Note 28 - Parent Company - Only Financial Statements
 12 Months Ended
Dec. 31, 2016
Notes to Financial Statements  
Condensed Financial Information of Parent Company Only Disclosure [Text Block]
Note
28
- Parent Company-Only Financial Statements
 
The condensed financial statements of the Corporation (parent company only) are presented below. These statements should be read in conjunction with the Notes to the Consolidated Financial Statements.
 
A. Condensed Balance Sheets
 
 
 
December 31,
 
(dollars in thousands)
 
2016
 
 
2015
 
Assets:
                
Cash
  $
23,663
     $
37,992
  
Investment securities
   
400
      
404
  
Investments in subsidiaries, as equity in net assets
   
384,751
      
354,148
  
Premises and equipment, net
   
2,288
      
2,386
  
Goodwill
   
245
      
245
  
Other assets
   
1,435
      
1,704
  
Total assets
  $
412,782
     $
396,879
  
Liabilities and shareholders’ equity:
                
Borrowings
   $
—
     $
—
  
Subordinated notes
    
29,532
      
29,479
  
Other liabilities
   
2,123
      
1,689
  
Total liabilities
  $
31,655
     $
31,168
  
Common stock, par value $1, authorized 100,000,000 shares issued 21,110,968 shares and 20,931,416 shares as of December 31, 2016 and 2015, respectively, and outstanding 16,939,715 shares and 17,071,523 shares as of December 31, 2016 and 2015, respectively
  $
21,111
     $
20,931
  
Paid-in capital in excess of par value
   
232,806
      
228,814
  
Less common stock in treasury, at cost – 4,171,253 shares and 3,859,893 shares as of December 31, 2016 and 2015, respectively
    
(66,950
)
    
(58,144
)
Accumulated other comprehensive loss, net of deferred income taxes benefit
   
(2,409
)
    
(412
)
Retained earnings
   
196,569
      
174,522
  
Total shareholders’ equity
  $
381,127
     $
365,711
  
Total liabilities and shareholders’ equity
  $
412,782
     $
396,879
  
 
 
B. Condensed Statements of Income
 
 
 
Twelve Months Ended December 31,
 
(dollars in thousands)
 
2016
 
 
2015
 
 
2014
 
Dividends from subsidiaries
   $
17,718
     $
34,234
     $
12,160
  
Interest and other income
    
2,714
      
2,128
      
2,156
  
Total operating income
    
20,432
      
36,362
      
14,316
  
Expenses
    
2,443
      
2,140
      
1,849
  
Income before equity in undistributed income of subsidiaries
    
17,989
      
34,222
      
12,467
  
Equity in undistributed income of subsidiaries
    
17,600
      
(17,427
)
    
15,480
  
Income before income taxes
   
35,589
      
16,795
      
27,947
  
Income tax (benefit) expense
    
(447
)
    
41
      
104
  
Net income
   $
36,036
     $
16,754
     $
27,843
  
 
C. Condensed Statements of Cash Flows
 
 
 
Twelve Months Ended December 31,
 
(dollars in thousands)
 
2016
 
 
2015
 
 
2014
 
Operating activities:
 
 
 
 
 
 
 
 
 
 
 
 
Net Income
   $
36,036
     $
16,754
     $
27,843
  
Adjustments to reconcile net income to net cash provided by operating activities:
                       
Equity in undistributed income of subsidiaries
   
(17,600
)
    
17,427
      
(15,480
)
Depreciation and amortization
    
151
      
121
      
98
  
Stock-based compensation cost
    
1,713
      
1,441
      
1,256
  
Other, net
   
1,000
      
508
      
485
  
Net cash provided by operating activities
   
21,300
      
36,251
      
14,202
  
Investing Activities:
 
 
 
 
 
 
 
 
 
 
 
 
Investment in subsidiaries
    
(15,000
)
    
—
      
—
  
Proceeds from sale investments
    
—
      
16
      
—
  
Acquisitions, net of cash acquired
    
—
      
128
      
—
  
Net cash (used in) provid
ed by investing activities
   
(15,000
)
    
144
      
—
  
Financing activities:
 
 
 
 
 
 
 
 
 
 
 
 
Dividends paid
   
(13,961
)
    
(13,837
)
    
(10,189
)
Change in other borrowings
    
—
      
—
      
(7,050
)
Proceeds from issuance of subordinated notes
    
—
      
29,456
      
—
  
Net (purchase of) proceeds from sale of treasury stock for deferred compensation plans
    
(133
)
    
(128
)
    
79
  
Net purchase of treasury stock through publicly announced plans
    
(7,971
)
    
(26,418
)
    
(947
)
Proceeds from issuance of common stock
   
—
      
20
      
72
  
Payment of contingent consideration for business combinations
    
—
      
—
      
—
  
Excess tax benefit from stock-based compensation
    
—
      
783
      
831
  
Cash payments to taxing authorities on employees' behalf from shares withheld from stock-based compensation
    
(745
)
    
—
      
—
  
Proceeds from exercise of stock options
   
2,181
      
6,452
      
2,836
  
Net cash used by financing activities
   
(20,629
)
    
(3,672
)
    
(14,368
)
Change in cash and cash equivalents
   
(14,329
)
    
32,723
      
(166
)
Cash and cash equivalents at beginning of period
    
37,992
      
5,269
      
5,435
  
Cash and cash equivalents at end of period
  $
23,663
     $
37,992
     $
5,269