Midland States Bancorp, Inc. - 10-K filing on 2017-03-10

PARENT COMPANY ONLY FINANCIAL INFORMATION (Tables)

12 Months Ended

Dec. 31, 2016

PARENT COMPANY ONLY FINANCIAL INFORMATION


Condensed Balance Sheets
(dollars in thousands)
	December 31,
	2016		2015
Assets:
Cash	$	38,803	$	8,318
Investment in common stock of subsidiaries		380,474		325,682
Accrued income taxes receivable		17		2,657
Other assets		2,047		3,644
Total assets	$	421,341	$	340,301
Liabilities:
Subordinated debt	$	54,508	$	61,859
Trust preferred debentures		37,405		37,057
Deferred tax liabilities, net		5,037		5,087
Other liabilities		2,621		3,418
Total liabilities		99,571		107,421
Shareholders’ equity		321,770		232,880
Total liabilities and shareholders’ equity	$	421,341	$	340,301

Schedule of condensed Statement of income


Condensed Statements of Income
(dollars in thousands)

	Years ended December 31,
	2016		2015		2014
Dividends from subsidiaries	$	—	$	14,500	$	13,600
Other income		428		1,070		—
Interest expense		(5,699)		(4,680)		(1,851)
Other expense		(1,130)		(132)		(60)
(Loss) income before income taxes and equity in undistributed income (loss) of subsidiaries		(6,401)		10,758		11,689
Equity in undistributed income (loss) of subsidiaries		36,256		11,760		(1,403)
Income before income taxes		29,855		22,518		10,286
Income tax benefit		1,687		1,806		530
Net income	$	31,542	$	24,324	$	10,816

Schedule of condensed cash flows


Condensed Statements of Cash Flows
(dollars in thousands)

	Years ended December 31,
	2016		2015		2014
Cash flows from operating activities:
Net income	$	31,542	$	24,324	$	10,816
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed income of subsidiaries		(36,256)		(11,760)		1,403
Amortization of restricted stock awards		555		517		468
Compensation expense for stock option grants		492		413		240
Change in other assets		4,237		(3,559)		576
Change in other liabilities		225		(8,426)		(1,065)
Net cash provided by operating activities		795		1,509		12,438
Cash flows from investing activities:
Net cash acquired in acquisition		—		(20,053)		1,500
Capital injection to subsidiaries		(25,250)		(30,000)		—
Net cash (used in) provided by investing activities		(25,250)		(50,053)		1,500
Cash flows from financing activities:
Payment made on subordinated debt		(8,000)		—		—
Proceeds from issuance of subordinated debt, net of issuance costs		—		55,325		—
Proceeds from other borrowings		—		—		14,000
Payments made on other borrowings		—		(14,000)		(15,938)
Cash dividends paid on common stock		(9,853)		(7,692)		(3,512)
Cash dividends paid on preferred stock		—		—		(4,254)
Proceeds from issuance of common stock in initial public offering, net of issuance costs		71,475		—		—
Proceeds from issuance of common stock under employee benefit plans		1,318		470		215
Net cash provided by (used in) financing activities		54,940		34,103		(9,489)
Net increase (decrease) in cash		30,485		(14,441)		4,449
Cash:
Beginning of year		8,318		22,759		18,310
End of year	$	38,803	$	8,318	$	22,759
Supplemental disclosures of noncash investing and financing activities:
Conversion of Series C preferred stock into common stock	$	—	$	—	$	23,600
Conversion of Series D preferred stock into common stock		—		—		22,470
Conversion of Series E preferred stock into common stock		—		—		6,300
Conversion of Series F preferred stock into common stock		—		—		5,000
Issuance of common stock for preferred dividends		—		—		2,903
Cash portion of merger consideration accrued for at year-end		—		—		20,053
Issuance of common stock for private placement		—		—		16,156