Condensed Financial Statements of Parent Company (Tables)

12 Months Ended

Dec. 31, 2013

Balance Sheet


	(In Thousands)
	2013		2012
Assets
Cash	$	322	$	1,173
Related party receivables:
Dividends & Accounts receivable from subsidiary		951		954
Accrued interest receivable Municipals		49		—
Note receivable from Bank subsidiary		—		15,000
Securities - Municipals		14,956		—
Investment in subsidiary		93,436		94,540

Total Assets	$	109,714	$	111,667

Liabilities
Accrued expenses	$	407	$	497
Dividends payable		967		931

		1,374		1,428

Stockholders’ Equity
		108,340		110,239

Total Liabilities and Stockholders’ Equity	$	109,714	$	111,667

Statement of Income


	(In Thousands)
	2013			2012		2011
Income
Dividends from subsidiary	$	3,830		$	3,870	$	4,000
Interest		566			713		713
Interest Municipals		30			—		—
Total Income		4,426			4,583		4,713
Operating Expenses		304			305		499
Income Before Income Taxes and Equity in Undistributed Earnings (Distributions in excess of earnings) and Subsidiary		4,122			4,278		4,214
Income Taxes		89			139		72
		4,033			4,139		4,142
Equity in undistributed earnings (Distributions in excess of earnings) of subsidiary		4,974			5,649		4,372
Net Income	$	9,007		$	9,788	$	8,514
Other Comprehensive Loss:
Unrealized losses on securities	$	(15	)	$	—	$	—
Comprehensive Income	$	8,992		$	9,788	$	8,514

Statements of Cash Flows


	(In Thousands)
	2013			2012			2011
Cash Flows from Operating Activities
Net income	$	9,007		$	9,788		$	8,514
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Equity in undistributed net income (Distributions in excess earnings) of subsidiaries		(4,974	)		(5,649	)		(4,372	)
Accretion & Amortization of Securities		21
Changes in Assets and Liabilities:
Dividends receivable		(10	)		260			(111	)
Other Assets and Liabilities		52			282			231

Net Cash Provided by Operating Activities		4,096			4,681			4,262
Cash Flows from Investing Activities
Purchase of Available for Sale Securities		(14,992	)		—			—
Repayment of Subsidiary Subordinated Debt		15,000			—			—

Net Cash Provided by Investing Activities		8			—			—
Cash Flows from Financing Activities
Payment of dividends		(3,719	)		(3,597	)		(3,567	)
Purchase of Treasury Stock		(1,236	)		(894	)		(310	)

Net Cash Used in Financing Activities		(4,955	)		(4,491	)		(3,877	)

Net Change in Cash and Cash Equivalents		(851	)		190			385
Cash and Cash Equivalents
Beginning of year		1,173			983			598

Cash and Cash Equivalents
End of year	$	322		$	1,173		$	983