| PARENT ONLY CONDENSED FINANCIAL STATEMENTS |
NOTE 25 — PARENT ONLY CONDENSED FINANCIAL STATEMENTS
Parent Only Condensed Balance Sheets
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December 31
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2016
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2015
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Assets
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|
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|
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Cash and cash equivalents
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$
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10,366
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$
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14,846
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Securities available for sale
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130
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149
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Investment in subsidiaries
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494,158
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403,981
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Other assets
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8,396
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9,586
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Total assets
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$
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513,050
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$
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428,562
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Liabilities
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Subordinated debentures
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$
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41,239
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$
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41,239
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Borrowings
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18,333
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—
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Other liabilities
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3,984
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5,963
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Total liabilities
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63,556
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47,202
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Shareholders’ equity
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449,494
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381,360
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Total liabilities and shareholders’ equity
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$
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513,050
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$
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428,562
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Parent Only Condensed Statement of Income and Comprehensive Income
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Year Ended December 31
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2016
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2015
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2014
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Income
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Dividends from subsidiaries
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$
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43,100
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$
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28,900
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$
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24,275
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Fees from subsidiaries
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13,674
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13,232
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13,518
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Other income
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13
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19
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526
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Total income
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56,787
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42,151
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38,319
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Expenses
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Interest expense
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1,876
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1,264
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1,286
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Salaries and benefits
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13,101
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9,873
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11,038
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Professional fees
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1,364
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1,238
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1,372
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Other expenses
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9,685
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9,233
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9,381
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Total expenses
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26,026
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21,608
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23,077
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Income before income taxes and equity in undistributed income of subsidiaries
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30,761
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20,543
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15,242
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Income tax (benefit)
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(4,415)
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(2,989)
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(3,118)
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Income before equity in undistributed income of subsidiaries
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35,176
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23,532
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18,360
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Equity in undistributed income of subsidiaries
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3,147
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12,010
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10,636
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Net income
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$
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38,323
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$
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35,542
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$
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28,996
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Comprehensive Income
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$
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28,778
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$
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34,453
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$
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41,575
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Parent Only Condensed Statements of Cash Flows
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Year Ended December 31
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2016
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2015
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2014
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Operating Activities
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Net income
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$
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38,323
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$
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35,542
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$
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28,996
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Undistributed (income)/loss of subsidiaries
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(3,147)
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(12,010)
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(10,636)
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Changes in other assets and liabilities
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1,953
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1,896
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3,862
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Net cash provided by operating activities
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37,129
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25,428
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22,222
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Investing Activities
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Proceeds from sales of securities
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19
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0
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750
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Cash paid for bank acquisition, net
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(45,188)
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0
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(13,935)
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Purchases of equipment
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(1,215)
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(1,991)
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(403)
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Net cash used by investing activities
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(46,384)
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(1,991)
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(13,588)
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Financing Activities
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Proceeds from exercise of stock options
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1,783
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294
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66
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Proceeds from term debt
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30,000
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—
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—
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Purchase of treasury shares
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(1,045)
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(3,527)
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(319)
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Repayment of subordinated debentures, net
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—
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0
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(5,000)
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Repayment on term debt
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(11,667)
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—
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—
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Cash dividends on common stock
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(14,296)
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(11,680)
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(8,726)
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Net cash used by financing activities
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4,775
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(14,913)
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(13,979)
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Net change in cash and cash equivalents
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(4,480)
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8,524
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(5,345)
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Cash and cash equivalents, beginning of year
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14,846
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6,322
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11,667
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Cash and cash equivalents, end of year
|
|
$
|
10,366
|
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$
|
14,846
|
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$
|
6,322
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