| Parent company financial information |
Parent company financial information
Condensed financial information for Bancorp (Parent company only) is presented as follows (dollars in thousands):
CONDENSED BALANCE SHEETS | | | | | | | | | | December 31, | | 2014 | | 2013 | Assets: | | | | Cash and cash equivalents | $ | 3,177 |
| | $ | 127 |
| Investment in subsidiary | 307,568 |
| | 186,580 |
| Deferred tax asset | 3,614 |
| | 1,820 |
| Other assets | 1,124 |
| | 188 |
| Total assets | $ | 315,483 |
| | $ | 188,715 |
| Liabilities and stockholders' equity: | | | | Stockholders' equity | $ | 315,483 |
| | $ | 188,715 |
| Total liabilities and stockholders' equity | $ | 315,483 |
| | $ | 188,715 |
|
21. Parent company financial information - (continued)
CONDENSED STATEMENTS OF INCOME | | | | | | | | | | | | | | Years ended December 31, | | 2014 | | 2013 | | 2012 | Income: | | | | | | Interest income | $ | 10 |
| | $ | 5 |
| | $ | 7 |
| Expenses: | | | | | | Administrative | 1,347 |
| | 1,031 |
| | 1,168 |
| Other | 3,217 |
| | 202 |
| | 220 |
| Total expenses | 4,564 |
| | 1,233 |
| | 1,388 |
| Loss before income taxes and equity in undistributed net losses of subsidiary | (4,554 | ) | | (1,228 | ) | | (1,381 | ) | Credit for income taxes | 2,053 |
| | 1,797 |
| | 35 |
| Gain (loss) before equity in undistributed net losses
of subsidiary | (2,501 | ) | | 569 |
| | (1,346 | ) | Equity in undistributed net income of subsidiary | 6,238 |
| | 50,276 |
| | 7,297 |
| Net income | $ | 3,737 |
| | $ | 50,845 |
| | $ | 5,951 |
| Comprehensive income | $ | 6,608 |
| | $ | 47,125 |
| | $ | 6,926 |
|
21. Parent company financial information - (continued)
CONDENSED STATEMENTS OF CASH FLOWS | | | | | | | | | | | | | | Years ended December 31, | | 2014 | | 2013 | | 2012 | Cash flows from operating activities: | | | | | | Net income | $ | 3,737 |
| | $ | 50,845 |
| | $ | 5,951 |
| Adjustments to reconcile net loss to net cash provided
by (used in) operating activities: | | | | | | Equity in undistributed net income of subsidiary | (6,238 | ) | | (50,276 | ) | | (7,297 | ) | Stock-based compensation expense | 1,214 |
| | 889 |
| | 1,050 |
| Increase in deferred tax asset | (1,794 | ) | | (1,820 | ) | | — |
| Increase in other assets | (936 | ) | | (6 | ) | | (6 | ) | (Decrease) increase in other liabilities | — |
| | — |
| | (9 | ) | Net cash used in operating activities | (4,017 | ) | | (368 | ) | | (311 | ) | | | | | | | Cash flows from financing activities: | | | | | | Tax effect of nonvested restricted stock | (339 | ) | | (104 | ) | | (82 | ) | Proceeds from issuance of common stock | 119,285 |
| | — |
| | — |
| Increase due to business combination | (111,879 | ) | | — |
| | — |
| Stock options exercised | — |
| | 30 |
| | — |
| Dividend from Bank | — |
| | 450 |
| | — |
| Net cash provided by (used in) financing activities | 7,067 |
| | 376 |
| | (82 | ) | Net increase (decrease) in cash and cash equivalents | 3,050 |
| | 8 |
| | (393 | ) | Cash and cash equivalents at beginning of year | 127 |
| | 119 |
| | 512 |
| Cash and cash equivalents at end of year | $ | 3,177 |
| | $ | 127 |
| | $ | 119 |
|
These consolidated financial statements have not been reviewed or confirmed for accuracy or relevance by the Federal Deposit Insurance Corporation. |