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Parent Company Condensed Financial Statements (Tables)

12 Months Ended

Dec. 31, 2018

Condensed Balance Sheets

	As of December 31,
(Dollars in thousands)	2018		2017
Assets:
Cash and cash equivalents	$	100	$	217
Investment securities		237		245
Investment in subsidiaries		112,394		107,443
Other		942		1,261
Total assets	$	113,673	$	109,166
Liabilities and stockholders' equity:
Subordinated debentures	$	21,651	$	21,484
Other		121		60
Stockholders' equity		91,901		87,622
Total liabilities and stockholders' equity	$	113,673	$	109,166

Condensed Statements of Earnings

	Years ended December 31,
(Dollars in thousands)	2018			2017			2016
Dividends from Bank	$	3,200		$	3,700		$	1,250
Interest income		29			49			59
Gain on sale of investment		-			493			324
Other non-interest income		7			7			7
Interest expense		(1,078	)		(898	)		(787	)
Other expense, net		(325	)		(470	)		(314	)
Earnings before equity in undistributed earnings		1,833			2,881			539
Increase in undistributed equity of Bank		7,567			633			8,171
Increase in undistributed equity of Nonbank subsidiary		740			542			-
Earnings before income taxes		10,140			4,056			8,710
Income tax benefit		(286	)		(313	)		(251	)
Net earnings		10,426			4,369			8,961
Other comprehensive (loss) income		(3,579	)		1,010			(3,523	)
Total comprehensive income	$	6,847		$	5,379		$	5,438

Condensed Statements of Cash Flows

	Years ended December 31,
(Dollars in thousands)	2018			2017			2016
Cash flows from operating activities:
Net earnings	$	10,426		$	4,369		$	8,961
Increase in undistributed equity of subsidiaries		(8,307	)		(1,175	)		(8,171	)
Amortization of purchase accounting adjustment on subordinated debentures		167			200			200
Gain on sale of investment		-			(493	)		(324	)
Other		381			(543	)		(112	)
Net cash provided by operating activities		2,667			2,358			554

Cash flows from investing activities:
Investment in subsidiary		-			(250	)		-
Proceeds from sales of investments		7			967			445
Net cash provided by investing activities		7			717			445

Cash flows from financing activities:
Proceeds from exercise of stock options		534			228			1,796
Proceeds from other borrowings		-			100			-
Repayments on other borrowings		-			(100	)		-
Payment of dividends		(3,325	)		(3,108	)		(2,912	)
Net cash used in financing activities		(2,791	)		(2,880	)		(1,116	)
Net (decrease)increase in cash		(117	)		195			(117	)
Cash at beginning of year		217			22			139
Cash at end of year	$	100		$	217		$	22