XML 49 R30.htm IDEA: XBRL DOCUMENT

Note 22 - Parent Company Only Financial Information

12 Months Ended

Dec. 31, 2015

Disclosure Text Block Supplement [Abstract]

Condensed Financial Statements [Text Block]

22. Parent Company Only Financial Information

Earnings of the Bank are recognized by the Holding Company using the equity method of accounting. Accordingly, earnings of the Bank are recorded as increases in the Holding Company’s investment, any dividends would reduce the Holding Company’s investment in the Bank, and any changes in the Bank’s unrealized gain or loss on securities available for sale, net of taxes, would increase or decrease, respectively, the Holding Company’s investment in the Bank.

The condensed financial statements for the Holding Company are presented below:

Condensed Statements of Financial Condition	December 31, 2015			December 31, 2014
	(Dollars in thousands)
Assets:
Cash and due from banks	$	5,654		$	7,749
Securities available for sale:
Other securities ($872 and $864 at fair value pursuant to the fair value option at December 31, 2015 and 2014, respectively)		1,170			1,156
Interest receivable		4			4
Investment in subsidiaries		502,798			482,996
Goodwill		2,185			2,185
Other assets		4,251			4,402
Total assets	$	516,062		$	498,492

Liabilities:
Borrowings (at fair value pursuant to the fair value option at December 31, 2015 and 2014)	$	29,018		$	28,770
Other liabilities		13,977			13,475
Total liabilities		42,995			42,245

Stockholders' Equity:
Preferred stock		-			-
Common stock		315			315
Additional paid-in capital		210,652			206,437
Treasury stock, at average cost (2,700,037 shares and 2,126,772 at December 31, 2015 and 2014, respectively)		(48,868	)		(37,221	)
Retained earnings		316,530			289,623
Accumulated other comprehensive loss, net of taxes		(5,562	)		(2,907	)
Total equity		473,067			456,247

Total liabilities and equity	$	516,062		$	498,492

	For the years ended December 31,
Condensed Statements of Income	2015			2014			2013
	(In thousands)
Dividends from the Bank	$	26,000		$	20,000		$	20,000
Interest income		242			512			590
Interest expense		(1,075	)		(1,039	)		(1,066	)
Gain on sale of securities		-			-			17
Net gain (loss) from fair value adjustments		(231	)		779			(5,475	)
Other operating expenses		(1,298	)		(786	)		(621	)
Income before taxes and equity in undistributed earnings of subsidiary		23,638			19,466			13,445
Income tax benefit		687			668			2,857
Income before equity in undistributed earnings of subsidiary		24,325			20,134			16,302
Equity in undistributed earnings of the Bank		21,884			24,105			21,450
Net income		46,209			44,239			37,752
Other comprehensive (loss) income, net of tax		(2,655	)		8,468			(23,512	)
Comprehensive income	$	43,554		$	52,707		$	14,240

	For the years ended December 31,
Condensed Statements of Cash Flows	2015			2014			2013
	(In thousands)
Operating activities:
Net income	$	46,209		$	44,239		$	37,752
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed earnings of the Bank		(21,884	)		(24,105	)		(21,450	)
Net gain on sale of securities		-			-			(17	)
Deferred income tax (benefit) provision		575			17			(2,348	)
Fair value adjustments for financial assets and financial liabilities		231			(779	)		5,475
Stock based compensation expense		4,676			4,246			3,068
Net change in operating assets and liabilities		2,174			2,088			1,746
Net cash provided by operating activities		31,981			25,706			24,226

Investing activities:
Purchases of securities available for sale		-			(22	)		(23	)
Proceeds from sales and calls of securities available for sale		-			1,699			517
Net cash provided by investing activities		-			1,677			494

Financing activities:
Purchase of treasury stock		(15,605	)		(18,872	)		(14,151	)
Cash dividends paid		(18,616	)		(17,852	)		(15,618	)
Stock options exercised		145			565			533
Net cash used in financing activities		(34,076	)		(36,159	)		(29,236	)

Net decrease in cash and cash equivalents		(2,095	)		(8,776	)		(4,516	)
Cash and cash equivalents, beginning of year		7,749			16,525			21,041
Cash and cash equivalents, end of year	$	5,654		$	7,749		$	16,525