Condensed Financial Statements Of Parent Company (Tables)

12 Months Ended

Dec. 31, 2015


	December 31,
	2015	2014
Assets
Cash	$10,895	$1,375
Taxes receivable	332	225

Investment in subsidiaries	47,189	43,157

Other assets	28	19

Total assets	$58,444	$44,776

Liabilities and stockholders’ equity

Capital notes	$10,000	$10,000
Other liabilities	248	-
Total liabilities	10,248	10,000

Common stock $2.14 par value	$9,370	$7,215
Additional paid-in-capital	31,495	22,919
Retained earnings	7,920	5,031
Accumulated other comprehensive (loss)	(589)	(389)
Total stockholders’ equity	$48,196	$34,776

Total liabilities and stockholders’ equity	$58,444	$44,776

Statements of Income
	Years Ended December 31,
	2015	2014

Income	$ -	$ -

Operating expenses
Interest on capital notes	600	600
Legal and professional fees	126	103
Other expense	92	58

Total expenses	818	761

Income tax (benefit)	(278)	(259)

(Loss) before equity in undistributed income of subsidiaries	(540)	(502)

Equity in undistributed income of subsidiaries	4,232	3,915

Net income	$3,692	$3,413


Statements of Cash Flows
	Years Ended December 31,
	2015	2014

Cash flows from operating activities
Net income	$3,692	$3,413

Adjustments to reconcile net income to net cash used in operating activities
(Increase) in income taxes receivable	(107)	(50)
(Increase) decrease in other assets	(9)	7
Increase (decrease) in other liabilities	248	(69)
Equity in undistributed net (income) of subsidiaries	(4,232)	(3,915)

Net cash (used in) operating activities	$(408)	$(614)

Cash flows from financing activities
Proceeds from exercise of stock options	78	65
Dividends paid to common stockholders	(803)	(506)
Proceeds from sale of 1,000,000 shares of common stock	10,653	-

Net cash provided by (used in) by financing activities	$9,928	$(441)

Increase (decrease) in cash and cash equivalents	$9,520	$(1,055)

Cash and cash equivalents at beginning of period	1,375	2,430

Cash and cash equivalents at end of period	$10,895	$1,375