XML 108 R41.htm IDEA: XBRL DOCUMENT
v2.4.1.9

Parent Only Condensed Financial Statements (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2014
Condensed Financial Information of Parent Company Only Disclosure [Abstract] |
Condensed Balance Sheets | CONDENSED BALANCE SHEETS December 31, 2014 and 2013
(In thousands) |  | 2014 |  | 2013
ASSETS |  |  |  |  |  |
Cash and cash equivalents |  | $ | 368 |  |  | $ | 385 |
Investment in Bank subsidiary |  | 135,366 |  |  | 124,378 |
Other assets |  | 589 |  |  | 523 |
Total assets |  | $ | 136,323 |  |  | $ | 125,286 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |
Liabilities: |  |  |  |  |  |
Junior subordinated debentures due to subsidiary grantor trust |  | $ | 5,155 |  |  | $ | 5,155 |
Other liabilities |  | 123 |  |  | 88 |
Total liabilities |  | 5,278 |  |  | 5,243 |
Shareholders’ equity: |  |  |  |  |  |
Preferred stock, Series C |  | — |  |  | — |
Common stock |  | 54,216 |  |  | 53,981 |
Retained earnings |  | 71,452 |  |  | 68,348 |
Accumulated other comprehensive (loss) income, net of tax |  | 5,377 |  |  | (2,286 | )
Total shareholders’ equity |  | 131,045 |  |  | 120,043 |
Total liabilities and shareholders’ equity |  | $ | 136,323 |  |  | $ | 125,286 |
Condensed Statements of Income and Comprehensive Income | CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the Years Ended December 31, 2014, 2013, and 2012
(In thousands) |  | 2014 |  | 2013 |  | 2012
Income: |  |  |  |  |  |  |  |  |
Dividends declared by Subsidiary - eliminated in consolidation |  | $ | 2,350 |  |  | $ | 18,000 |  |  | $ | 3,000 |
Other income |  | 3 |  |  | 5 |  |  | 3 |
Total income |  | 2,353 |  |  | 18,005 |  |  | 3,003 |
Expenses: |  |  |  |  |  |  |  |  |
Interest on junior subordinated deferrable interest debentures |  | 96 |  |  | 98 |  |  | 107 |
Professional fees |  | 187 |  |  | 102 |  |  | 140 |
Other expenses |  | 389 |  |  | 424 |  |  | 587 |
Total expenses |  | 672 |  |  | 624 |  |  | 834 |
Income before equity in undistributed net income of Subsidiary |  | 1,681 |  |  | 17,381 |  |  | 2,169 |
Equity in undistributed net income of Subsidiary, net of distributions |  | 3,325 |  |  | (9,414 | ) |  | 4,993 |
Income before income tax benefit |  | 5,006 |  |  | 7,967 |  |  | 7,162 |
Benefit from income taxes |  | 288 |  |  | 283 |  |  | 358 |
Net income |  | 5,294 |  |  | 8,250 |  |  | 7,520 |
Preferred stock dividend and accretion of discount |  | — |  |  | 350 |  |  | 350 |
Income available to common shareholders |  | $ | 5,294 |  |  | $ | 7,900 |  |  | $ | 7,170 |
Comprehensive income (loss) |  | $ | 12,957 |  |  | $ | (1,622 | ) |  | $ | 10,982 |
Condensed Statements of Cash Flows | CONDENSED STATEMENTS OF CASH FLOWS For the Years Ended December 31, 2014, 2013, and 2012
(In thousands) |  | 2014 |  | 2013 |  | 2012
Cash flows from operating activities: |  |  |  |  |  |  |  |  |
Net income |  | $ | 5,294 |  |  | $ | 8,250 |  |  | $ | 7,520 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |  |
Undistributed net income of subsidiary, net of distributions |  | (3,325 | ) |  | 9,414 |  |  | (4,993 | )
Stock-based compensation |  | 173 |  |  | 98 |  |  | 108 |
Tax benefit from exercise of stock options |  | (7 | ) |  | (17 | ) |  | (26 | )
Net (increase) decrease in other assets |  | (50 | ) |  | 86 |  |  | (28 | )
Net increase (decrease)in other liabilities |  | 34 |  |  | (198 | ) |  | 179 |
Benefit from deferred income taxes |  | (8 | ) |  | (18 | ) |  | (15 | )
Net cash provided by operating activities |  | 2,111 |  |  | 17,615 |  |  | 2,745 |
Cash flows used in investing activities: |  |  |  |  |  |  |  |  |
Investment in subsidiary |  | — |  |  | (11,358 | ) |  | — |
Cash flows from financing activities: |  |  |  |  |  |  |  |  |
Cash dividend payments on common stock |  | (2,190 | ) |  | (2,048 | ) |  | (480 | )
Cash dividend payments on preferred stock |  | — |  |  | (437 | ) |  | (350 | )
Share repurchase and retirement |  | — |  |  | — |  |  | (488 | )
Proceeds from exercise of stock options |  | 55 |  |  | 789 |  |  | 385 |
Redemption of preferred stock Series C |  | — |  |  | (7,000 | ) |  | — |
Tax benefit from exercise of stock options |  | 7 |  |  | 17 |  |  | 26 |
Net cash used in financing activities |  | (2,128 | ) |  | (8,679 | ) |  | (907 | )
(Decrease) increase in cash and cash equivalents |  | (17 | ) |  | (2,422 | ) |  | 1,838 |
Cash and cash equivalents at beginning of year |  | 385 |  |  | 2,807 |  |  | 969 |
Cash and cash equivalents at end of year |  | $ | 368 |  |  | $ | 385 |  |  | $ | 2,807 |
Supplemental Disclosure of Cash Flow Information: |  |  |  |  |  |
Cash paid during the year for interest |  | $ | 194 |  |  | $ | 125 |  |  | $ | 109 |
Non-cash investing and financing activities: |  |  |  |  |  |  |  |
Common stock issued in Visalia Community Bank acquisition |  | $ | — |  |  | $ | 12,494 |  |  | $ | — |

X
- Details
Name: | us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of condensed balance sheet, including, but not limited to, balance sheets of consolidated entities and consolidation eliminations. + References No definition available. + Details
Name: | us-gaap_ScheduleOfCondensedBalanceSheetTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of condensed cash flow statement, including, but not limited to, cash flow statements of consolidated entities and consolidation eliminations. + References No definition available. + Details
Name: | us-gaap_ScheduleOfCondensedCashFlowStatementTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of condensed income statement, including, but not limited to, income statements of consolidated entities and consolidation eliminations. + References No definition available. + Details
Name: | us-gaap_ScheduleOfCondensedIncomeStatementTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration