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Condensed Financial Information (Parent Company Only)
 12 Months Ended
Dec. 31, 2014
Condensed Financial Information (Parent Company Only) [Abstract]  
Condensed Financial Information (Parent Company Only)

Note 23: 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

 

    2014     2013  
($ in thousands)            
Assets            
Cash and cash equivalents   $ 12,446     $ 6,353  
Investment in common stock of banking subsidiaries     75,194       72,391  
Investment in nonbanking subsidiaries     1,401       1,237  
Other assets     152       270  
                 
Total assets   $ 89,193     $ 80,251  
                 
Liabilities                
Trust preferred securities   $ 10,000     $ 20,000  
Borrowings from nonbanking subsidiaries     310       620  
Other liabilities & accrued interest payable     3,200       3,362  
                 
Total liabilities     13,510       23,982  
                 
Stockholders' Equity     75,683       56,269  
                 
Total liabilities and stockholders' equity   $ 89,193     $ 80,251  

 

Condensed Statements of Income and Comprehensive Income

 

($ in thousands)   2014     2013  
Income            
Dividends from subsidiaries:            
Banking subsidiaries   $ 5,000     $ 4,000  
Nonbanking subsidiaries     39       186  
Total     5,039       4,186  
Other income     -       21  
                 
Total income     5,039       4,207  
                 
Expenses                
Interest expense     1,138       1,407  
Other expense     1,201       938  
                 
Total expenses     2,339       2,345  
                 
Income before income tax and equity in undistributed income of subsidiaries     2,700       1,862  
Income tax benefit     (803 )     (790 )
                 
Income before equity in undistributed income of subsidiaries     3,503       2,652  
                 
Equity in undistributed income of subsidiaries                
Banking subsidiaries     1,952       3,081  
Nonbanking subsidiaries     (192 )     (364 )
                 
Total     1,760       2,717  
                 
Net income   $ 5,263     $ 5,369  
                 
Comprehensive income   $ 6,107     $ 3,449  

 

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 2014, the transaction had no effect on the consolidated financial statements. In 2013, the net effect of this transaction was a reduction in income of $0.16 million.

Condensed Statements of Cash Flows

 

    2014     2013  
($ in thousands)            
Operating Activities            
Net income   $ 5,263     $ 5,369  
Items not requiring (providing) cash                
Equity in undistributed net income of subsidiaries     (1,960 )     (2,717 )
Expense of stock option plan     90       64  
Other assets     118       1,894  
Prepayment penalty on Trust Preferred     333       -  
Other liabilities     (162 )     2,523  
                 
Net cash provided by operating activities     3,682       7,133  
                 
Investing Activities                
Increase in Notes Receivable     -       -  
Investment in Subsidiary     (164 )     (103 )
Net cash used in investing activities     (164 )     (103 )
                 
Financing Activities                
Dividends on Common Stock     (783 )     (586 )
Proceeds from stock options exercised     18       58  
Redemption of trust preferred     (10,643 )     -  
Preferred stock raise     13,983       -  
Repayment of Notes Payable     -       (750 )
                 
Net cash provided by (used in) financing activities     2,575       (1,278 )
                 
Net Change in Cash and Cash Equivalents     6,093       5,752  
                 
Cash and Cash Equivalents at Beginning of Year     6,353       601  
                 
Cash and Cash Equivalents at End of Year   $ 12,446     $ 6,353