Note 21 - Park Sterling Corporation (Parent Company Only)
 12 Months Ended
Dec. 31, 2016
Notes to Financial Statements  
Condensed Financial Information of Parent Company Only Disclosure [Text Block]
NOTE
2
1
– PARK
STERLING CORPORATION (PARENT COMPANY ONLY)
 
Condensed financial statements for Park Sterling Corporation (Parent Company Only) follow:
 
 
Condensed Balance Sheets
 
 
 
December 31,
 
 
December 31,
 
 
 
2016
 
 
2015
 
                 
ASSETS
 
 
 
 
 
 
 
 
                 
Cash and due from banks
  $
1,770
    $
31,447
 
Investment securities available-for-sale, at fair value
   
9,965
     
11,486
 
Investment in banking subsidiary
   
407,829
     
298,037
 
Nonmarketable equity securities
   
1,301
     
1,146
 
Premises and equipment, net
   
-
     
-
 
Other assets
   
(1,504
 )    
625
 
                 
Total assets
  $
419,361
    $
342,741
 
                 
LIABILITIES AND SHAREHOLDERS' EQUITY
 
 
 
 
 
 
 
 
                 
Junior subordinated debt
  $
33,501
    $
24,262
 
Senior unsecured term loan and subordinated loan
   
29,736
     
30,000
 
Accrued interest payable
   
54
     
102
 
Accrued expenses and other liabilities
   
226
     
3,673
 
Total liabilities
   
63,517
     
58,037
 
                 
Shareholders' equity:
               
Common stock
  $
53,117
    $
44,854
 
Additional paid-in capital
   
273,400
     
222,596
 
Accumulated earnings
   
32,609
     
20,117
 
Accumulated other comprehensive loss
   
(3,282
 )    
(2,863
 )
Total shareholders' equity
   
355,844
     
284,704
 
Total liabilities and shareholders' equity
  $
419,361
    $
342,741
 
 
 
Condensed Statements of Income
 
                         
 
 
December 31, 2016
 
 
December 31, 2015
 
 
December 31, 2014
 
                         
Income
 
 
 
 
 
 
 
 
 
 
 
 
Other interest income
  $
491
    $
541
    $
688
 
Gain (loss) on sale of securities available-for-sale
   
-
     
-
    $
276
 
Other income
   
-
     
-
     
1
 
Total income
   
491
     
541
     
965
 
                         
Expense
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense
   
3,419
     
1,440
     
1,252
 
Other operating expense
   
604
     
2,291
     
1,209
 
Total expense
   
4,023
     
3,731
     
2,461
 
                         
Loss before income taxes and equity in undistributed earnings of subsidiary
   
(3,532
 )    
(3,190
 )    
(1,496
 )
Income tax expense
   
(1,754
 )    
(961
 )    
(679
 )
                         
Net loss before equity in undistributed earnings of
subsidiary
   
(1,778
 )    
(2,229
 )    
(817
 )
                         
Equity in undistributed earnings of subsidiary
   
21,726
     
18,835
     
13,706
 
                         
Net income
  $
19,948
    $
16,606
    $
12,889
 
 
Condensed Statements of Cash Flow
 
 
 
December 31, 2016
 
 
December 31, 2015
 
 
December 31, 2014
 
                         
Cash flows from operating activities
 
 
 
 
 
 
 
 
 
 
 
 
Net income
  $
19,948
    $
16,606
    $
12,889
 
Adjustments to reconcile net income to net
cash provided by (used for) operating activities:
                       
Equity in undistributed earnings in banking subsidiary
   
(14,509
 )    
(19,796
 )    
(14,385
 )
Amortization (accretion) of investment securities available-for-sale
   
-
     
14
     
(34
 )
Other depreciation and amortization, net
   
746
     
679
     
614
 
Loss on disposal of premises and equipment
   
-
     
-
     
11
 
Net gains losses on sales of investment securities available-for-sale
   
-
     
-
     
(276
 )
Change in assets and liabilities:
                       
(Increase) decrease in other assets
   
(458
 )    
(417
 )    
246
 
Increase in accrued interest payable
   
53
     
27
     
(1,324
 )
Increase decrease in other liabilities
   
-
     
615
     
264
 
Net cash used for operating activities
   
5,780
     
(2,272
 )    
(1,995
 )
                         
Cash flows from investing activities
 
 
 
 
 
 
 
 
 
 
 
 
Proceeds from maturities and call of investment securities available-for-sale
   
1,320
     
1,200
     
1,625
 
Proceeds from sales of investment securities available-for-sale
   
-
     
-
     
2,405
 
Acquisition of First Capital
   
(25,420
 )    
-
     
-
 
Acquisition of Provident Community
   
-
     
-
     
(6,493
 )
Net cash provided by (used for) investing activities
   
(24,100
 )    
1,200
     
(2,463
 )
                         
Cash flows from financing activities
 
 
 
 
 
 
 
 
 
 
 
 
Purchase of common stock
   
(8,952
 )    
(1,605
 )    
(1,027
 )
Proceeds from exercise of stock options
   
5,051
     
186
     
250
 
Proceeds from the issuance of senior unsecured term loan
   
-
     
30,000
     
-
 
Investment in banking subsidiary
   
-
     
-
     
21
 
Dividends on preferred stock
   
-
     
-
     
-
 
Dividends on common stock
   
(7,456
 )    
(5,390
 )    
(3,583
 )
Redemption of preferred stock
   
-
     
-
     
-
 
Dividend from banking subsidiary
   
-
     
6,125
     
3,583
 
Net cash provided by (used for) financing activities
   
(11,357
 )    
29,316
     
(756
 )
                         
Net increase (decrease) in cash and cash equivalents
   
(29,677
 )    
28,244
     
(5,214
 )
                         
Cash and cash equivalents, beginning
   
31,447
     
3,203
     
8,417
 
                         
Cash and cash equivalents, ending
  $
1,770
    $
31,447
    $
3,203
 
                         
                         
Supplemental disclosure of noncash investing and financing activities:
 
 
 
 
 
 
 
 
 
 
 
 
Change in unrealized gain (loss) on available-for-sale securities, net of tax
  $
3,422
    $
356
    $
5,175
 
Change in unrealized gain (loss) on cash flow hedge, net of tax
   
2,894
     
(1,374
 )    
(1,848
 )