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PARENT COMPANY FINANCIAL INFORMATION (Tables)

12 Months Ended

Dec. 31, 2013

PARENT COMPANY FINANCIAL INFORMATION [Abstract]

Balance Sheets

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

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

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