Note 28 - Parent Company Financial Statements

12 Months Ended

Dec. 31, 2017

Notes to Financial Statements

Condensed Financial Information of Parent Company Only Disclosure [Text Block]

NOTE

2

8

. PARENT COMPANY FINANCIAL STATEMENTS

Condensed Balance Sheets

Year ended

December 31,

(Amounts in thousands)	2017			2016
Assets:
Cash	$	23,984		$	493
Investment in:
Redding Bank of Commerce		130,658			122,707
Bank of Commerce Mortgage		(64	)		(64	)
Bank of Commerce Holdings Trust II		310			310
Other assets		169			124
Total Assets	$	155,057		$	123,570
Liabilities and shareholders' equity:
Term debt:
Senior debt, net	$	7,090		$	8,904
Subordinated debt, net		9,868			9,829
Junior subordinated debentures		10,310			10,310
Other liabilities		525			421
Total liabilities		27,793			29,464
Shareholders ’ equity		127,264			94,106
Total liabilities and shareholders ’ equity	$	155,057		$	123,570

Condensed Statements of Income

Year Ended

December 31,

(Amounts in thousands)	2017		2016		2015
Income:
Other income	$	9	$	7	$	6
Dividends from subsidiaries		2,200		4,200		2,850
Total income		2,209		4,207		2,856
Expenses:
Management fees paid to subsidiaries		278		259		229
Interest expense		1,452		1,409		267
Noninterest expense		474		345		337
Total expenses		2,204		2,013		833
Income before income taxes and equity in undistributed net income of subsidiaries		5		2,194		2,023
Income tax expense		1		1		1
Income before equity in undistributed net income of subsidiaries		4		2,193		2,022
Equity in undistributed net income of subsidiaries		7,340		3,066		6,564
Net income	$	7,344	$	5,259	$	8,586
Less: Preferred stock extinguishment costs		—		—		102
Less: Preferred dividends		—		—		189
Income available to common shareholders	$	7,344	$	5,259	$	8,295

Condensed Statements of Cash Flows

Year Ended

December 31,

(Amounts in thousands)	2017			2016			2015
Cash flows from operating activities:
Net income	$	7,344		$	5,259		$	8,586
Adjustments to reconcile net income to net cash provided by operating activities:
Compensation associated with stock options		—			—			1
Equity in undistributed net income of subsidiaries		(7,340	)		(3,066	)		(6,564	)
Amortization of debt issuance costs		44			40			—
Provision for depreciation and amortization		6			—			—
Decrease in other assets		32			6			371
Increase (decrease) in other liabilities		59			(137	)		229
Net cash provided by operating activities		145			2,102			2,623
Cash flows from investing activities:
Purchases of premises and equipment		(82	)		—			—
Net cash (used) by investing activities		(82	)		—			—
Cash flows from financing activities:
Advances on term debt		—			—			20,000
Repayment of term debt		(1,819	)		(1,001	)		(83	)
Debt issuance costs paid		—			—			(223	)
Redemption of preferred stock		—			—			(20,000	)
Preferred stock extinguishment costs		—			—			(33	)
Cash dividends paid on preferred stock		—			—			(189	)
Cash dividends paid on common stock		(1,776	)		(1,603	)		(1,601	)
Proceeds from stock options exercised		245			10			156
Net proceeds from issuance of common stock		26,778			—			—
Net cash provided by (used in) financing activities		23,428			(2,594	)		(1,973	)
Net increase (decrease) in cash and cash equivalents		23,491			(492	)		650
Cash and cash equivalents at the beginning of year		493			985			335
Cash and cash equivalents at the end of year	$	23,984		$	493		$	985
Supplemental disclosures of non cash financing activities:
Stock compensation grants	$	41		$	—		$	—
Common stock issued under employee plans	$	—		$	84		$	36