Note 26 - Parent Company Financial Statements

12 Months Ended

Dec. 31, 2018

Notes to Financial Statements

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

NOTE

2

6

. PARENT COMPANY FINANCIAL STATEMENTS

Condensed Balance Sheets

Year ended

December 31,

(Amounts in thousands)	2018			2017
Assets:
Cash	$	19,425		$	23,984
Investment in:
Redding Bank of Commerce		143,078			130,658
Bank of Commerce Mortgage		(64	)		(64	)
Bank of Commerce Holdings Trust II		310			310
Other assets		157			169
Total Assets	$	162,906		$	155,057
Liabilities and shareholders' equity:
Term debt:
Senior debt, net	$	3,494		$	7,090
Subordinated debt, net		9,911			9,868
Junior subordinated debentures		10,310			10,310
Other liabilities		870			525
Total liabilities		24,585			27,793
Shareholders’ equity		138,321			127,264
Total liabilities and shareholders’ equity	$	162,906		$	155,057

Condensed Statements of Income

Year Ended

December 31,

 

(Amounts in thousands)	2018		2017		2016
Income:
Other income	$	12	$	9	$	7
Dividends from subsidiaries		4,000		2,200		4,200
Total income		4,012		2,209		4,207
Expenses:
Management fees paid to subsidiaries		303		278		259
Interest expense		1,461		1,452		1,409
Noninterest expense		1,433		474		345
Total expenses		3,197		2,204		2,013
Income before income taxes and equity in undistributed net income of subsidiaries		815		5		2,194
Income tax expense		1		1		1
Income before equity in undistributed net income of subsidiaries		814		4		2,193
Equity in undistributed net income of subsidiaries		14,916		7,340		3,066
Net income	$	15,730	$	7,344	$	5,259

Condensed Statements of Cash Flows

Year Ended

December 31,

(Amounts in thousands)	2018			2017			2016
Cash flows from operating activities:
Net income	$	15,730		$	7,344		$	5,259
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed net income of subsidiaries		(14,916	)		(7,340	)		(3,066	)
Amortization of debt issuance costs		49			44			40
Provision for depreciation and amortization		22			6			—
Decrease in other assets		69			32			6
Increase (decrease) in other liabilities		227			59			(137	)
Net cash provided by operating activities		1,181			145			2,102
Cash flows from investing activities:
Purchases of premises and equipment		(80	)		(82	)		—
Net cash used by investing activities		(80	)		(82	)		—
Cash flows from financing activities:
Repayment of term debt		(3,602	)		(1,819	)		(1,001	)
Cash dividends paid on common stock		(2,274	)		(1,776	)		(1,603	)
Proceeds from stock options exercised		216			245			10
Net proceeds from issuance of common stock		—			26,778			—
Net cash provided by (used in) financing activities		(5,660	)		23,428			(2,594	)
Net increase (decrease) in cash and cash equivalents		(4,559	)		23,491			(492	)
Cash and cash equivalents at the beginning of year		23,984			493			985
Cash and cash equivalents at the end of year	$	19,425		$	23,984		$	493
Supplemental disclosures of non cash financing activities:
Stock issued under employee plans	$	45		$	41		$	—
Vested and granted restricted stock issued under employee plans	$	—		$	—		$	84