PARENT COMPANY FINANCIAL STATEMENTS

12 Months Ended

Dec. 31, 2014

PARENT COMPANY FINANCIAL STATEMENTS [Abstract]

PARENT COMPANY FINANCIAL STATEMENTS

NOTE 21 - PARENT COMPANY FINANCIAL STATEMENTS

Condensed Balance Sheets
December 31
	2014		2013
ASSETS
Cash	$	4,080	$	8,761
Investment in subsidiaries		153,333		151,019
Premises and equipment		165		207
Other assets		459		1,519
Total assets	$	158,037	$	161,506
LIABILITIES AND STOCKHOLDERS’ EQUITY
Other liabilities	$	855	$	766
Other borrowed funds		11,400		13,800
Total liabilities		12,255		14,566
Stockholders’ equity
Preferred stock		-		11,955
Common stock		74,568		73,589
Retained earnings		69,719		62,021
Accumulated other comprehensive income (loss)		1,495		(625	)
Total stockholders’ equity		145,782		146,940
Total liabilities and stockholders’ equity	$	158,037	$	161,506

Condensed Statement of Operations
Years Ended December 31
	2014			2013			2012
Income
Dividends from subsidiaries	$	14,340		$	9,675		$	13,915
Interest and dividend income		6			12			22
Other income		2,364			1,327			1,201
Total income		16,710			11,014			15,138
Expenses
Interest expense		550			650			754
Salaries and employee benefits		2,814			2,387			2,318
Professional fees		337			290			337
Other expenses		781			781			1,053
Total expenses		4,482			4,108			4,462
Income before income taxes and equity in undistributed income of subsidiaries		12,228			6,906			10,676
Income tax (benefit)		(728	)		(987	)		(1,144	)
Income before equity in undistributed income of subsidiaries		12,956			7,893			11,820
Equity in undistributed income (excess distributions) of subsidiaries		194			5,336			(1,497	)
Net income	$	13,150		$	13,229		$	10,323
Discount on redemption of preferred stock		-			-			905
Preferred stock dividends and accretion		(598	)		(659	)		(1,073	)
Net income available to common stockholders	$	12,552		$	12,570		$	10,155

Condensed Statement of Cash Flows
Years Ended December 31
	2014			2013			2012
Cash flows from operating activities
Net income	$	13,150		$	13,229		$	10,323
Adjustments to reconcile net income to net cash from operating activities
Depreciation		75			64			57
Stock compensation expense		248			169			181
Gain from sales of assets		(947	)		(11	)		-
Dividends in excess of net income of subsidiaries		-			-			1,497
Equity in undistributed earnings of subsidiaries		(194	)		(5,336	)		-
Change in other assets		1,060			438			24
Change in other liabilities		89			(51	)		220
Net cash from operating activities		13,481			8,502			12,302
Cash flows from investing activities
Proceeds from sales of other real estate owned		947			-			-
Purchases of fixed assets, net of proceeds from asset sales		(33	)		(69	)		(108	)
Net cash from investing activities		914			(69	)		(108	)
Cash flows from financing activities
Cash dividends on preferred stock		(553	)		(600	)		(984	)
Cash dividends paid to shareholders		(4,854	)		(3,524	)		(1,749	)
Repurchase of preferred stock		(12,000	)		-			(9,237	)
Proceeds from stock option exercises		731			571			192
Payments on other borrowed funds		(2,400	)		(2,249	)		(2,081	)
Net cash from financing activities		(19,076	)		(5,802	)		(13,859	)
Net change in cash and cash equivalents		(4,681	)		2,631			(1,665	)
Cash and cash equivalents at beginning of year		8,761			6,130			7,795
Cash and cash equivalents at end of year	$	4,080		$	8,761		$	6,130