Annual report pursuant to Section 13 and 15(d)

PARENT COMPANY FINANCIAL INFORMATION (Tables)

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PARENT COMPANY FINANCIAL INFORMATION (Tables)
12 Months Ended
Dec. 31, 2014
Parent Company Financial Information Tables  
Schedule of condensed statements of financial condition of the parent company

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
Schedule of operating results of the parent company

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  
Schedule of cash flows for the parent company

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