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Parent Company Only Financial Information (Tables) | 12 Months Ended
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Dec. 31, 2016
Parent Company Only Financial Information |
Condensed Statement of Financial Condition |
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﻿ |  |  |  |
﻿ |  |  |  |
﻿ |  | December 31,
﻿(In thousands) |  | 2016 |  | 2015
﻿Assets |  |  |  |
﻿Cash | $ | 541 | $ | 11,102
﻿Investment securities |  | 12,401 |  | 14,522
﻿Investment in bank subsidiary |  | 137,831 |  | 132,809
﻿Investment in non-bank subsidiaries |  | 1,255 |  | 1,255
﻿Other assets |  | 7,618 |  | 5,403
﻿Total Assets | $ | 159,646 | $ | 165,091
﻿ |  |  |  |
﻿Liabilities and Shareholders' Equity |  |  |  |
﻿Accrued interest and other liabilities | $ | 4,218 | $ | 2,590
﻿Junior subordinated debt |  | 41,730 |  | 41,730
﻿Shareholders' equity |  | 113,698 |  | 120,771
﻿Total Liabilities and Shareholders' Equity | $ | 159,646 | $ | 165,091
﻿
Condensed Statements of Income |
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﻿ |  |  |  |
﻿ |  | Year Ended
﻿ |  | December 31,
﻿(In thousands) |  | 2016 |  | 2015
﻿Income: |  |  |  |
﻿Dividend income from bank subsidiary | $ | 1,000 | $ | 33,658
﻿Interest income on investments |  | 573 |  | 0
﻿Gain on Investments |  | 0 |  | 3,521
﻿Other income |  | 128 |  | 69
﻿Total other income |  | 701 |  | 3,590
﻿Total Income |  | 1,701 |  | 37,248
﻿ |  |  |  |
﻿Expenses: |  |  |  |
﻿Interest expense |  | 2,429 |  | 2,192
﻿Other expenses |  | 207 |  | 365
﻿Total Expenses |  | 2,636 |  | 2,557
﻿ |  |  |  |
﻿(Loss)/Income before income taxes and equity in undistributed |  |  |  |
﻿ net (loss)/income of subsidiaries |  | (935) |  | 34,691
﻿Applicable income tax benefit/(expense) |  | 693 |  | (975)
﻿Net (loss)/income before equity in undistributed net income/(loss) of subsidiaries |  | (242) |  | 33,716
﻿ |  |  |  |
﻿Equity in undistributed net income/(loss) of subsidiaries: |  |  |  |
﻿ Bank |  | 7,523 |  | (20,725)
﻿Net Income | $ | 7,281 | $ | 12,991
﻿
Condensed Statement of Comprehensive Income |
﻿ |  |  |  |
﻿ | Year Ended
﻿ | December 31,
﻿Components of Comprehensive Income (in thousands) | 2016 | 2015
﻿Net Income | $ | 7,281 | $ | 12,991
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﻿Unrealized losses on AFS Securities, net of tax |  | (478) |  | (2,115)
﻿Unrealized gains on cash flow hedges, net of tax |  | 461 |  | 80
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﻿Other comprehensive loss, net of tax |  | (17) |  | (2,035)
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﻿Comprehensive income | $ | 7,264 | $ | 10,956
﻿
Condensed Cash Flow Statement | Condensed Statement of Cash Flows ﻿
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﻿ |  |  |  |
﻿ |  | Year Ended
﻿ |  | December 31,
﻿(In thousands) |  | 2016 |  | 2015
﻿Operating Activities |  |  |  |
﻿Net Income | $ | 7,281 | $ | 12,991
﻿Adjustments to reconcile net income to net cash provided |  |  |  |
﻿ by operating activities: |  |  |  |
﻿Equity in undistributed net income of subsidiaries |  | (7,523) |  | 6,203
﻿(Increase)/Decrease in other assets |  | (575) |  | 470
﻿Increase/(decrease) in accrued interest payable and other liabilities |  | 2,089 |  | (2,089)
﻿Stock Compensation |  | 192 |  | 191
﻿Net cash provided by operating activities |  | 1,464 |  | 17,766
﻿ |  |  |  |
﻿Investing Activities |  |  |  |
﻿Net investment in subsidiaries |  | 0 |  | 0
﻿Net cash provided by investing activities |  | 0 |  | 0
﻿ |  |  |  |
﻿Financing Activities |  |  |  |
﻿Dividends – common stock |  | 0 |  | 0
﻿Repayment of Long-term debt |  | 0 |  | (5,000)
﻿Preferred Stock Redemption |  | (10,000) |  | 0
﻿Dividends - preferred stock paid |  | (2,025) |  | (2,700)
﻿Net cash used in financing activities |  | (12,025) |  | (7,700)
﻿(Decrease)/increase in cash and cash equivalents |  | (10,561) |  | 10,066
﻿Cash and cash equivalents at beginning of year |  | 11,102 |  | 1,036
﻿Cash and cash equivalents at end of year | $ | 541 | $ | 11,102
﻿
Condensed Statement of Accumulated Other Comprehensive Income | Accumu lated Other Comprehensive Loss ﻿
﻿ |  |  |  |  |  |
﻿Components of Comprehensive Loss (in thousands) | Before Tax Amount | Tax (Expense) Benefit | Net
﻿For the period ended December 31, 2016 |  |  |  |  |  |
﻿Available for Sale Securities: |  |  |  |  |  |
﻿Unrealized holding losses | $ | (795) | $ | 317 | $ | (478)
﻿Cash flow hedges: |  |  |  |  |  |
﻿Unrealized holding gains | $ | 766 | $ | (305) | $ | 461
﻿ |  |  |  |  |  |
﻿Other comprehensive loss | $ | (29) | $ | 12 | $ | (17)
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﻿For the period ended December 31, 2015 |  |  |  |  |  |
﻿Available for Sale Securities: |  |  |  |  |  |
﻿Unrealized holding losses |  | (3,521) |  | 1,406 |  | (2,115)
﻿Cash flow hedges: |  |  |  |  |  |
﻿Unrealized holding gains | $ | 133 | $ | (53) | $ | 80
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﻿Other comprehensive loss | $ | (3,388) | $ | 1,353 | $ | (2,035)
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﻿

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