Condensed Financial Information (Parent Company Only)

12 Months Ended

Dec. 31, 2013

Condensed Financial Information (Parent Company Only) [Abstract]

Condensed Financial Information (Parent Company Only)

Note 24: Condensed Financial Information (Parent Company Only)

Presented below is condensed financial information as to financial position, results of operations and cash flows of the Company:

Condensed Balance Sheets

	2013		2012
($ in thousands)
Assets
Cash and cash equivalents	$	6,353	$	601
Investment in common stock of banking subsidiaries		72,391		71,136
Investment in nonbanking subsidiaries		1,237		1,427
Other assets		270		2,164

Total assets	$	80,251	$	75,328

Liabilities
Trust preferred securities	$	20,000	$	20,000
Borrowings from nonbanking subsidiaries		620		620
Notes Payable		-		750
Other liabilities & accrued interest payable		3,362		838

Total liabilities		23,982		22,208

Stockholders' Equity		56,269		53,120

Total liabilities and stockholders' equity	$	80,251	$	75,328

Condensed Statements of Income and Comprehensive Income

	2013			2012
($ in thousands)
Income
Dividends from subsidiaries:
Banking subsidiaries	$	4,000		$	4,600
Nonbanking subsidiaries		186			119
Total		4,186			4,719
Other income		21			264

Total income		4,207			4,983

Expenses
Interest expense		1,407			1,881
Other expense		938			1,269

Total expenses		2,345			3,150

Income before income tax and equity in undistributed income of subsidiaries		1,862			1,833

Income tax benefit		(790	)		(987	)

Income before equity in undistributed income of subsidiaries		2,652			2,820

Equity in undistributed income of subsidiaries
Banking subsidiaries		3,081			1,832
Nonbanking subsidiaries		(364	)		304

Total		2,717			2,136

Net income	$	5,369		$	4,956

Comprehensive income	$	3,449		$	5,301

In December of 2011, the Company executed a transaction between two of its affiliates that was offset in the Parent Company financial statements. The transaction in the amount of $0.31 million involved the transfer of assets that were valued at less than the affiliate’s carrying value of the assets. Due to the assets remaining in the Company and for the purposes initially intended the loss was offset at the parent level. In 2013, the net effect of this transaction was a reduction in income of $0.14 million.

Condensed Statements of Cash Flows

($ in thousands)	2013			2012
Operating Activities
Net income	$	5,369		$	4,956
Items not requiring (providing) cash
Equity in undistributed net income of subsidiaries		(2,717	)		(2,136	)
Expense of stock option plan		64			51
Other assets		1,894			560
Other liabilities		2,523			(2,625	)

Net cash provided by operating activities		7,133			806

Investing Activities
Increase in Notes Receivable		-			2,000
Investment in Subsidiary		(103	)		(2,613	)
Net cash used in investing activities		(103	)		(613	)

Financing Activities
Dividends on Common Stock		(586	)		-
Proceeds from stock options		58			-
Repayment of Notes Payable		(750	)		(750	)

Net cash used in financing activities		(1,278	)		(750	)

Net Change in Cash and Cash Equivalents		5,752			(557	)

Cash and Cash Equivalents at Beginning of Year		601			1,158

Cash and Cash Equivalents at End of Year	$	6,353		$	601

- 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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