subsidiaries		2,619		2,472
Investment securities available-for-sale				1,097

Total assets	$	247,027	$	239,551


Liabilities and Stockholders’ Equity:
Other liabilities	$	248	$	759
Stockholders’ equity		246,779		238,792

Total liabilities and stockholders’ equity	$	247,027	$	239,551

CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME


Years Ended December 31	2014		2013			2012
Income:
Dividends from subsidiaries	$	9,360	$	8,350		$	5,504
Other income		430		169			193

Total income		9,790		8,519			5,697

Expense:
Other expenses		251		76			47

Total expenses		251		76			47

Income before taxes and undistributed income		9,539		8,443			5,650
Income tax expense				33			59

Income before undistributed income of subsidiaries		9,539		8,410			5,591
Equity in undistributed net income (loss) of subsidiaries		8,110		(2,689	)		4,998

Net income	$	17,649	$	5,721		$	10,589

Comprehensive Income	$	17,518	$	5,313		$	10,577

CONDENSED STATEMENTS OF CASH FLOWS


Years Ended December 31	2014			2013			2012
Cash flows from operating activities:
Net income	$	17,649		$	5,721		$	10,589
Adjustments:
Net realized gains on sales of securities		(375	)		(103	)		(136	)
Undistributed net income of subsidiaries		(8,110	)		2,689			(5,038	)
Decrease (increase) in other assets		1,182			(1,733	)
Increase (decrease) in other liabilities		(511	)		641			(28	)
Stock based compensation		70			25			40
Deferred income tax expense					1			36
Increase in due from subsidiaries					(1,611	)

Net cash provided by operating activities		9,905			5,630			5,463

Cash flows from investing activities:
Proceeds from sale of available-for-sale securities		722			253			145
Purchase of available-for-sale securities								(103	)

Net cash provided by investing activities		722			253			42

Cash flows from financing activities:
Redemption of common stock		(109	)
Retirement of stock options		(83	)
Reissuance of treasury stock		21
Purchase of treasury stock		(70	)
Cash dividends paid		(9,360	)		(5,511	)		(5,504	)

Net cash used in financing activities		(9,601	)		(5,511	)		(5,504	)

Increase in cash		1,026			372			1
Cash at beginning of year		3,157			2,785			2,784

Cash at end of year	$	4,183		$	3,157		$	2,785

- 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.

+ References+ Details