PARENT CORPORATION ONLY FINANCIAL STATEMENTS

12 Months Ended

Dec. 31, 2017

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

PARENT CORPORATION ONLY FINANCIAL STATEMENTS

NOTE 25 PARENT CORPORATION ONLY FINANCIAL STATEMENTS

CONDENSED BALANCE SHEETS

AS OF DECEMBER 31, 2017 AND 2016

(Dollars in Thousands)

ASSETS		2017		2016
Due from banks	$	1,220	$	813
Investment in subsidiaries		65,057		62,158
Other assets		1,360		587
Total Assets	$	67,637	$	63,558
LIABILITIES
Accrued interest payable	$	139	$	125
Accrued expenses and other liabilities		29		20
Trust preferred securities		16,496		16,496
Total Liabilities		16,664		16,641
STOCKHOLDERS’ EQUITY
Common stock - $2.00 par value, 50,000,000 shares authorized; 23,922,086 and 23,354,457 shares issued and outstanding at December 31, 2017 and 2016, respectively		47,844		46,709
Common stock warrants		-		764
Additional paid capital		14,570		13,965
Retained deficit		(10,847)		(14,065)
Accumulated other comprehensive loss		(594)		(456)
Total Stockholders’ Equity		50,973		46,917
Total Liabilities and Stockholders’ Equity	$	67,637	$	63,558

CONDENSED STATEMENTS OF INCOME

FOR THE YEARS ENDED DECEMBER 31, 2017 AND 2016

(Dollars in Thousands)		2017		2016
Income
Miscellaneous income	$	17	$	15
Dividends from subsidiaries		111		-
Undistributed income of subsidiaries		2,939		1,615
Total income		3,067		1,630
Expenses
Trust preferred securities interest expense		592		508
Professional fees		92		105
Other operating expenses		62		59
Total Expenses		746		672
Income before Income Taxes		2,321		958
Income Tax Expense (Benefit)		(773)		-
Net Income	$	3,094	$	958

CONDENSED STATEMENTS OF CASH FLOWS

FOR THE YEARS ENDED DECEMBER 31, 2017 AND 2016

(Dollars in Thousands)		2017		2016
Cash Flows From Operating Activities
Net income	$	3,094	$	958
Adjustments to reconcile net income to net cash used in operating activities:
Income of subsidiaries		(3,050)		(1,615)
Net change in:
Other assets		(773)		2
Other liabilities		23		22
Net Cash Used in Operating Activities		(706)		(633)
Cash Flows From Financing Activities
Exercise of common stock warrants		1,113		1
Net Cash Provided by Financing Activities		1,113		1
Net increase (decrease) in Cash and Cash Equivalents		407		(632)
Cash and Cash Equivalents, Beginning of year		813		1,445
Cash and Cash Equivalents, End of Year	$	1,220	$	813
Supplemental Disclosure of Cash Paid During the Year for:
Interest	$	578	$	487
Taxes	$	-	$	-
Supplemental Disclosure of Non Cash Transactions:
Retirement of common stock	$	(111)	$	-
Payment of in-kind dividend to the Company from the Bank	$	111	$	-