Parent Corporation Only Financial Statements (Tables)

12 Months Ended

Dec. 31, 2012

Parent Corporation Only Financial Statements [Abstract]

Balance Sheets

Balance Sheets

December 31, 2012 and 2011

(In thousands)	December 31,
Assets	2012			2011
Cash on deposit with subsidiary bank	$	286		$	329
Interest-bearing deposits at other banks		1,900			1,450
Investment in subsidiaries, at cost, plus equity in undistributed net income		50,002			50,118
Other assets		356			347
Total assets	$	52,544		$	52,244
Liabilities and Shareholders' Equity
Company-obligated mandatorily redeemable capital securities	$	4,124		$	4,124
Other liabilities		672			549
Total liabilities		4,796			4,673
Shareholders' Equity
Common stock		11,467			11,384
Retained earnings, which are substantially distributed earnings of subsidiaries		37,993			37,504
Accumulated other comprehensive income (loss)		(1,712	)		(1,317	)
Total shareholders' equity		47,748			47,571
Total liabilities and shareholders' equity	$	52,544		$	52,244

Statements of Income

Statements of Income

For Each of the Three Years in the Period Ended December 31, 2012

(In thousands)	2012			2011			2010
Income
Interest Income	$	18		$	10		$	-
(Loss) on impairment of securities		-			-			-
Dividends from subsidiaries		2,274			2,761			3,315
Total interest and dividend income		2,292			2,771			3,315
Expenses
Interest expense		200			199			117
Legal and professional fees		163			143			251
Directors' fees		160			257			302
Miscellaneous		158			34			104
Total expense		681			633			774
Income before income tax benefits and equity in undistributed net income of subsidiaries		1,611			2,138			2,541
Income tax benefit		(225	)		(212	)		(206	)
Income before equity in undistributed net income of subsidiaries		1,836			2,350			2,747
Equity in undistributed net income of subsidiaries		217			1,767			920
Net income	$	2,053		$	4,117		$	3,667

Statements of Cash Flows

Statements of Cash Flows

For Each of the Three Years in the Period Ended December 31, 2012

(In thousands)	2012			2011			2010
Cash Flows from Operating Activities
Net income	$	2,053		$	4,117		$	3,667
Adjustments to reconcile net income to net cash provided by operating activities:
Undistributed earnings of subsidiaries		(217	)		(1,767	)		(920	)
Deferred tax benefit		-			-			131
Tax benefit of nonqualified options exercised		-			(33	)		(55	)
Amortization of unearned compensation		140			136			247
(Increase) decrease in other assets		23			12			(28	)
Increase (decrease)  in other liabilities		29			(36	)		28
Net cash provided by operating activities		2,028			2,429			3,070
Cash Flows from Financing Activities
Cash dividends paid		(1,774	)		(1,761	)		(2,615	)
Issuance of common stock		153			226			309
Net cash (used in) financing activities		(1,621	)		(1,535	)		(2,306	)
Increase (decrease) in cash and cash equivalents		407			894			764
Cash and Cash Equivalents
Beginning		1,779			885			121
Ending	$	2,186		$	1,779		$	885