Condensed Financial Statements of Parent Company (Tables)
|
12 Months Ended |
Dec. 31, 2016 |
|---|
| Condensed Financial Information Of Parent Company Only Disclosure [Abstract] |
|
| Balance Sheets |
Financial information pertaining only to PUB, on a parent-only basis, is as follows as of and for the years ended December 31:
|
(in thousands) |
|
2016 |
|
|
2015 |
|
|
Balance Sheets |
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
2,946 |
|
|
$ |
2,637 |
|
|
Available for sale investment securities, at fair value |
|
|
34,507 |
|
|
|
34,796 |
|
|
Investment in subsidiaries |
|
|
192,578 |
|
|
|
172,460 |
|
|
Due from subsidiaries, net |
|
|
- |
|
|
|
- |
|
|
Other assets |
|
|
391 |
|
|
|
489 |
|
|
Total assets |
|
$ |
230,422 |
|
|
$ |
210,382 |
|
|
Liabilities and shareholders' equity |
|
|
|
|
|
|
|
|
|
Due to subsidiaries, net |
|
$ |
1,411 |
|
|
$ |
257 |
|
|
Other liabilities |
|
|
494 |
|
|
|
717 |
|
|
Shareholders' equity |
|
|
228,517 |
|
|
|
209,408 |
|
|
Total liabilities and shareholders' equity |
|
$ |
230,422 |
|
|
$ |
210,382 |
|
|
| Statements of Income |
Note 14 — Condensed Financial Statements of Parent Company – Continued
|
(in thousands) |
|
2016 |
|
|
2015 |
|
|
2014 |
|
|
Statements of Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividend and other income from subsidiaries |
|
$ |
3,884 |
|
|
$ |
8,730 |
|
|
$ |
9,170 |
|
|
Interest and dividends on investment securities |
|
|
363 |
|
|
|
174 |
|
|
|
- |
|
|
Total income |
|
|
4,247 |
|
|
|
8,904 |
|
|
|
9,170 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
1,100 |
|
|
|
6,100 |
|
|
|
5,741 |
|
|
Other expenses |
|
|
461 |
|
|
|
429 |
|
|
|
274 |
|
|
Total expenses |
|
|
1,561 |
|
|
|
6,529 |
|
|
|
6,015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes |
|
|
2,686 |
|
|
|
2,375 |
|
|
|
3,155 |
|
|
Income tax benefit |
|
|
624 |
|
|
|
216 |
|
|
|
289 |
|
|
|
|
|
3,310 |
|
|
|
2,591 |
|
|
|
3,444 |
|
|
Equity in undistributed net income of subsidiaries |
|
|
20,300 |
|
|
|
17,023 |
|
|
|
11,461 |
|
|
Net income |
|
$ |
23,610 |
|
|
$ |
19,614 |
|
|
$ |
14,905 |
|
|
| Statements of Cash Flows |
|
(in thousands) |
|
2016 |
|
|
2015 |
|
|
2014 |
|
|
Statements of Cash Flows |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
23,610 |
|
|
$ |
19,614 |
|
|
$ |
14,905 |
|
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity in undistributed net income of the Banks |
|
|
(20,300 |
) |
|
|
(17,023 |
) |
|
|
(11,461 |
) |
|
Net amortization of securities discounts and premiums |
|
|
89 |
|
|
|
55 |
|
|
|
- |
|
|
Change in other assets and liabilities |
|
|
1,002 |
|
|
|
886 |
|
|
|
(671 |
) |
|
Net change provided by operating activities |
|
|
4,401 |
|
|
|
3,532 |
|
|
|
2,773 |
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of available-for-sale securities |
|
|
(20,995 |
) |
|
|
(50,227 |
) |
|
|
- |
|
|
Proceeds from maturities/sales of available-for-sale securities |
|
|
21,267 |
|
|
|
15,149 |
|
|
|
- |
|
|
Return of escrow funds |
|
|
- |
|
|
|
- |
|
|
|
287 |
|
|
Net change provided by (used in) investing activities |
|
|
272 |
|
|
|
(35,078 |
) |
|
|
287 |
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from issuance of common shares |
|
|
- |
|
|
|
34,897 |
|
|
|
- |
|
|
Proceeds from exercise of stock options |
|
|
777 |
|
|
|
847 |
|
|
|
769 |
|
|
Dividends paid |
|
|
(5,141 |
) |
|
|
(5,052 |
) |
|
|
(1,177 |
) |
|
Net change provided by (used in) financing activities |
|
|
(4,364 |
) |
|
|
30,692 |
|
|
|
(408 |
) |
|
Net change in cash and cash equivalents |
|
|
309 |
|
|
|
(854 |
) |
|
|
2,652 |
|
|
Cash and cash equivalents, beginning of year |
|
|
2,637 |
|
|
|
3,491 |
|
|
|
839 |
|
|
Cash and cash equivalents, end of year |
|
$ |
2,946 |
|
|
$ |
2,637 |
|
|
$ |
3,491 |
|
|