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CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY
 12 Months Ended
Dec. 31, 2018
Condensed Financial Information 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, 2018 and 2017, and the related condensed statements of income and cash flows for the years ended December 31, 2018, 2017 and 2016 are presented below:
Condensed Balance Sheets
 
 
December 31,
(Dollars in thousands)
 
2018
 
2017
Assets
 
 

 
 

Cash
 
$
4,449

 
$
3,904

Investment in subsidiaries
 
187,052

 
175,027

Other assets
 
5,036

 
5,743

     Total assets
 
$
196,537

 
$
184,674

 
 
 
 
 
Liabilities and stockholders’ equity
 
 

 
 

Other liabilities
 
$
2,240

 
$
958

Long-term debt
 
17,524

 
33,524

     Total liabilities
 
19,764

 
34,482

 
 
 
 
 
     Total stockholders’ equity
 
176,773

 
150,192

     Total liabilities and stockholders’ equity
 
$
196,537

 
$
184,674



Condensed Statements of Income
 
 
Year ended December 31,
(Dollars in thousands)
 
2018
 
2017
 
2016
Income - dividends from bank subsidiary
 
$
8,906

 
$
13,724

 
$
9,241

Expenses - operating
 
13,439

 
11,974

 
11,307

Income (loss) before income taxes and undistributed earnings - continuing operations
 
(4,533
)
 
1,750

 
(2,066
)
Income tax (benefit) - continuing operations
 
(1,569
)
 
(2,147
)
 
(2,072
)
Income after tax from continuing operations
 
(2,964
)
 
3,897

 
6

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
 
14,967

 
3,678

 
8,609

Net Income
 
$
12,003

 
$
7,575

 
$
12,912

 
 
 
 
 
 
 
Preferred dividends
 
$
489

 
$
498

 
$
1,128

Net Income available to common shareholders
 
$
11,514

 
$
7,077

 
$
11,784


Condensed Statements of Cash Flows
(Dollars in thousands)
 
2018
 
2017
 
2016
OPERATING ACTIVITIES
 
 

 
 

 
 

     Net Income
 
$
12,003

 
$
7,575

 
$
12,912

     Equity in undistributed earnings of subsidiaries
 
(14,967
)
 
(3,678
)
 
(8,609
)
     Increase (decrease) in other assets
 
1,997

 
(2,214
)
 
(612
)
     Decrease (increase) in other liabilities
 
1,311

 
(234
)
 
920

     Stock option expense
 
1,267

 
813

 
568

 
 
 
 
 
 
 
     Net cash provided by provided by operating activities
 
1,611

 
2,262

 
5,179

 
 
 
 
 
 
 
INVESTING ACTIVITIES
 
 

 
 

 
 

     Investment in subsidiary
 
(2,194
)
 
(947
)
 
(19,697
)
 
 
 
 
 
 
 
     Net cash used in investing activities
 
(2,194
)
 
(947
)
 
(19,697
)
 
 
 
 
 
 
 
FINANCING ACTIVITIES
 
 

 
 

 
 

     Proceeds of stock offering
 
—

 
4,931

 
20,519

     AOCI reclassification of pension and available-for-sale investments
 
743

 
—

 
—

     Proceeds from subordinated debt
 
(35
)
 
—

 
—

     Preferred stock issuance
 
—

 
—

 
—

     Preferred stock redemption
 
—

 
(8,500
)
 
—

     Common stock options exercised
 
2,129

 
(10
)
 
32

     Cash dividends paid on common stock
 
(1,220
)
 
(1,033
)
 
(646
)
     Cash dividends paid on preferred stock
 
(489
)
 
(498
)
 
(1,128
)
 
 
 
 
 
 
 
     Net cash (used in) provided by financing activities
 
1,128

 
(5,110
)
 
18,777

 
 
 
 
 
 
 
(Decrease) increase in cash
 
545

 
(3,795
)
 
4,259

 
 
 
 
 
 
 
Cash at beginning of period
 
3,904

 
7,699

 
3,440

 
 
 
 
 
 
 
Cash at end of period
 
$
4,449

 
$
3,904

 
$
7,699