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CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY
 12 Months Ended
Dec. 31, 2017
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY
CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY

Information relative to the parent company’s condensed balance sheets at December 31, 2017 and 2016, and the related condensed statements of income and cash flows for the years ended December 31, 2017, 2016 and 2015 are presented below:
Condensed Balance Sheets
 
 
December 31,
(Dollars in thousands)
 
2017
 
2016
Assets
 
 

 
 

Cash
 
$
3,904

 
$
7,699

Investment in subsidiaries
 
175,027

 
168,325

Other assets
 
5,743

 
4,316

     Total assets
 
$
184,674

 
$
180,340

 
 
 
 
 
Liabilities and stockholders’ equity
 
 

 
 

Other liabilities
 
$
958

 
$
1,191

Long-term debt
 
33,524

 
33,524

     Total liabilities
 
34,482

 
34,715

 
 
 
 
 
     Total stockholders’ equity
 
150,192

 
145,625

     Total liabilities and stockholders’ equity
 
$
184,674

 
$
180,340



Condensed Statements of Income
 
 
Year ended December 31,
(Dollars in thousands)
 
2017
 
2016
 
2015
Income - dividends from bank subsidiary
 
$
13,724

 
$
9,241

 
$
7,744

Expenses - operating
 
11,974

 
11,307

 
8,988

Income (loss) before income taxes and undistributed earnings - continuing operations
 
1,750

 
(2,066
)
 
(1,244
)
Income tax (benefit) - continuing operations
 
(2,147
)
 
(2,072
)
 
(1,597
)
Income after tax from continuing operations
 
3,897

 
6

 
353

Income before income taxes and undistributed earnings - discontinued operations
 
—

 
6,926

 
—

Income tax - discontinued operations
 
—

 
2,629

 
—

Income after tax from discontinued operations
 
—

 
4,297

 
—

Equity in undistributed income earnings of subsidiaries
 
3,678

 
8,609

 
6,463

Net Income
 
$
7,575

 
$
12,912

 
$
6,816

 
 
 
 
 
 
 
Preferred dividends
 
$
498

 
$
1,128

 
$
575

Net Income available to common shareholders
 
$
7,077

 
$
11,784

 
$
6,241


Condensed Statements of Cash Flows
(Dollars in thousands)
 
2017
 
2016
 
2015
OPERATING ACTIVITIES
 
 

 
 

 
 

     Net Income
 
$
7,575

 
$
12,912

 
$
6,816

     Equity in undistributed earnings of subsidiaries
 
(3,678
)
 
(8,609
)
 
(6,463
)
     (Decrease) in other assets
 
(2,214
)
 
(612
)
 
(529
)
     Decrease (increase) in other liabilities
 
(234
)
 
920

 
(261
)
     Stock option expense
 
813

 
568

 
413

 
 
 
 
 
 
 
     Net cash provided by (used in) operating activities
 
2,262

 
5,179

 
(24
)
 
 
 
 
 
 
 
INVESTING ACTIVITIES
 
 

 
 

 
 

     Investment in subsidiary
 
(947
)
 
(19,697
)
 
(400
)
 
 
 
 
 
 
 
     Net cash used in investing activities
 
(947
)
 
(19,697
)
 
(400
)
 
 
 
 
 
 
 
FINANCING ACTIVITIES
 
 

 
 

 
 

     Proceeds of stock offering
 
4,931

 
20,519

 
—

     Dividend reinvestment plan
 
—

 
—

 
—

     Proceeds from subordinated debt
 
—

 
—

 
—

     Preferred stock issuance
 
—

 
—

 
—

     Preferred stock redemption
 
(8,500
)
 
—

 
—

     Common stock options exercised
 
(10
)
 
32

 
(448
)
     Cash dividends paid on common stock
 
(1,033
)
 
(646
)
 
(641
)
     Cash dividends paid on preferred stock
 
(498
)
 
(1,128
)
 
(575
)
 
 
 
 
 
 
 
     Net cash (used in) provided by financing activities
 
(5,110
)
 
18,777

 
(1,664
)
 
 
 
 
 
 
 
(Decrease) increase in cash
 
(3,795
)
 
4,259

 
(2,088
)
 
 
 
 
 
 
 
Cash at beginning of period
 
7,699

 
3,440

 
5,528

 
 
 
 
 
 
 
Cash at end of period
 
$
3,904

 
$
7,699

 
$
3,440