Parent Corporation Only Financial Statements (Tables)
|
12 Months Ended |
Dec. 31, 2016 |
|---|
| Condensed Financial Information of Parent Company Only Disclosure [Abstract] |
|
| Condensed Balance Sheet [Table Text Block] |
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 Income Statement [Table Text Block] |
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 Cash Flow Statement [Table Text Block] |
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 |
|
|