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Parent Company Only Financial Information (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2015
Parent Company Only Financial Information [Abstract] |
Condensed Statement of Financial Condition |
|  | December 31,
(In thousands) |  | 2015 |  | 2014
Assets |  |  |  |
Cash | $ | 11,102 | $ | 1,036
Investment securities |  | 14,522 |  | 0
Investment in bank subsidiary |  | 132,809 |  | 150,209
Investment in non-bank subsidiaries |  | 1,255 |  | 1,255
Other assets |  | 5,403 |  | 5,872
Total Assets | $ | 165,091 | $ | 158,372
Liabilities and Shareholder’s Equity |  |  |  |
Accrued interest and other liabilities | $ | 2,590 | $ | 2,643
Dividends payable |  | 0 |  | 0
Junior subordinated debt |  | 41,730 |  | 46,730
Shareholder’s equity |  | 120,771 |  | 108,999
Total Liabilities and Shareholder’s Equity | $ | 165,091 | $ | 158,372
Condensed Statements of Income |
|  | Year Ended
|  | December 31,
(In thousands) |  | 2015 |  | 2014
Income: |  |  |  |
Dividend income from bank subsidiary | $ | 33,658 | $ | 10,972
Other income |  | 69 |  | 240
Total Income |  | 33,727 |  | 11,212
Expenses: |  |  |  |
Interest expense |  | 2,192 |  | 2,492
Other expenses |  | 365 |  | 354
Total Expenses |  | 2,557 |  | 2,846
Income before income taxes and equity in undistributed |  |  |  |
net loss of subsidiaries |  | 31,170 |  | 8,366
Applicable income tax benefit |  | 431 |  | 3,120
Net income before equity in undistributed net loss of subsidiaries |  | 31,601 |  | 11,486
Equity in undistributed net loss of subsidiaries: |  |  |  |
Bank |  | (20,725) |  | (5,870)
Non-bank |  | 0 |  | (19)
Net Income | $ | 10,876 | $ | 5,597
Condensed Statement of Comprehensive Income |
| Year Ended
| December 31,
Components of Comprehensive Income (in thousands) | 2015 | 2014
Net Income | $ | 10,876 | $ | 5,597
Unrealized gains on cash flow hedges, net of tax |  | 80 |  | 155
Other comprehensive income, net of tax |  | 80 |  | 155
Comprehensive income | $ | 10,956 | $ | 5,752
Condensed Cash Flow Statement | Condensed Statement of Cash Flows
|  | Year Ended
|  | December 31,
(In thousands) |  | 2015 |  | 2014
Operating Activities |  |  |  |
Net Income | $ | 10,876 | $ | 5,597
Adjustments to reconcile net income to net cash (used in)/provided |  |  |  |
by operating activities: |  |  |  |
Equity in undistributed net income of subsidiaries |  | 6,203 |  | 5,889
Decrease/(increase) in other assets |  | 470 |  | (1,686)
Increase/(decrease) in accrued interest payable and other liabilities |  | 26 |  | (12,089)
Stock Compensation |  | 191 |  | 134
Net cash provided by/(used in) operating activities |  | 17,766 |  | (2,155)
Investing Activities |  |  |  |
Net investment in subsidiaries |  | 0 |  | 2,761
Net cash provided by investing activities |  | 0 |  | 2,761
Financing Activities |  |  |  |
Dividends – common stock |  | 0 |  | 0
Repayment of Long-term debt |  | (5,000) |  | 0
Dividends - preferred stock paid |  | (2,700) |  | (2,595)
Net cash used in financing activities |  | (7,700) |  | (2,595)
Increase/(decrease) in cash and cash equivalents |  | 10,066 |  | (1,989)
Cash and cash equivalents at beginning of year |  | 1,036 |  | 3,025
Cash and cash equivalents at end of year | $ | 11,102 | $ | 1,036
Condensed Statement of Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Income
Components of Comprehensive Income (in thousands) | Before Tax Amount | Tax (Expense) Benefit | Net
For the period ended December 31, 2015 |  |  |  |  |  |
Cash flow hedges: |  |  |  |  |  |
Unrealized holding gains | $ | 133 | $ | (53) | $ | 80
Other comprehensive income | $ | 133 | $ | (53) | $ | 80
For the period ended December 31, 2014 |  |  |  |  |  |
Cash flow hedges: |  |  |  |  |  |
Unrealized holding gains | $ | 258 | $ | (103) | $ | 155
Other comprehensive income | $ | 258 | $ | (103) | $ | 155

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