XML 40 R25.htm IDEA: XBRL DOCUMENT
v3.10.0.1

Parent Only Condensed Financial Statements | 12 Months Ended
--- | ---
Dec. 31, 2018
Condensed Financial Information Disclosure [Abstract] |
Parent Only Condensed Financial Statements | PARENT ONLY CONDENSED FINANCIAL STATEMENTS CONDENSED BALANCE SHEETS December 31, 2018 and 2017
(In thousands) |  | 2018 |  | 2017
ASSETS |  |  |  |  |  |
Cash and cash equivalents |  | $ | 2,326 |  |  | $ | 3,296 |
Investment in Bank subsidiary |  | 222,514 |  |  | 210,816 |
Other assets |  | 367 |  |  | 750 |
Total assets |  | $ | 225,207 |  |  | $ | 214,862 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |
Liabilities: |  |  |  |  |  |
Junior subordinated debentures due to subsidiary grantor trust |  | $ | 5,155 |  |  | $ | 5,155 |
Other liabilities |  | 314 |  |  | 148 |
Total liabilities |  | 5,469 |  |  | 5,303 |
Shareholders’ equity: |  |  |  |  |  |
Common stock |  | 103,851 |  |  | 103,314 |
Retained earnings |  | 120,294 |  |  | 103,419 |
Accumulated other comprehensive (loss) income, net of tax |  | (4,407 | ) |  | 2,826 |
Total shareholders’ equity |  | 219,738 |  |  | 209,559 |
Total liabilities and shareholders’ equity |  | $ | 225,207 |  |  | $ | 214,862 |
CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the Years Ended December 31, 2018, 2017, and 2016
(In thousands) |  | 2018 |  | 2017 |  | 2016
Income: |  |  |  |  |  |  |  |  |
Dividends declared by Subsidiary - eliminated in consolidation |  | $ | 2,850 |  |  | $ | 3,133 |  |  | $ | 13,010 |
Other income |  | 6 |  |  | 4 |  |  | 4 |
Total income |  | 2,856 |  |  | 3,137 |  |  | 13,014 |
Expenses: |  |  |  |  |  |  |  |  |
Interest on junior subordinated deferrable interest debentures |  | 199 |  |  | 147 |  |  | 121 |
Professional fees |  | 217 |  |  | 231 |  |  | 133 |
Other expenses |  | 548 |  |  | 1,019 |  |  | 779 |
Total expenses |  | 964 |  |  | 1,397 |  |  | 1,033 |
Income before equity in undistributed net income of Subsidiary |  | 1,892 |  |  | 1,740 |  |  | 11,981 |
Equity in undistributed net income of Subsidiary, net of distributions |  | 19,075 |  |  | 11,754 |  |  | 2,852 |
Income before income tax benefit |  | 20,967 |  |  | 13,494 |  |  | 14,833 |
Benefit from income taxes |  | 322 |  |  | 532 |  |  | 349 |
Net income |  | $ | 21,289 |  |  | $ | 14,026 |  |  | $ | 15,182 |
Comprehensive income |  | $ | 13,912 |  |  | $ | 16,867 |  |  | $ | 10,204 |
CONDENSED STATEMENTS OF CASH FLOWS For the Years Ended December 31, 2018, 2017, and 2016
(In thousands) |  | 2018 |  | 2017 |  | 2016
Cash flows from operating activities: |  |  |  |  |  |  |  |  |
Net income |  | $ | 21,289 |  |  | $ | 14,026 |  |  | $ | 15,182 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |  |
Undistributed net income of subsidiary, net of distributions |  | (19,075 | ) |  | (11,754 | ) |  | (2,852 | )
Stock-based compensation |  | 482 |  |  | 384 |  |  | 284 |
Tax benefit from exercise of stock options |  | — |  |  | — |  |  | (30 | )
Net decrease (increase) in other assets |  | 372 |  |  | (114 | ) |  | (405 | )
Net increase (decrease) in other liabilities |  | 166 |  |  | (7 | ) |  | 64 |
Benefit for deferred income taxes |  | 11 |  |  | 155 |  |  | 98 |
Net cash provided by operating activities |  | 3,245 |  |  | 2,690 |  |  | 12,341 |
Cash flows used in investing activities: |  |  |  |  |  |  |  |  |
Investment in subsidiary |  | — |  |  | (151 | ) |  | (9,584 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |
Cash dividend payments on common stock |  | (4,270 | ) |  | (3,010 | ) |  | (2,715 | )
Purchase and retirement of common stock |  | (894 | ) |  | — |  |  | — |
Proceeds from exercise of stock options |  | 738 |  |  | 2,880 |  |  | 231 |
Proceeds from stock issued under employee stock purchase plan |  | 211 |  |  | — |  |  | — |
Excess tax benefit from exercise of stock options |  | — |  |  | — |  |  | 30 |
Net cash used in financing activities |  | (4,215 | ) |  | (130 | ) |  | (2,454 | )
(Decrease) increase in cash and cash equivalents |  | (970 | ) |  | 2,409 |  |  | 303 |
Cash and cash equivalents at beginning of year |  | 3,296 |  |  | 887 |  |  | 584 |
Cash and cash equivalents at end of year |  | $ | 2,326 |  |  | $ | 3,296 |  |  | $ | 887 |
Supplemental Disclosure of Cash Flow Information: |  |  |  |  |  |
Cash paid during the year for interest |  | $ | 185 |  |  | $ | 142 |  |  | $ | 112 |
Non-cash investing and financing activities: |  |  |  |  |  |  |  |
Common stock issued in acquisitions |  | $ | — |  |  | $ | 28,405 |  |  | $ | 16,678 |

X
- References No definition available. + Details
Name: | srt_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract
Namespace Prefix: | srt_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=108774443&loc=d3e5283-111683 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 235 -Section S99 -Paragraph 2 -Subparagraph (SX 210.9-06) -URI http://asc.fasb.org/extlink&oid=6882215&loc=d3e537971-122884 + Details
Name: | us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration