Condensed Financial Statements - Parent Company Only

12 Months Ended

Dec. 31, 2014

Condensed Financial Statements - Parent Company Only [Abstract]

Condensed Financial Statements - Parent Company Only

NOTE 21 - CONDENSED FINANCIAL STATEMENTS – PARENT COMPANY ONLY

Balance Sheets
	December 31,
(dollars in thousands)	2014	2013
Assets
Cash - noninterest bearing	$            1,064	$               402
Investment in wholly owned subsidiaries	127,210	122,382
Other assets	1,423	1,230
Total Assets	$         129,697	$         124,014
Liabilities and Stockholders' Equity
Current liabilities	$               766	$               912
Guaranteed preferred beneficial interest in junior subordinated debentures	12,372	12,372
Total Liabilities	13,138	13,284
Stockholders' Equity
Preferred Stock - Series C	20,000	20,000
Common stock	47	46
Additional paid in capital	46,416	45,881
Retained earnings	50,936	46,523
Accumulated other comprehensive loss	(378)	(1,057)
Unearned ESOP shares	(462)	(663)
Total Stockholders’ Equity	116,559	110,730
Total Liabilities and Stockholders’ Equity	$         129,697	$         124,014

Condensed Statements of Income
	Years Ended December 31,
(dollars in thousands)	2014	2013
Interest and Dividend Income
Dividends from subsidiary	$            3,500	$                    -
Interest income	6	46
Interest expense	312	305
Net Interest Income (Expense)	3,194	(259)
Miscellaneous expenses	(1,427)	(825)
Income (Loss) before income taxes and equity in
undistributed net income of subsidiary	1,767	(1,084)
Federal and state income tax benefit	589	368
Equity in undistributed net income of subsidiary	4,134	7,367
Net Income	$            6,490	$            6,651
Preferred stock dividends	200	200
Net Income Available to Common Shareholders	$            6,290	$            6,451

Condensed Statements of Cash Flows
	Years Ended December 31,
(dollars in thousands)	2014	2013
Cash Flows from Operating Activities
Net income	$            6,490	$            6,651
Adjustments to reconcile net income to net cash provided by operating activities
Equity in undistributed earnings of subsidiary	(4,134)	(7,367)
Stock based compensation	191	216
(Increase) Decrease in other assets	(259)	1,730
Decrease (Increase) Deferred income tax benefit	162	(26)
(Decrease) Increase in current liabilities	(145)	67
Net Cash Provided by Operating Activities	2,305	1,271
Cash Flows from Financing Activities
Dividends paid	(2,055)	(1,579)
Proceeds from public offering	-	27,387
Downstream of capital to subsidiary	(15)	(27,474)
Exercise of stock options	226	317
Net change in ESOP loan	201	355
Repurchase of common stock	-	(536)
Net Cash Used in Financing Activities	(1,643)	(1,530)
Increase (Decrease) in Cash	662	(259)
Cash at Beginning of Year	402	661
Cash at End of Year	$            1,064	$               402