Condensed Parent Company Financial Information

12 Months Ended

Dec. 31, 2017

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Condensed Parent Company Financial Information

NOTE 13 – CONDENSED PARENT COMPANY FINANCIAL INFORMATION

A summary of condensed financial information of the parent company as of December 31, 2017 and 2016, and for each of the three years in the period ended December 31, 2017 follows:

(Dollars in thousands)	2017			2016
CONDENSED BALANCE SHEETS
ASSETS
Cash deposited with subsidiary bank	$	1,007		$	921
Investment in subsidiary bank		69,309			64,272
Securities available-for-sale		90			80
Other assets		177			195
TOTAL ASSETS	$	70,583		$	65,468
LIABILITIES AND SHAREHOLDERS’ EQUITY
Total liabilities	$	51		$	53
Total shareholders’ equity		70,532			65,415
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	70,583		$	65,468
(Dollars in thousands)	2017			2016			2015
CONDENSED STATEMENTS OF COMPREHENSIVE INCOME
Interest on securities	$	2		$	2		$	2
Dividends from subsidiary		2,600			2,450			2,400
Securities gains		–			–			35
Total income		2,602			2,452			2,437
Operating expenses		348			384			465
Income before taxes and undistributed equity income of subsidiary		2,254			2,068			1,972
Income tax benefit		(123	)		(131	)		(146	)
Equity earnings in subsidiary, net of dividends		4,724			4,539			3,904
NET INCOME	$	7,101		$	6,738		$	6,022
COMPREHENSIVE INCOME	$	7,421		$	6,281		$	5,887

(Dollars in thousands)	2017			2016			2015
CONDENSED STATEMENTS OF CASH FLOWS
Cash flows from operating activities:
Net income	$	7,101		$	6,738		$	6,022
Adjustments to reconcile net income to cash provided by operations:
Equity earnings in subsidiary, net of dividends		(4,724	)		(4,539	)		(3,904	)
Securities gain		–			–			(35	)
Change in other assets, liabilities		13			71			2
Net cash provided by operating activities		2,390			2,270			2,085
Cash flows from investing activities:
Proceeds from sale of securities		–			–			88
Net cash provided by investing activities		–			–			88
Cash flows from financing activities:
Cash dividends paid		(2,304	)		(2,139	)		(2,082	)
Net cash used in financing activities		(2,304	)		(2,139	)		(2,082	)
Increase in cash		86			131			91
Cash at beginning of year		921			790			699
Cash at end of year	$	1,007		$	921		$	790