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Condensed Financial Information of the Parent Company Only (Tables) | 12 Months Ended
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Dec. 31, 2016
Condensed Financial Information of the Parent Company Only |
Schedule of Condensed Balance Sheets |
Condensed Balance Sheets |
|  |  | December 31, |
(in thousands) |  |  | 2016 |  |  | 2015 |
Assets |  |  |
Cash and due from bank subsidiaries |  |  |  | $ | 3,945 |  |  |  |  | $ | 4,971 |  |
Investment in equity securities |  |  |  |  | 1,486 |  |  |  |  |  | 1,486 |  |
Investment in subsidiaries |  |  |  |  | 139,686 |  |  |  |  |  | 134,099 |  |
Deferred tax asset |  |  |  |  | 2,558 |  |  |  |  |  | 2,116 |  |
Other assets |  |  |  |  | 23 |  |  |  |  |  | 7 |  |
Total assets |  |  |  | $ | 147,698 |  |  |  |  | $ | 142,679 |  |
Liabilities and Stockholders’ Equity |  |  |
Subordinated notes |  |  |  | $ | 49,486 |  |  |  |  | $ | 49,486 |  |
Other liabilities |  |  |  |  | 7,195 |  |  |  |  |  | 5,907 |  |
Stockholders’ equity |  |  |  |  | 91,017 |  |  |  |  |  | 87,286 |  |
Total liabilities and stockholders’ equity |  |  |  | $ | 147,698 |  |  |  |  | $ | 142,679 |  |
Schedule of Condensed Statements of Income |
Condensed Statements of Income |
|  |  | For the Years Ended December 31, |
|  |  | 2016 |  |  | 2015 |  |  | 2014 |
Income |  |  |  |
Interest and dividends received from subsidiaries |  |  |  | $ | 46 |  |  |  |  | $ | 1,039 |  |  |  |  | $ | 2,538 |  |
Total income |  |  |  |  | 46 |  |  |  |  |  | 1,039 |  |  |  |  |  | 2,538 |  |
Expenses |  |  |  |
Interest on subordinated notes |  |  |  |  | 1,494 |  |  |  |  |  | 1,293 |  |  |  |  |  | 1,264 |  |
Other |  |  |  |  | 2,039 |  |  |  |  |  | 2,138 |  |  |  |  |  | 1,730 |  |
Total expenses |  |  |  |  | 3,533 |  |  |  |  |  | 3,431 |  |  |  |  |  | 2,994 |  |
Income before income tax benefit and equity in undistributed income of subsidiaries |  |  |  |  | (3,487) |  |  |  |  |  | (2,392) |  |  |  |  |  | (456) |  |
Income tax benefit |  |  |  |  | 1,337 |  |  |  |  |  | 1,065 |  |  |  |  |  | 1,100 |  |
Equity in undistributed income of subsidiaries |  |  |  |  | 9,432 |  |  |  |  |  | 9,926 |  |  |  |  |  | 7,010 |  |
Net income |  |  |  | $ | 7,282 |  |  |  |  | $ | 8,599 |  |  |  |  | $ | 7,654 |  |
Schedule of Condensed Statements of Cash Flows |
Condensed Statements of Cash Flows |
|  |  | For the Years Ended December 31, |
(in thousands) |  |  | 2016 |  |  | 2015 |  |  | 2014 |
Cash flows from operating activities: |  |  |  |
Net income |  |  |  | $ | 7,282 |  |  |  |  | $ | 8,599 |  |  |  |  | $ | 7,654 |  |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |
Equity in undistributed income of subsidiaries |  |  |  |  | (9,432) |  |  |  |  |  | (9,926) |  |  |  |  |  | (7,010) |  |
Stock based compensation expense |  |  |  |  | 17 |  |  |  |  |  | 10 |  |  |  |  |  | 20 |  |
Increase in deferred tax asset |  |  |  |  | (442) |  |  |  |  |  | (127) |  |  |  |  |  | (1,415) |  |
Other, net |  |  |  |  | 769 |  |  |  |  |  | 732 |  |  |  |  |  | 1,942 |  |
Net cash (used) provided by operating activities |  |  |  | $ | (1,806) |  |  |  |  | $ | (712) |  |  |  |  | $ | 1,191 |  |
Cash flows from investing activities: |  |  |  |
Investment in subsidiary |  |  |  | $ | 2,500 |  |  |  |  | $ | 5,750 |  |  |  |  | $ | 400 |  |
Net cash provided by investing activities |  |  |  | $ | 2,500 |  |  |  |  | $ | 5,750 |  |  |  |  | $ | 400 |  |
Cash flows from financing activities: |  |  |  |
Cash dividends paid - common stock |  |  |  | $ | (1,097) |  |  |  |  | $ | (1,058) |  |  |  |  | $ | (1,017) |  |
Purchase of treasury stock |  |  |  |  | (623) |  |  |  |  |  | (33) |  |  |  |  |  | 0 |  |
Net cash used in financing activities |  |  |  | $ | (1,720) |  |  |  |  | $ | (1,091) |  |  |  |  | $ | (1,017) |  |
Net (decrease) increase in cash and due from banks |  |  |  |  | (1,026) |  |  |  |  |  | 3,947 |  |  |  |  |  | 574 |  |
Cash and due from banks at beginning of year |  |  |  |  | 4,971 |  |  |  |  |  | 1,024 |  |  |  |  |  | 450 |  |
Cash and due from banks at end of year |  |  |  | $ | 3,945 |  |  |  |  | $ | 4,971 |  |  |  |  | $ | 1,024 |  |

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