XML 50 R29.htm IDEA: XBRL DOCUMENT v3.8.0.1
Note 21 - Parent Company
12 Months Ended
Dec. 31, 2017
Notes to Financial Statements  
Condensed Financial Information of Parent Company Only Disclosure [Text Block]
21.
PARENT COMPANY
 
Following are condensed financial statements for the Company.
 
CONDENSED BALANCE SHEET
 
(Dollar amounts in thousands)
 
December 31,
 
   
2017
   
2016
 
ASSETS
               
Cash and due from banks
  $
1,766
    $
2,543
 
Investment securities available for sale
   
625
     
1,139
 
Investment in nonbank subsidiary
   
2,363
     
2,360
 
Investment in subsidiary bank
   
119,946
     
76,365
 
Other assets
   
3,450
     
2,837
 
                 
TOTAL ASSETS
  $
128,150
    $
85,244
 
                 
LIABILITIES
               
Trust preferred securities
  $
8,248
    $
8,248
 
Other liabilities
   
39
     
36
 
TOTAL LIABILITIES
   
8,287
     
8,284
 
                 
STOCKHOLDERS' EQUITY
   
119,863
     
76,960
 
                 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
  $
128,150
    $
85,244
 
 
CONDENSED STATEMENT OF COMPREHENSIVE INCOME
 
 
   
Year Ended December 31,
 
(Dollar amounts in thousands)
 
2017
   
2016
   
2015
 
                         
INCOME
                       
Dividends from subsidiary bank
  $
10,425
    $
3,400
    $
4,023
 
Gain on sale of investment securities
   
488
     
-
     
-
 
Other
   
80
     
24
     
19
 
Total income
   
10,993
     
3,424
     
4,042
 
                         
EXPENSES
                       
Interest expense
   
460
     
366
     
290
 
Other
   
2,091
     
1,856
     
860
 
Total expenses
   
2,551
     
2,222
     
1,150
 
                         
Income before income tax benefit
   
8,442
     
1,202
     
2,892
 
                         
Income tax benefit
   
(673
)    
(561
)    
(386
)
                         
Income before equity in undistributed net income of subsidiaries
   
9,115
     
1,763
     
3,278
 
                         
Equity in undistributed net income of subsidiaries
   
340
     
4,653
     
3,587
 
                         
NET INCOME
  $
9,455
    $
6,416
    $
6,865
 
                         
Comprehensive Income
  $
9,345
    $
5,222
    $
6,712
 
 
 
CONDENSED STATEMENT OF CASH FLOWS
 
   
Year Ended December 31
,
 
(Dollar amounts in thousands
)
 
201
7
   
201
6
   
201
5
 
                         
OPERATING ACTIVITIE
S
                       
Net incom
e
  $
9,455
    $
6,416
    $
6,865
 
Adjustments to reconcile net income to
net cash provided by operating activities
:
                       
Equity in undistributed net income of Middlefield Banking Compan
y
   
(337
)    
(4,710
)    
(3,703
)
Equity in undistributed net
loss of EMOREC
O
   
(3
)    
57
     
116
 
Stock-based compensation expens
e
   
33
     
29
     
18
 
Gain on sale of investment securitie
s
   
(488
)    
-
     
-
 
Other, ne
t
   
282
     
(484
)    
(503
)
Net cash provided by operating activitie
s
   
8,942
     
1,308
     
2,793
 
                         
INVESTING ACTIVITIES
 
                       
Acquisition, net of cash paid
 
   
(22,249
)    
-
     
-
 
                         
FINANCING ACTIVITIE
S
                       
Net (decrease) increase in short-term borrowing
s
   
-
     
(9,499
)    
6,363
 
Purchase of treasury stoc
k
   
-
     
-
     
(6,784
)
Proceeds from issuance of common stoc
k
   
15,164
     
11,210
     
-
 
Stock options exercise
d
   
184
     
(6
)    
(7
)
Proceeds from dividend reinvestment pla
n
   
540
     
519
     
651
 
Cash dividend
s
   
(3,358
)    
(2,318
)    
(2,153
)
Net cash used for financing activitie
s
   
12,530
     
(94
)    
(1,930
)
                         
Increase (decrease) in cash    
(777
)    
1,214
     
863
 
                         
CASH AT BEGINNING OF YEA
R
   
2,543
     
1,329
     
466
 
                         
CASH AT END OF YEA
R
  $
1,766
    $
2,543
    $
1,329
 
                         
SUPPLEMENTAL INFORMATION
 
                       
Common stock issued in business acquisition
 
  $
20,995
    $
-
    $
-