PARENT CORPORATION ONLY FINANCIAL STATEMENTS

12 Months Ended

Dec. 31, 2018

Condensed Financial Information Disclosure [Abstract]

PARENT CORPORATION ONLY FINANCIAL STATEMENTS

NOTE 27 PARENT CORPORATION ONLY FINANCIAL STATEMENTS 

CONDENSED BALANCE SHEETS

 AS OF DECEMBER 31, 2018 AND 2017

(Dollars in Thousands)

ASSETS	2018			2017
Due from banks	$	361		$	1,220
Investment in subsidiaries		66,095			65,057
Other assets		1,563			1,360
Total Assets	$	68,019		$	67,637
LIABILITIES
Accrued interest payable	$	197		$	139
Accrued expenses and other liabilities		76			29
Trust preferred securities		16,496			16,496
Total Liabilities		16,769			16,664
STOCKHOLDERS’ EQUITY
Common stock - $2.00 par value, 50,000,000 shares authorized; 23,922,086 and 23,922,086 shares issued and outstanding at December 31, 2017 and 2016, respectively		47,844			47,844
Additional paid capital		14,570			14,570
Retained deficit		(9,928	)		(10,847	)
Accumulated other comprehensive loss		(1,236	)		(594	)
Total Stockholders’ Equity		51,250			50,973
Total Liabilities and Stockholders’ Equity	$	68,019		$	67,637

CONDENSED STATEMENTS OF INCOME

 FOR THE YEARS ENDED DECEMBER 31, 2018 AND 2017

(Dollars in Thousands)	2018			2017
Income
Miscellaneous income	$	23		$	17
Dividends from subsidiaries		—			111
Undistributed income of subsidiaries		1,681			2,939
Total income		1,704			3,067
Expenses
Trust preferred securities interest expense		773			592
Professional fees		147			92
Other operating expenses		66			62
Total Expenses		986			746
Income before Income Taxes		717			2,321
Income Tax Expense (Benefit)		(202	)		(773	)
Net Income	$	919		$	3,094

CONDENSED STATEMENTS OF CASH FLOWS

FOR THE YEARS ENDED DECEMBER 31, 2018 AND 2017

(Dollars in Thousands)	2018			2017
Cash Flows From Operating Activities
Net income	$	919		$	3,094
Adjustments to reconcile net income to net cash used in operating activities:
Equity in undistributed earnings of subsidiaries		(1,680	)		(3,050	)
Net increase in other assets		(203	)		(773	)
Net increase in other liabilities		105			23
Net Cash Used in Operating Activities		(859	)		(706	)
Cash Flows From Financing Activities
Exercise of common stock warrants		—			1,113
Net Cash Provided by Financing Activities		—			1,113
Net (decrease) increase in Cash and Cash Equivalents		(859	)		407
Cash and Cash Equivalents, Beginning of year		1,220			813
Cash and Cash Equivalents, End of Year	$	361		$	1,220
Supplemental Disclosure of Cash Paid During the Year for:
Interest	$	715		$	578
Taxes	$	320		$	—
Supplemental Disclosure of Non Cash Transactions:
Retirement of common stock	$	—		$	(111	)
Payment of in-kind dividend to the Company from the Bank	$	—		$	111