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Parent Company Only Financial Information

12 Months Ended

Dec. 31, 2016

Parent Company Only Financial Information

Parent Company Only Financial Information

27.Parent Company Only Financial Information

Condensed Statement of Financial Condition




		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 Statement of Income



		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

Unrealized losses on AFS Securities, net of tax		(478)		(2,115)
Unrealized gains on cash flow hedges, net of tax		461		80

Other comprehensive loss, net of tax		(17)		(2,035)

Comprehensive income	$	7,264	$	10,956

Condensed Statement of Cash Flows



		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

Accumulated 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)

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

Other comprehensive loss	$	(3,388)	$	1,353	$	(2,035)