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Note 21 - Condensed Parent Company Only Financial Statements

12 Months Ended

Dec. 31, 2014

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Condensed Financial Information of Parent Company Only Disclosure [Text Block]

Note 21.

Condensed Parent Company Only Financial Statements

The following represent the condensed parent company only balance sheets at December 31, 2014 and 2013, and condensed statements of operations and cash flows for the years ended December 31, 2014, 2013, and 2012.

CONDENSED BALANCE SHEETS

December 31, 2014 and 2013

(in thousands)
	2014		2013
ASSETS
Cash and due from banks	$	395	$	1,734
Investment in subsidiaries		67,050		49,931
Other assets		231		201
Total assets	$	67,676	$	51,866

LIABILITIES AND SHAREHOLDERS' EQUITY
Borrowings		8,248		8,248
Accrued expenses and other liabilities		693		1,777
Shareholders' equity		58,735		41,841
Total liabilities and shareholders' equity	$	67,676	$	51,866

CONDENSED STATEMENTS OF OPERATIONS

Years Ended December 31, 2014, 2013 and 2012

(in thousands)	2014			2013			2012
Revenues
Dividends from subsidiary bank	$	-		$	-		$	-
Total revenue		-			-			-

Expenses
Interest on subordinated debt		438			293			308
Other expenses		157			395			700
Total expenses		595			688			1,008

Loss before equity in undistributed net loss of subsidiaries		(595	)		(688	)		(1,008	)

Equity in undistributed net income (loss) of subsidiaries		16,304			(6,601	)		472

Net Income (loss)	$	15,709		$	(7,289	)	$	(536	)

CONDENSED STATEMENTS OF CASH FLOWS

Years Ended December 31, 2014, 2013 and 2012

(in thousands)	2014			2013			2012

Cash Flows from Operating Activities
Net Income (loss)	$	15,709		$	(7,289	)	$	(536	)
Adjustments to reconcile net income (loss) to net cash (used in) operating activities:
Equity in undistributed (income) loss of subsidiaries		(16,304	)		6,601			(472	)
Share-based compensation expense		275			131			306
Change in assets and liabilities:
(Increase) decrease in other assets		(30	)		85			(68	)
(Decrease) increase in accrued expenses and other liabilities		(1,084	)		323			187
Net cash (used in) operating activities		(1,434	)		(149	)		(583	)

Cash Flows from Investing Activities
Net investment provided by (used in) bank subsidiary		95			(500	)		-
Net cash provided by (used in) investing activities		95			(500	)		-

Net (decrease) increase in cash and cash equivalents		(1,339	)		(649	)		(583	)

Cash and cash equivalents at beginning of year		1,734			2,383			2,966

Cash and cash equivalents at end of year	$	395		$	1,734		$	2,383


Supplemental Disclosures of Cash Flow Information

Cash paid for interest	$	1,704		$	-		$	-

Accrued dividends declared on common stock				$	-		$	-

- Definition

The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document.

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