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Note 20 - Condensed Parent Company Only Financial Statements

12 Months Ended

Dec. 31, 2015

Disclosure Text Block Supplement [Abstract]

Condensed Financial Statements [Text Block]

Note 20.

Condensed Parent Company Only Financial Statements

The following represent the condensed parent company only balance sheets at December 31, 2015 and 2014, and condensed statements of operations and cash flows for the years ended December 31, 2015, 2014, and 2013.

CONDENSED BALANCE SHEETS

December 31, 2015 and 2014

(in thousands)
	2015		2014
ASSETS
Cash and due from banks	$	40	$	395
Investment in subsidiaries		70,141		67,050
Other assets		221		231
Total assets	$	70,402	$	67,676

LIABILITIES AND SHAREHOLDERS' EQUITY
Borrowings		8,248		8,248
Accrued expenses and other liabilities		690		693
Shareholders' equity		61,464		58,735
Total liabilities and shareholders' equity	$	70,402	$	67,676

CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

Years Ended December 31, 2015, 2014 and 2013

(in thousands)	2015			2014			2013
Revenues
Dividends from subsidiary bank	$	-		$	-		$	-
Total revenue		-			-			-

Expenses
Interest on subordinated debt		294			438			293
Other expenses		528			157			395
Total expenses		822			595			688

Loss before equity in undistributed net loss of subsidiaries		(822	)		(595	)		(688	)

Equity in undistributed net income (loss) of subsidiaries		2,965			16,304			(6,601	)

Net Income (loss)	$	2,143		$	15,709		$	(7,289	)

Total Other comprehensive income (loss)	$	2,268		$	16,619		$	(7,858	)

(in thousands)	2015			2014			2013

Cash Flows from Operating Activities
Net Income (loss)	$	2,143		$	15,709		$	(7,289	)
Adjustments to reconcile net income (loss) to net cash (used in) operating activities:
Equity in undistributed (income) loss of subsidiaries		(2,965	)		(16,304	)		6,601
Share-based compensation expense		461			275			131
Change in assets and liabilities:
Decrease (Increase) in other assets		9			(30	)		85
(Decrease) increase in accrued expenses and other liabilities		(3	)		(1,084	)		323
Net cash (used in) operating activities		(355	)		(1,434	)		(149	)

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 in cash and cash equivalents		(355	)		(1,339	)		(649	)

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

Cash and cash equivalents at end of year	$	40		$	395		$	1,734


Supplemental Disclosures of Cash Flow Information

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

Accrued dividends declared on common stock	$	-		$	-		$	-