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PARENT COMPANY FINANCIAL INFORMATION | 12 Months Ended
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Dec. 31, 2013
PARENT COMPANY FINANCIAL INFORMATION [Abstract] |
PARENT COMPANY FINANCIAL INFORMATION | ## 24. PARENT COMPANY FINANCIAL INFORMATION The parent company functions primarily as a coordinating and servicing unit for all subsidiary entities. Provided services include general management, accounting and taxes, loan review, internal auditing, investment advisory, marketing, insurance risk management, general corporate services, and financial and strategic planning. The following financial information relates only to the parent company operations: ##### BALANCE SHEETS
|  | AT DECEMBER 31,
|  | 2013 |  | 2012
|  | (IN THOUSANDS)
ASSETS |  |  |  |  |  |  |  |
Cash |  | $ | 100 |  |  | $ | 100 |
Short-term investments in money market funds |  |  | 6,561 |  |  |  | 6,085 |
Investment securities available for sale |  |  | 11,909 |  |  |  | 10,534 |
Equity investment in banking subsidiary |  |  | 99,250 |  |  |  | 99,121 |
Equity investment in non-banking subsidiaries |  |  | 5,321 |  |  |  | 5,017 |
Guaranteed junior subordinated deferrable interest debenture issuance costs |  |  | 224 |  |  |  | 240 |
Other assets |  |  | 4,352 |  |  |  | 2,713 |
TOTAL ASSETS |  | $ | 127,717 |  |  | $ | 123,810 |
LIABILITIES |  |  |  |  |  |  |  |
Guaranteed junior subordinated deferrable interest debentures |  | $ | 13,085 |  |  | $ | 13,085 |
Other liabilities |  |  | 1,325 |  |  |  | 257 |
TOTAL LIABILITIES |  |  | 14,410 |  |  |  | 13,342 |
STOCKHOLDERS' EQUITY |  |  |  |  |  |  |  |
Total stockholders' equity |  |  | 113,307 |  |  |  | 110,468 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |  | $ | 127,717 |  |  | $ | 123,810 |
STATEMENTS OF OPERATIONS
|  | YEAR ENDED DECEMBER 31,
|  | 2013 |  | 2012 |  | 2011
|  | (IN THOUSANDS)
INCOME |  |  |  |  |  |  |  |  |  |  |  |
Inter-entity management and other fees |  | $ | 2,355 |  |  | $ | 2,355 |  |  | $ | 2,329 |
Dividends from banking subsidiary |  |  | 5,500 |  |  |  | 8,000 |  |  |  | 2,500 |
Dividends from non-banking subsidiaries |  |  | 675 |  |  |  | 710 |  |  |  | 620 |
Interest and dividend income |  |  | 243 |  |  |  | 306 |  |  |  | 415 |
TOTAL INCOME |  |  | 8,773 |  |  |  | 11,371 |  |  |  | 5,864 |
EXPENSE |  |  |  |  |  |  |  |  |  |  |  |
Interest expense |  |  | 1,121 |  |  |  | 1,121 |  |  |  | 1,121 |
Salaries and employee benefits |  |  | 2,502 |  |  |  | 2,368 |  |  |  | 2,394 |
Other expense |  |  | 1,608 |  |  |  | 1,582 |  |  |  | 1,477 |
TOTAL EXPENSE |  |  | 5,231 |  |  |  | 5,071 |  |  |  | 4,992 |
INCOME BEFORE INCOME TAXES AND EQUITY IN UNDISTRIBUTED EARNINGS OF SUBSIDIARIES |  |  | 3,542 |  |  |  | 6,300 |  |  |  | 872 |
Benefit for income taxes |  |  | 895 |  |  |  | 819 |  |  |  | 764 |
Equity in undistributed earnings of subsidiaries |  |  | 756 |  |  |  | (2,080 | ) |  |  | 4,901 |
NET INCOME |  | $ | 5,193 |  |  | $ | 5,039 |  |  | $ | 6,537 |
COMPREHENSIVE INCOME |  | $ | 4,697 |  |  | $ | 3,320 |  |  | $ | 7,739 |
STATEMENTS OF CASH FLOWS
|  | YEAR ENDED DECEMBER 31,
|  | 2013 |  | 2012 |  | 2011
|  | (IN THOUSANDS)
OPERATING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 5,193 |  |  | $ | 5,039 |  |  | $ | 6,537 |
Adjustment to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Equity in undistributed earnings of subsidiaries |  |  | (756) |  |  |  | 2,080 |  |  |  | (4,901 | )
Stock compensation expense |  |  | 82 |  |  |  | 38 |  |  |  | 15 |
Other - net |  |  | (718) |  |  |  | (989 | ) |  |  | (285 | )
NET CASH PROVIDED BY OPERATING ACTIVITIES |  |  | 3,801 |  |  |  | 6,168 |  |  |  | 1,366 |
INVESTING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |
Purchase of investment securities - available for sale |  |  | (3,885) |  |  |  | (2,077 | ) |  |  | (3,049 | )
Proceeds from maturity of investment securities - available for sale |  |  | 2,506 |  |  |  | 2,809 |  |  |  | 5,942 |
NET CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES |  |  | (1,379) |  |  |  | 732 |  |  |  | 2,893 |
FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |
Purchase of treasury stock |  |  | (1,171) |  |  |  | (4,417 | ) |  |  | (582 | )
TARP warrant repurchase |  |  | - |  |  |  | - |  |  |  | (825 | )
Preferred stock dividends paid |  |  | (209) |  |  |  | (828 | ) |  |  | (1,054 | )
Common stock dividends paid |  |  | (566) |  |  |  | - |  |  |  | - |
NET CASH USED IN FINANCING ACTIVITIES |  |  | (1,946) |  |  |  | (5,245 | ) |  |  | (2,461 | )
NET INCREASE IN CASH AND CASH EQUIVALENTS |  |  | 476 |  |  |  | 1,655 |  |  |  | 1,798 |
CASH AND CASH EQUIVALENTS AT JANUARY 1 |  |  | 6,185 |  |  |  | 4,530 |  |  |  | 2,732 |
CASH AND CASH EQUIVALENTS AT DECEMBER 31 |  | $ | 6,661 |  |  | $ | 6,185 |  |  | $ | 4,530 |
The ability of the subsidiary Bank to upstream cash to the parent company is restricted by regulations. Federal law prevents the parent company from borrowing from its subsidiary Bank unless the loans are secured by specified assets. Further, such secured loans are limited in amount to ten percent of the subsidiary Bank's capital and surplus. In addition, the Bank is subject to legal limitations on the amount of dividends that can be paid to its shareholder. The dividend limitation generally restricts dividend payments to a bank's retained net income for the current and preceding two calendar years. Cash may also be upstreamed to the parent company by the subsidiaries as an inter-entity management fee. The subsidiary Bank had a combined $105,600,000 of restricted surplus and retained earnings at December 31, 2013.

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- 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 06 -Article 9 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e24072-122690 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=7656940&loc=d3e5283-111683 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 12 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph c -Article 5 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 05 -Paragraph c -Article 7 + Details
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