Note 22 - Holding Company Condensed Financial Information

12 Months Ended

Dec. 31, 2014

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

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

22. Holding Company Condensed Financial Information

Since the Company is a holding company and does not conduct operations, its primary sources of liquidity are equity issuances, dividends received from the Bank and funds received through stock option exercises.

The following tables summarize the holding company’s financial condition, results of operations and cash flows at the dates and for the periods indicated (in thousands).

Condensed Balance Sheets

	December 31,
	2014		2013
Assets
Cash and cash equivalents	$	127	$	87
Deferred tax asset, net		150		364
Investment in subsidiary		132,738		123,366
Other assets		29		-
Total assets	$	133,044	$	123,817
Liabilities and shareholders' equity
Shareholders' equity	$	133,044	$	123,817
Total liabilities and shareholders' equity	$	133,044	$	123,817

Condensed Statements of Income (Loss)

	For the years ended December 31,
	2014		2013			2012
Equity in undistributed income (loss) of subsidiary	$	9,848	$	27,509		$	(1,738	)
Other operating expense		279		142			126
Net income (loss) before provision (benefit) for income taxes		9,569		27,367			(1,864	)
Provision (benefit) for income taxes		214		(364	)		-
Net income (loss)	$	9,355	$	27,731		$	(1,864	)

Condensed Statements of Cash Flows

	For the years ended December 31,
	2014			2013			2012
Operating Activities
Net income (loss)	$	9,355		$	27,731		$	(1,864	)
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities
Increase in equity in undistributed (income) loss of subsidiary		(8,208	)		(27,509	)		1,738
Deferred income tax expense (benefit)		214			(364	)		-
Increase in other assets		(29	)		-			-
Decrease in other liabilities		-			(23	)		(55	)
Net cash provided by (used for) operating activities		1,332			(165	)		(181	)
Investing Activities
Capital contribution in subsidiary		-			-			(650	)
Net cash used for investing activities		-			-			(650	)
Financing Activities
Dividends paid on common stock		(1,279	)		-			-
Taxes paid related to net share settlement of equity awards		(13	)
Proceeds from exercise of stock options		-			124			-
Net cash provided by (used for) financing activities		(1,292	)		124			-
Net change in cash and due from banks		40			(41	)		(831	)
Cash and due from banks, beginning of period		87			128			959
Cash and due from banks, end of period	$	127		$	87		$	128