Condensed Financial Statements - Parent Company Only

12 Months Ended

Dec. 31, 2017

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)	2017	2016
Assets
Cash - noninterest bearing	$              2,812	$                2,366
Investment in wholly owned subsidiaries	139,418	136,481
Other assets	4,491	2,017
Total Assets	$          146,721	$            140,864
Liabilities and Stockholders' Equity
Current liabilities	$              1,392	$                1,066
Guaranteed preferred beneficial interest in junior subordinated debentures	12,372	12,372
Subordinated notes - 6.25%	23,000	23,000
Total Liabilities	36,764	36,438
Stockholders' Equity
Common stock	46	46
Additional paid in capital	48,209	47,377
Retained earnings	63,648	58,100
Accumulated other comprehensive loss	(1,191)	(928)
Unearned ESOP shares	(755)	(169)
Total Stockholders’ Equity	109,957	104,426
Total Liabilities and Stockholders’ Equity	$          146,721	$            140,864

Condensed Statements of Income
	Years Ended December 31,
(dollars in thousands)	2017	2016	2015
Interest and Dividend Income
Dividends from subsidiary	$            7,500	$            5,500	$            2,775
Interest income	64	19	51
Interest expense	1,865	1,795	1,599
Net Interest Income	5,699	3,724	1,227
Miscellaneous expenses	(2,968)	(2,110)	(1,421)
Income (loss) before income taxes and equity in
undistributed net income of subsidiary	2,731	1,614	(194)
Federal and state income tax benefit	1,583	1,321	1,009
Equity in undistributed net income of subsidiary	2,894	4,396	5,528
Net Income	$            7,208	$            7,331	$            6,343
Preferred stock dividends	-	-	23
Net Income Available to Common Shareholders	$            7,208	$            7,331	$            6,320

Condensed Statements of Cash Flows
	Years Ended December 31,
(dollars in thousands)	2017	2016	2015
Cash Flows from Operating Activities
Net income	$            7,208	$            7,331	$            6,343
Adjustments to reconcile net income to net cash provided by operating activities
Equity in undistributed earnings of subsidiary	(2,894)	(4,396)	(5,528)
Stock based compensation	515	489	139
(Increase) in other assets	(2,446)	(145)	(284)
(Increase) decrease in deferred income tax benefit	(29)	55	23
Increase (decrease) in current liabilities	327	(157)	459
Net Cash Provided by Operating Activities	2,681	3,177	1,152
Cash Flows from Financing Activities
Dividends paid	(1,804)	(1,814)	(1,916)
Capital (to) from subsidiary	-	180	(78)
Proceeds from Subordinated Notes	-	-	23,000
Redemption of Small Business Lending Fund Preferred Stock	-	-	(20,000)
Exercise of stock options	155	-	-
Net change in unearned ESOP shares	(586)	147	146
Repurchase of common stock	-	(865)	(1,827)
Net Cash Used in Financing Activities	(2,235)	(2,352)	(675)
Increase in Cash	446	825	477
Cash at Beginning of Year	2,366	1,541	1,064
Cash at End of Year	$            2,812	$            2,366	$            1,541