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Parent Company Financial Information
 12 Months Ended
Dec. 31, 2017
Parent Company Financial Information [Abstract]  
Parent Company Financial Information

Note 20: Parent Company Financial Information

 

Presented below is condensed financial information of the parent company only ($ in thousands):

 

Condensed Balance Sheets

 

    2017     2016  
Assets            
Cash & cash equivalents   $ 2,684     $ 4,681  
Investment in banking subsidiaries     101,476       91,308  
Investment in nonbanking subsidiaries     1,218       1,417  
Other assets     268       673  
Total assets   $ 105,646     $ 98,079  
Liabilities                
Trust preferred securities   $ 10,000     $ 10,000  
Borrowings from nonbanking subsidiaries     310       310  
Other liabilities & accrued interest payable     1,336       1,221  
Total liabilities     11,646       11,531  
Stockholders’ Equity     94,000       86,548  
Total liabilities and stockholders’ equity   $ 105,646     $ 98,079  

 

Condensed Statements of Income & Comprehensive Income

 

    2017     2016     2015  
                   
Dividends from subsidiaries:                  
Banking subsidiaries   $ 2,000     $ -     $ 1,000  
Nonbanking subsidiaries     40       -       -  
Total income     2,040       -       1,000  
Expenses                        
Interest expense     304       253       212  
Other expense     1,352       969       922  
Total expenses     1,656       1,222       1,134  
Income before income tax     384       (1,222 )     (134 )
Income tax benefit     (543 )     (416 )     (385 )
Income before equity in undistributed income of subsidiaries     927       (806 )     251  
Equity in undistributed income of subsidiaries                        
Banking subsidiaries     10,337       9,662       7,369  
Nonbanking subsidiaries     (199 )     (72 )     (1 )
Total     10,138       9,590       7,368  
Net income   $ 11,065     $ 8,784     $ 7,619  
Preferred stock dividends     975       975       956  
Net income available to common shareholders   $ 10,090     $ 7,809     $ 6,663  
Comprehensive income   $ 10,896     $ 8,185     $ 7,351  

 

Condensed Statements of Cash Flows

 

      2017       2016       2015  
Operating Activities                        
Net income   $ 11,065     $ 8,784     $ 7,619  
Items not requiring (providing) cash            
Equity in undistributed net income of subsidiaries     (10,138 )     (9,590 )     (7,368 )
Stock compensation expense     303       114       81  
Other assets     405       (401 )     (166 )
Other liabilities     115       (391 )     (1,581 )
Net cash provided by (used in) operating activities     1,750       (1,484 )     (1,415 )
                         
Financing Activities                        
Dividends on common stock     (1,362 )     (1,180 )     (983 )
Dividends on preferred stock     (975 )     (975 )     (956 )
Proceeds from stock compensation     375       331       67  
Repurchase of common stock     (1,785 )     (1,168 )     (2 )
Net cash used in financing activities     (3,747 )     (2,992 )     (1,874 )
Net Change in Cash and Cash Equivalents     (1,997 )     (4,476 )     (3,289 )
Cash and Cash Equivalents at Beginning of Year     4,681       9,157       12,446  
Cash and Cash Equivalents at End of Year   $ 2,684     $ 4,681     $ 9,157