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Parent Company Financial Information
 12 Months Ended
Dec. 31, 2018
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:

 

Condensed Balance Sheets
       
($ in thousands) 2018  2017 
Assets      
Cash & cash equivalents $14,038  $2,684 
Investment in banking subsidiaries  126,507   101,476 
Investment in nonbanking subsidiaries  1,232   1,218 
Other assets  224   268 
Total assets $142,001  $105,646 
Liabilities        
Trust preferred securities $10,000  $10,000 
Borrowings from nonbanking subsidiaries  310   310 
Other liabilities & accrued interest payable  1,256   1,336 
Total liabilities  11,566   11,646 
Stockholders’ equity  130,435   94,000 
Total liabilities and stockholders’ equity $142,001  $105,646 

 

Condensed Statements of Income
       
($ in thousands) 2018  2017 
Dividends from subsidiaries:      
Banking subsidiaries $-  $2,000 
Nonbanking subsidiaries  -   40 
Total income  -   2,040 
Expenses        
Interest expense  401   304 
Other expense  1,327   1,352 
Total expenses  1,728   1,656 
Income before income tax  (1,728)  384 
Income tax benefit  (409)  (543)
Income before equity in undistributed income of subsidiaries  (1,319)  927 
Equity in undistributed income of subsidiaries        
Banking subsidiaries  12,942   10,337 
Nonbanking subsidiaries  15   (199)
Total  12,957   10,138 
Net income  11,638   11,065 
Preferred stock dividends  975   975 
Net income available to common shareholders $10,663  $10,090 

 

Condensed Statements of Comprehensive Income
       
($ in thousands) 2018  2017 
       
Net income $11,638  $11,065 
Other comprehensive income:        
Available-for-sale investment securities:        
Gross unrealized holding loss arising in the period  (590)  (374)
Related tax benefit  124   126 
Less: reclassification adjustment for gain realized in income  70   119 
Related tax expense  (15)  (40)
Net effect on other comprehensive income  (411)  (169)
Total comprehensive income $11,227  $10,896 

  

Condensed Statements of Cash Flows
       
($ in thousands) 2018  2017 
Operating activities      
Net income $11,638  $11,065 
Items not requiring (providing) cash        
Equity in undistributed net income of subsidiaries  (12,957)  (10,138)
Stock compensation expense  278   303 
Other assets  44   405 
Other liabilities  (79)  115 
Net cash provided by (used in) operating activities  (1,076)  1,750 
         
Investing activities        
Capital contributed to banking subsidiary  (12,500)  - 
Net cash provided by (used in) investing activities  (12,500)  - 
         
Financing activities        
Dividends on common shares  (2,090)  (1,362)
Dividends on preferred shares  (975)  (975)
Proceeds from issuance of common shares  27,912   - 
Proceeds from stock compensation  192   375 
Repurchase of common shares  (109)  (1,785)
Net cash provided by (used in) financing activities  24,930   (3,747)
         
Net change in cash and cash equivalents  11,354   (1,997)
Cash and cash equivalents at beginning of year  2,684   4,681 
Cash and cash equivalents at end of year $14,038  $2,684