| PARENT COMPANY FINANCIAL INFORMATION |
Note 20
PARENT COMPANY FINANCIAL INFORMATION
The following are condensed statements of financial condition
of the parent company at December 31:
Parent Company Statements of Financial Condition
| (Dollars in Thousands, Except Per Share Data) |
|
2014 |
|
|
2013 |
|
| ASSETS |
|
|
|
|
|
|
|
|
| Cash and Due From Subsidiary Bank |
|
$ |
11,741 |
|
|
$ |
6,209 |
|
| Investment in Subsidiary Bank |
|
|
329,632 |
|
|
|
337,809 |
|
| Other Assets |
|
|
2,906 |
|
|
|
3,347 |
|
| Total Assets |
|
$ |
344,279 |
|
|
$ |
347,365 |
|
| |
|
|
|
|
|
|
|
|
| LIABILITIES |
|
|
|
|
|
|
|
|
| Subordinated Notes Payable |
|
$ |
62,887 |
|
|
$ |
62,887 |
|
| Other Liabilities |
|
|
8,852 |
|
|
|
8,078 |
|
| Total Liabilities |
|
|
71,739 |
|
|
|
70,965 |
|
| |
|
|
|
|
|
|
|
|
| SHAREOWNERS EQUITY |
|
|
|
|
|
|
|
|
| Preferred Stock, $.01 par value, 3,000,000 shares authorized; no shares issued and outstanding |
|
|
|
|
|
|
|
|
| Common Stock, $.01 par value; 90,000,000 shares authorized; 17,447,223 and 17,360,960 shares issued and outstanding at December 31, 2014 and December 31, 2013, respectively |
|
|
174 |
|
|
|
174 |
|
| Additional Paid-In Capital |
|
|
42,569 |
|
|
|
41,152 |
|
| Retained Earnings |
|
|
251,306 |
|
|
|
243,614 |
|
| Accumulated Other Comprehensive Loss, Net of Tax |
|
|
(21,509 |
) |
|
|
(8,540 |
) |
| Total Shareowners Equity |
|
|
272,540 |
|
|
|
276,400 |
|
| Total Liabilities and Shareowners Equity |
|
$ |
344,279 |
|
|
$ |
347,365 |
|
The operating results of the parent company for
the three years ended December 31 are shown below:
Parent Company Statements of Operations
| (Dollars in Thousands) |
|
2014 |
|
|
2013 |
|
|
2012 |
|
| OPERATING INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
| Income Received from Subsidiary Bank: |
|
|
|
|
|
|
|
|
|
|
|
|
| Overhead Fees |
|
$ |
4,468 |
|
|
$ |
4,417 |
|
|
$ |
4,536 |
|
| Dividends |
|
|
6,000 |
|
|
|
|
|
|
|
|
|
| Other Income |
|
|
138 |
|
|
|
208 |
|
|
|
130 |
|
| Total Operating Income |
|
|
10,606 |
|
|
|
4,625 |
|
|
|
4,666 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| OPERATING EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
| Salaries and Associate Benefits |
|
|
3,156 |
|
|
|
3,130 |
|
|
|
2,059 |
|
| Interest on Subordinated Notes Payable |
|
|
1,328 |
|
|
|
1,419 |
|
|
|
1,477 |
|
| Professional Fees |
|
|
1,024 |
|
|
|
1,491 |
|
|
|
1,781 |
|
| Advertising |
|
|
141 |
|
|
|
142 |
|
|
|
140 |
|
| Legal Fees |
|
|
243 |
|
|
|
245 |
|
|
|
332 |
|
| Other |
|
|
624 |
|
|
|
1,117 |
|
|
|
478 |
|
| Total Operating Expense |
|
|
6,516 |
|
|
|
7,544 |
|
|
|
6,267 |
|
| Earnings (Loss) Before Income Taxes and Equity in Undistributed Earnings of Subsidiary Bank |
|
|
4,090 |
|
|
|
(2,919 |
) |
|
|
(1,601 |
) |
| Income Tax Benefit |
|
|
(433 |
) |
|
|
(1,036 |
) |
|
|
(10 |
) |
| Earnings (Loss) Before Equity in Undistributed Earnings of Subsidiary Bank |
|
|
4,523 |
|
|
|
(1,883 |
) |
|
|
(1,591 |
) |
| Equity in Undistributed Earnings of Subsidiary Bank |
|
|
4,737 |
|
|
|
7,928 |
|
|
|
1,699 |
|
| Net Income |
|
$ |
9,260 |
|
|
$ |
6,045 |
|
|
$ |
108 |
|
The cash flows for the parent company for the three years
ended December 31 were as follows:
Parent Company Statements of Cash Flows
| (Dollars in Thousands) |
|
2014 |
|
|
2013 |
|
|
2012 |
|
| CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
|
|
|
|
|
|
|
|
| Net Income |
|
$ |
9,260 |
|
|
$ |
6,045 |
|
|
$ |
108 |
|
| Adjustments to Reconcile Net Income to Net Cash Provided By (Used In) Operating Activities: |
|
|
|
|
|
|
|
|
|
|
|
|
| Equity in Undistributed Earnings of Subsidiary Bank |
|
|
(4,737 |
) |
|
|
(7,928 |
) |
|
|
(1,699 |
) |
| Stock Compensation |
|
|
1,349 |
|
|
|
1,296 |
|
|
|
262 |
|
| Decrease (Increase) in Other Assets |
|
|
387 |
|
|
|
339 |
|
|
|
(491 |
) |
| Increase (Decrease) in Other Liabilities |
|
|
532 |
|
|
|
(1,755 |
) |
|
|
2,005 |
|
| Net Cash Provided By (Used In) Operating Activities |
|
|
6,791 |
|
|
|
(2,003 |
) |
|
|
185 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| CASH FROM FINANCING ACTIVITIES: |
|
|
|
|
|
|
|
|
|
|
|
|
| Dividends Paid |
|
|
(1,568 |
) |
|
|
|
|
|
|
|
|
| Issuance of Common Stock Under Compensation Plans |
|
|
578 |
|
|
|
1,151 |
|
|
|
607 |
|
| Payments to Repurchase Common Stock |
|
|
(269 |
) |
|
|
|
|
|
|
|
|
| Net Cash (Used In) Provided By in Financing Activities |
|
|
(1,259 |
) |
|
|
1,151 |
|
|
|
607 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Net Increase (Decrease) in Cash |
|
|
5,532 |
|
|
|
(852 |
) |
|
|
792 |
|
| Cash at Beginning of Year |
|
|
6,209 |
|
|
|
7,061 |
|
|
|
6,269 |
|
| Cash at End of Year |
|
$ |
11,741 |
|
|
$ |
6,209 |
|
|
$ |
7,061 |
|