CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY

12 Months Ended

Dec. 31, 2014

CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY

CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY

NOTE 20. CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY

Information relative to the parent company’s condensed balance sheets at December 31, 2014 and 2013, and the related condensed statements of income and cash flows for each of those years are presented below:

	December 31
(in thousands)	2014		2013
Condensed Balance Sheets
Assets
Cash	$	5,528	$	362
Investment in subsidiaries		135,633		97,164
Other assets		2,334		717
Total assets	$	143,495	$	98,243
Liabilities and stockholders’ equity
Other liabilities	$	533	$	97
Long-term debt		33,524		4,124
Total liabilities		34,057		4,221
Total stockholders’ equity		109,438		94,022
Total liabilities and stockholders’ equity	$	143,495	$	98,243

	Year ended December 31,
(in thousands)	2014		2013
Condensed Statements of Income
Income - dividends from bank subsidiary	$	3,112	$	2,666
Expenses - operating		2,972		499
Income before income taxes and undistributed earnings		140		2,167
Income tax (benefit)		(992)		(190)
Income after tax (benefit)		1,132		2,357
Equity in undistributed income earnings of subsidiaries		947		1,663
Net income	$	2,079	$	4,020
Preferred dividends	$	332	$	85
Net income available to common shareholders’	$	1,747	$	3,935
Other comprehensive income	$	319	$	(1,466)
Comprehensive income	$	2,398	$	2,554

(in thousands)	2014		2013
Condensed Statements of Cash Flows
OPERATING ACTIVITIES
Net income	$	2,079	$	4,020
Equity in undistributed earnings of subsidiaries		(947)		(1,663)
Increase in other assets		(1,778)		(340)
Increase in other liabilities		436		57
Stock option expense		321		196
Net cash provided by operating activities		111		2,950
INVESTING ACTIVITIES
Investment in subsidiary		(37,042)		(26,469)
Net cash used in investing activities		(37,042)		(26,469)
FINANCING ACTIVITIES
Proceeds of stock offering		5,588		23,109
Dividend reinvestment plan		180		913
Proceeds from subordinated debt		29,400		—
Preferred stock issuance		7,834		—
Common stock options exercised		63		323
Cash dividends paid on common stock		(636)		(537)
Cash dividends paid on preferred stock		(332)		(85)
Net cash provided by financing activities		42,097		23,723
Increase in cash		5,166		204
Cash at beginning of period		362		158
Cash at end of period	$	5,528	$	362