Condensed Financial Statements Of Parent Company

12 Months Ended

Dec. 31, 2017

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, 2017 and 2016 and the related statements of income and cash flows for the years ended December 31, 2017, 2016 and 2015, are presented as follows:

Balance Sheets
	December 31,
Dollars in thousands	2017			2016
Assets
Cash	$	2,299		$	1,112
Investment in subsidiaries	219,980			175,513
Securities available for sale	77			77
Premises and equipment	94			101
Other assets	1,318			2,158
Total assets	$	223,768		$	178,961
Liabilities and Shareholders' Equity
Long-term borrowings	$	—		$	903
Subordinated debentures owed to unconsolidated subsidiary trusts	19,589			19,589
Other liabilities	2,674			3,109
Total liabilities	22,263			23,601
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: 12,465,296 shares 2017, 10,883,509 shares 2016; outstanding: 12,358,562 shares 2016, 10,736,970 shares 2016	81,098			46,757
Unallocated common stock held by Employee Stock Ownership Plan - 2017 - 106,734 shares, 2016 - 146,539 shares	(1,152		)	(1,583		)
Retained earnings	119,827			113,448
Accumulated other comprehensive income (loss)	1,732			(3,262		)
Total shareholders' equity	201,505			155,360
Total liabilities and shareholders' equity	$	223,768		$	178,961

Statements of Income
	For the Year Ended December 31,
Dollars in thousands	2017			2016			2015
Income
Dividends from subsidiaries	$	6,500		$	5,070		$	10,000
Other dividends and interest income	24			21			19
Realized securities losses	—			(14		)	—
Management and service fees from subsidiaries	1,964			1,554			1,133
Total income	8,488			6,631			11,152
Expense
Interest expense	714			663			747
Operating expenses	2,462			2,820			2,390
Total expenses	3,176			3,483			3,137
Income before income taxes and equity in
undistributed income of subsidiaries	5,312			3,148			8,015
Income tax (benefit)	(129		)	(715		)	(692		)
Income before equity in undistributed income of subsidiaries	5,441			3,863			8,707
Equity in undistributed income of subsidiaries	6,474			13,434			7,395
Net income	$	11,915		$	17,297		$	16,102

Statements of Cash Flows
	For the Year Ended December 31,
Dollars in thousands	2017			2016			2015
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	11,915		$	17,297		$	16,102
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed net income of subsidiaries	(6,474		)	(13,434		)	(7,395		)
Deferred tax expense (benefit)	346			(214		)	(42		)
Depreciation	39			36			30
Realized securities losses	—			14			—
Share-based compensation expense	174			96			72
Earnings on bank owned life insurance	(1		)	5			4
Decrease (increase) in other assets	535			(277		)	5
Increase in other liabilities	512			1,104			943
Net cash provided by operating activities	7,046			4,627			9,719
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds sales of available for sale securities	—			86			—
Principal payments received on available for sale securities	—			—			—
Purchase of available for sale securities	—			—			(70		)
Purchases of premises and equipment	(92		)	(56		)	(46		)
Proceeds from sale of premises and equipment	60			—			—
Net cash provided by (used in) investing activities	(32		)	30			(116		)
CASH FLOWS FROM FINANCING ACTIVITIES
Dividends paid on preferred stock	—			—			(191		)
Dividends paid on common stock	(5,238		)	(4,272		)	(3,398		)
Exercise of stock options	303			447			51
Repayment of long-term borrowings	(902		)	(1,805		)	(1,838		)
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	10			101			4,772
Net cash used in financing activities	(5,827		)	(5,529		)	(20,734		)
Increase (decrease) in cash	1,187			(872		)	(11,131		)
Cash:
Beginning	1,112			1,984			13,115
Ending	$	2,299		$	1,112		$	1,984
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash payments for:
Interest	$	704		$	654		$	761