Parent Company Only Financial Information

12 Months Ended

Dec. 31, 2014

Parent Company Only Financial Information [Abstract]

Parent Company Only Financial Information

27.Parent Company Only Financial Information

Condensed Statement of Financial Condition




		December 31,
(In thousands)		2014		2013
Assets
Cash	$	1,036	$	3,025
Investment in bank subsidiary		150,209		152,254
Investment in non-bank subsidiaries		1,255		4,036
Other assets		5,872		4,031
Total Assets	$	158,372	$	163,346

Liabilities and Shareholder’s Equity
Accrued interest and other liabilities	$	2,643	$	14,733
Dividends payable		0		0
Junior subordinated debt		46,730		46,730
Shareholder’s equity		108,999		101,883
Total Liabilities and Shareholder’s Equity	$	158,372	$	163,346

Condensed Statement of Income



		Year Ended
		December 31,
(In thousands)		2014		2013
Income:
Dividend income from bank subsidiary	$	10,972	$	0
Other income		240		469
Total Income		11,212		469

Expenses:
Interest expense		2,492		2,881
Other expenses		354		513
Total Expenses		2,846		3,394

Income/(loss) before income taxes and equity in undistributed
net loss of subsidiaries		8,366		(2,925)
Applicable income tax benefit		3,120		1,002
Net income/(loss) before equity in undistributed net loss of subsidiaries		11,486		(1,923)

Equity in undistributed net (loss)/income of subsidiaries:
Bank		(5,870)		8,424
Non-bank		(19)		(26)
Net Income	$	5,597	$	6,475

Condensed Statement of Comprehensive Income


	Year Ended
	December 31,
Components of Comprehensive Income (in thousands)	2014		2013
Net Income	$	5,597	$	6,475

Unrealized gains on cash flow hedges, net of tax		155		233

Other comprehensive income, net of tax		155		233

Comprehensive income	$	5,752	$	6,708

Condensed Statement of Cash Flows



		Year Ended
		December 31,
(In thousands)		2014		2013
Operating Activities
Net Income	$	5,597	$	6,475
Adjustments to reconcile net income to net cash (used in)/provided
by operating activities:
Equity in undistributed net income of subsidiaries		5,889		(8,398)
Increase in other assets		(1,686)		(993)
(Decrease)/increase in accrued interest payable and other liabilities		(12,089)		4,047
Stock Compensation		134		88
Net cash (used in)/provided by operating activities		(2,155)		1,219

Investing Activities
Net investment in subsidiaries		2,761		1,066
Net cash provided by investing activities		2,761		1,066

Financing Activities
Dividends – common stock		0		0
Dividends – preferred stock paid		0		0
Dividends - preferred stock paid		(2,595)		(1,709)
Proceeds from issuance of common stock		0		0
Proceeds from long-term borrowings		0		0
Net cash used in financing activities		(2,595)		(1,709)
(Decrease)increase in cash and cash equivalents		(1,989)		576
Cash and cash equivalents at beginning of year		3,025		2,449
Cash and cash equivalents at end of year	$	1,036	$	3,025

Accumulated Other Comprehensive Income


Components of Comprehensive Income (in thousands)	Before Tax Amount		Tax (Expense) Benefit		Net
For the period ended December 31, 2014
Cash flow hedges:
Unrealized holding gains	$	258	$	(103)	$	155

Other comprehensive income	$	258	$	(103)	$	155

For the period ended December 31, 2013
Cash flow hedges:
Unrealized holding gains	$	392	$	(159)	$	233

Other comprehensive income	$	392	$	(159)	$	233

- 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.

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