Parent Corporation Only Financial Statements
 12 Months Ended
Dec. 31, 2016
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
Condensed Financial Information of Parent Company Only Disclosure [Text Block]

Note 23 - Parent Corporation Only Financial Statements

The Parent Corporation operates its wholly-owned subsidiary, the Bank. The earnings of this subsidiary are recognized by the Parent Corporation using the equity method of accounting. Accordingly, earnings are recorded as increases in the Parent Corporation’s investment in the subsidiaries and dividends paid reduce the investment in the subsidiaries. The ability of the Parent Corporation to pay dividends will largely depend upon the dividends paid to it by the Bank. Dividends payable by the Bank to the Parent Corporation are restricted under supervisory regulations (see Note 20 of the Notes to Consolidated Financial Statements).

Condensed financial statements of the Parent Corporation only are as follows:

 

Condensed Statements of Condition

 

    At December 31,  
    2016     2015  
    (dollars in thousands)  
ASSETS              
Cash and cash equivalents   $ 7,008   $ 14,857  
Investment in subsidiaries     580,048     515,934  
Securities available-for-sale     730     533  
Other assets     426     2,405  
Total assets   $ 588,212   $ 533,729  
LIABILITIES AND STOCKHOLDERS’ EQUITY              
Other liabilities   $ 2,646   $ 1,895  
Subordinated debentures     54,534     54,490  
Stockholders’ equity     531,032     477,344  
Total liabilities and stockholders’ equity   $ 588,212   $ 533,729  

 

Condensed Statements of Income

 

    For Years Ended December 31,  
    2016   2015   2014  
    (dollars in thousands)  
Income:                    
Dividend income from subsidiaries   $ 12,400   $ 10,537   $ 9,276  
Other income     8     7     6  
Management fees     -     -     100  
Total Income     12,408     10,544     9,382  
Expenses     (3,252)     (1,705)     (707)  
Income before equity in undistributed earnings of subsidiaries     9,156     8,839     8,675  
Equity in undistributed earnings of subsidiaries     21,926     32,472     9,890  
Net Income   $ 31,082   $ 41,311   $ 18,565  

Condensed Statements of Cash Flows

 

    For Years Ended December 31  
    2016     2015     2014  
    (dollars in thousands)  
Cash flows from operating activities:                    
Net income   $ 31,082   $ 41,311   $ 18,565  
Adjustments to reconcile net income to net cash provided by operating activities:                    
Equity in undistributed earnings of subsidiary     (21,926)     (32,472)     (9,890)  
Increase in other assets     2,023     (820)     (1,979)  
Increase (decrease) in other liabilities     544     (1,840)     (1,010)  
Net cash provided by operating activities     11,723     7,267     6,191  
Cash flows from investing activities:                    
Capital infusion to subsidiary     (38,439)     (35,000)     -  
Net cash used in investing activities     (38,439)     (35,000)     -  
Cash flows from financing activities:                    
                     
Proceeds from subordinated debt     -     50,000     -  
Cash dividends on common stock     (9,067)     (8,996)     (6,940)  
Cash dividends on preferred stock     (22)     (112)     (140)  
Secondary offering and issuance of common stock     38,439     -     -  
Redemption of preferred stock     (11,250)     -     -  
Proceeds from exercise of stock options     767     1,424     878  
Net cash used in financing activities     18,867     42,316     (6,202)  
Decrease in cash and cash equivalents     (7,849)     14,583     (11)  
Cash and cash equivalents at beginning of year     14,857     274     285  
Cash and cash equivalents at the end of year   $ 7,008   $ 14,857   $ 274