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Condensed Financial Information of the Parent Company Only (Tables) | 12 Months Ended
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Dec. 31, 2015
Condensed Financial Information of the Parent Company Only |
Schedule of Condensed Balance Sheets |
Condensed Balance Sheets
|  |  |  |  | December 31, |
(in thousands) |  |  | 2015 |  |  | 2014 |
Assets |  |  |  |  |  |  |  |  |  |  |  |
Cash and due from bank subsidiaries |  |  |  |  |  | $ | 4,971 |  |  | $ | 1,024 |
Investment in equity securities |  |  |  |  |  |  | 1,486 |  |  |  | 1,486 |
Investment in subsidiaries |  |  |  |  |  |  | 134,099 |  |  |  | 130,728 |
Deferred tax asset |  |  |  |  |  |  | 2,116 |  |  |  | 1,989 |
Other assets |  |  |  |  |  |  | 7 |  |  |  | 308 |
Total assets |  |  |  |  |  | $ | 142,679 |  |  | $ | 135,535 |
Liabilities and Stockholders’ Equity |  |  |  |  |  |  |  |  |  |  |  |
Subordinated notes |  |  |  |  |  | $ | 49,486 |  |  | $ | 49,486 |
Other liabilities |  |  |  |  |  |  | 5,907 |  |  |  | 5,481 |
Stockholders’ equity |  |  |  |  |  |  | 87,286 |  |  |  | 80,568 |
Total liabilities and stockholders’ equity |  |  |  |  |  | $ | 142,679 |  |  | $ | 135,535 |
Schedule of Condensed Statements of Income |
Condensed Statements of Income
|  | For the Years Ended December 31, |
|  | 2015 |  |  | 2014 |  |  | 2013 |
Income |  |  |  |  |  |  |  |  |  |  |  |
Interest and dividends received from subsidiaries |  | $ | 1,039 |  |  | $ | 2,538 |  |  | $ | 15,039 |
Total income |  |  | 1,039 |  |  |  | 2,538 |  |  |  | 15,039 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |
Interest on subordinated notes |  |  | 1,293 |  |  |  | 1,264 |  |  |  | 1,284 |
Other |  |  | 2,138 |  |  |  | 1,730 |  |  |  | 1,778 |
Total expenses |  |  | 3,431 |  |  |  | 2,994 |  |  |  | 3,062 |
Income before income tax benefit and equity in undistributed income of subsidiaries |  |  | (2,392 | ) |  |  | (456 | ) |  |  | 11,977 |
Income tax benefit |  |  | 1,065 |  |  |  | 1,100 |  |  |  | 1,126 |
Equity in undistributed income (losses) of subsidiaries |  |  | 9,926 |  |  |  | 7,010 |  |  |  | (8,129 | )
Net income |  | $ | 8,599 |  |  | $ | 7,654 |  |  | $ | 4,974 |
Schedule of Condensed Statements of Cash Flows |
Condensed Statements of Cash Flows |
|  | For the Years Ended December 31, |
(in thousands) |  | 2015 |  |  | 2014 |  |  | 2013 |
Cash flows from operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 8,599 |  |  | $ | 7,654 |  |  | $ | 4,974 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Depreciation |  |  | 0 |  |  |  | 0 |  |  |  | 1 |
Equity in undistributed (income) losses of subsidiaries |  |  | (9,926 | ) |  |  | (7,010 | ) |  |  | 8,129 |
Stock based compensation expense |  |  | 10 |  |  |  | 20 |  |  |  | 19 |
(Increase) decrease in deferred tax asset |  |  | (127 | ) |  |  | (1,415 | ) |  |  | 1,325 |
Other, net |  |  | 732 |  |  |  | 1,942 |  |  |  | (182 | )
Net cash (used) provided by operating activities |  | $ | (712 | ) |  | $ | 1,191 |  |  | $ | 14,266 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |  |
Investment in subsidiary |  | $ | 5,750 |  |  | $ | 400 |  |  | $ | 4,550 |
Net cash provided by investing activities |  | $ | 5,750 |  |  | $ | 400 |  |  | $ | 4,550 |
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |  |  |
Redemption of 18,255 shares of preferred stock |  | $ | 0 |  |  | $ | 0 |  |  | $ | (18,255 | )
Cash dividends paid - preferred stock |  |  | 0 |  |  |  | 0 |  |  |  | (456 | )
Cash dividends paid - common stock |  |  | (1,058 | ) |  |  | (1,017 | ) |  |  | (978 | )
Purchase of treasury stock |  |  | (33 | ) |  |  | 0 |  |  |  | 0 |
Warrant redemption |  |  | 0 |  |  |  | 0 |  |  |  | (540 | )
Net cash used in financing activities |  | $ | (1,091 | ) |  | $ | (1,017 | ) |  | $ | (20,229 | )
Net increase (decrease) in cash and due from banks |  |  | 3,947 |  |  |  | 574 |  |  |  | (1,413 | )
Cash and due from banks at beginning of year |  |  | 1,024 |  |  |  | 450 |  |  |  | 1,863 |
Cash and due from banks at end of year |  | $ | 4,971 |  |  | $ | 1,024 |  |  | $ | 450 |

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