Condensed Financial Statements Of Parent Company

12 Months Ended

Dec. 31, 2016

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Condensed Financial Statements of Parent Company

CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY

Information relative to our parent company balance sheets at December 31, 2016 and 2015 and the related statements of income and cash flows for the years ended December 31, 2016, 2015 and 2014, are presented as follows:

Balance Sheets
	December 31,
Dollars in thousands	2016			2015
Assets
Cash	$	1,112		$	1,984
Investment in subsidiaries, eliminated in consolidation	175,513			164,787
Securities available for sale	77			166
Premises and equipment	101			81
Other assets	2,158			1,677
Total assets	$	178,961		$	168,695
Liabilities and Shareholders' Equity
Long-term borrowings	$	903		$	2,708
Subordinated debentures owed to unconsolidated subsidiary trusts	19,589			19,589
Other liabilities	3,109			2,654
Total liabilities	23,601			24,951
Preferred stock, $1.00 par value, authorized 250,000 shares	—			—
Common stock and related surplus, $2.50 par value, authorized
20,000,000 shares; issued: 10,883,509 shares 2016, 10,853,566 shares 2015; outstanding: 10,736,970 shares 2016, 10,671,744 shares 2015	46,757			45,741
Unallocated common stock held by Employee Stock Ownership Plan - 2016 - 146,539 shares, 2015 - 181,822 shares	(1,583		)	(1,964		)
Retained earnings	113,448			100,423
Accumulated other comprehensive loss	(3,262		)	(456		)
Total shareholders' equity	155,360			143,744
Total liabilities and shareholders' equity	$	178,961		$	168,695

Statements of Income
	For the Year Ended December 31,
Dollars in thousands	2016			2015			2014
Income
Dividends from subsidiaries	$	5,070		$	10,000		$	6,500
Other dividends and interest income	21			19			22
Realized securities gains (losses)	(14		)	—			41
Management and service fees from subsidiaries	1,554			1,133			1,189
Total income	6,631			11,152			7,752
Expense
Interest expense	663			747			1,845
Operating expenses	2,820			2,390			1,746
Total expenses	3,483			3,137			3,591
Income before income taxes and equity in
undistributed income of subsidiaries	3,148			8,015			4,161
Income tax (benefit)	(715		)	(692		)	(739		)
Income before equity in undistributed income of subsidiaries	3,863			8,707			4,900
Equity in undistributed income of subsidiaries	13,434			7,395			6,456
Net income	17,297			16,102			11,356
Dividends on preferred shares	—			—			771
Net income applicable to common shares	$	17,297		$	16,102		$	10,585

Statements of Cash Flows
	For the Year Ended December 31,
Dollars in thousands	2016			2015			2014
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	17,297		$	16,102		$	11,356
Adjustments to reconcile net earnings to net cash provided by operating activities:
Equity in undistributed net income of subsidiaries	(13,434		)	(7,395		)	(6,456		)
Deferred tax expense (benefit)	(214		)	(42		)	46
Depreciation	36			30			23
Realized securities (gains) losses	14			—			(41		)
Stock compensation expense	96			72			1
Decrease in cash surrender value of bank owned life insurance	5			4			1
(Increase) decrease in other assets	(277		)	5			19
Increase in other liabilities	1,104			943			57
Net cash provided by operating activities	4,627			9,719			5,006
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds sales of available for sale securities	86			—			112
Principal payments received on available for sale securities	—			—			8
Purchase of available for sale securities	—			(70		)	—
Purchases of premises and equipment	(56		)	(46		)	(6		)
Net cash provided by (used in) investing activities	30			(116		)	114
CASH FLOWS FROM FINANCING ACTIVITIES
Dividends paid on preferred stock	—			(191		)	(774		)
Dividends paid on common stock	(4,272		)	(3,398		)	—
Exercise of stock options	447			51			71
Repayment of long-term borrowings	(1,805		)	(1,838		)	(4,402		)
Repayment of subordinated debt	—			(16,800		)	—
Repurchase and retirement of common stock	—			(1,080		)	—
Purchase of unallocated common stock held by ESOP	—			(2,250		)	—
Net proceeds from issuance of common stock	101			4,772			7,822
Net cash provided by (used in) financing activities	(5,529		)	(20,734		)	2,717
Increase (decrease) in cash	(872		)	(11,131		)	7,837
Cash:
Beginning	1,984			13,115			5,278
Ending	$	1,112		$	1,984		$	13,115
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash payments for:
Interest	$	654		$	761		$	1,909