Parent Company Only Financial Information (Tables)

12 Months Ended

Dec. 31, 2017

Parent Company Only Financial Information

Condensed Statement of Financial Condition

		December 31,
(In thousands)		2017		2016
Assets
Cash	$	29	$	541
Investment securities		12,770		12,401
Investment in bank subsidiary		122,505		137,831
Investment in non-bank subsidiaries		929		1,255
Other assets		7,709		7,618
Total Assets	$	143,942	$	159,646
Liabilities and Shareholders' Equity
Accrued interest and other liabilities	$	4,623	$	4,218
Junior subordinated debt		30,929		41,730
Shareholders' equity		108,390		113,698
Total Liabilities and Shareholders' Equity	$	143,942	$	159,646

Condensed Statements of Income

		Year Ended
		December 31,
(In thousands)		2017		2016
Income:
Dividend income from bank subsidiary	$	22,250	$	1,000
Interest income on investments		625		573
Other income		73		128
Total other income		698		701
Total Income		22,948		1,701
Expenses:
Interest expense		1,621		2,429
Other expenses		219		207
Total Expenses		1,840		2,636
Income/(loss) before income taxes and equity in undistributed
net (loss)/income of subsidiaries		21,108		(935)
Applicable income tax benefit		486		693
Net income/(loss) before equity in undistributed net (loss)/income of subsidiaries		21,594		(242)
Equity in undistributed net (loss)/income of subsidiaries:
Bank		(16,325)		7,523
Net Income	$	5,269	$	7,281

Condensed Statement of Comprehensive Income

	Year Ended
	December 31,
Components of Comprehensive Income (in thousands)	2017		2016
Net Income	$	5,269	$	7,281
Unrealized gains/(losses) on AFS Securities, net of tax		457		(478)
Unrealized gains on cash flow hedges, net of tax		59		461
Other comprehensive income/(loss), net of tax		516		(17)
Comprehensive income	$	5,785	$	7,264

Condensed Cash Flow Statement

Condensed Statement of Cash Flows

		Year Ended
		December 31,
(In thousands)		2017		2016
Operating Activities
Net Income	$	5,269	$	7,281
Adjustments to reconcile net income to net cash provided
by operating activities:
Equity in undistributed loss/(net income) of subsidiaries		16,325		(7,523)
Increase in other assets		(581)		(575)
Increase in accrued interest payable and other liabilities		552		2,089
Tax Cuts and Jobs Act- reclassification items		380		0
Stock Compensation		192		192
Net cash provided by operating activities		22,137		1,464
Investing Activities
Net investment in subsidiaries		(150)		0
Net cash (used in)/ provided by investing activities		(150)		0
Financing Activities
Repayment of Long-term debt		(10,475)
Proceeds from issuance of common stock		9,191		0
Preferred Stock Redemption		(20,000)		(10,000)
Dividends - preferred stock paid		(1,215)		(2,025)
Net cash used in financing activities		(22,499)		(12,025)
Decrease in cash and cash equivalents		(512)		(10,561)
Cash and cash equivalents at beginning of year		541		11,102
Cash and cash equivalents at end of year	$	29	$	541

Condensed Statement of Accumulated Other Comprehensive Income

Accumulated Other Comprehensive Loss

Components of Other Comprehensive Income/(Loss) (in thousands)	Before Tax Amount		Tax (Expense) Benefit		Net
For the year ended December 31, 2017
Available for Sale Securities:
Unrealized holding gains	$	594	$	(137)	$	457
Cash flow hedges:
Unrealized holding gains		81		(22)		59
Other comprehensive income	$	675	$	(159)	$	516
For the year ended December 31, 2016
Available for Sale Securities:
Unrealized holding losses		(795)		317		(478)
Cash flow hedges:
Unrealized holding gains	$	766	$	(305)	$	461
Other comprehensive loss	$	(29)	$	12	$	(17)