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PARENT COMPANY FINANCIALS ONLY | 12 Months Ended
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Dec. 31, 2016
Condensed Financial Information of Parent Company Only Disclosure [Abstract] |
PARENT COMPANY FINANCIAL STATEMENTS | PARENT COMPANY FINANCIAL STATEMENTS Condensed financial information relative to the Parent Company’s balance sheets at December 31, 2016 and 2015 and the related statements of income and cash flows for the years ended December 31, 2016, 2015, and 2014 are presented below. The statement of stockholders’ equity is not presented below as the parent company’s stockholders’ equity is that of the consolidated Company. BALANCE SHEETS
| December 31
| 2016 |  | 2015
| (Dollars in thousands)
Assets |
Cash (1) | $ | 42,596 |  |  | $ | 35,428 |
Investments in subsidiaries(2) | 935,778 |  |  | 851,743 |
Prepaid income taxes | 625 |  |  | 530 |
Deferred tax asset | 216 |  |  | 2,229 |
Derivative instruments(1) | 1,364 |  |  | — |
Total assets | $ | 980,579 |  |  | $ | 889,930 |
Liabilities and stockholders’ equity |  |  |
Dividends payable | $ | 7,834 |  |  | $ | 6,824 |
Junior subordinated debentures | 73,107 |  |  | 73,306 |
Subordinated debentures | 34,635 |  |  | 34,589 |
Derivative instruments(1) | — |  |  | 2,109 |
Other liabilities | 313 |  |  | 1,639 |
Total liabilities | 115,889 |  |  | 118,467 |
Stockholders’ equity | 864,690 |  |  | 771,463 |
Total liabilities and stockholders’ equity | $ | 980,579 |  |  | $ | 889,930 |
(1) | Entire balance eliminates in consolidation.
(2) | $933.6 million and $849.5 million eliminate in consolidation at December 31, 2016 and 2015, respectively.
STATEMENTS OF INCOME
| Years Ended December 31
| 2016 |  | 2015 |  | 2014
| (Dollars in thousands)
Income |
Dividends received from subsidiaries(1) | $ | 44,598 |  |  | $ | 38,153 |  |  | $ | 40,170 |
Interest income(2) | 98 |  |  | 78 |  |  | 57 |
Total income | 44,696 |  |  | 38,231 |  |  | 40,227 |
Expenses |  |  |  |  |
Interest expense | 5,901 |  |  | 5,769 |  |  | 4,225 |
Other expenses | — |  |  | 29 |  |  | — |
Total expenses | 5,901 |  |  | 5,798 |  |  | 4,225 |
Income before income taxes and equity in undistributed income of subsidiaries | 38,795 |  |  | 32,433 |  |  | 36,002 |
Income tax benefit | (1,791 | ) |  | (2,301 | ) |  | (1,298 | )
Income of parent company | 40,586 |  |  | 34,734 |  |  | 37,300 |
Equity in undistributed income of subsidiaries | 36,062 |  |  | 30,226 |  |  | 22,545 |
Net income | $ | 76,648 |  |  | $ | 64,960 |  |  | $ | 59,845 |
(1) | Income of $62,000, $55,000 and $53,000 was not eliminated in consolidation for the years ended December 31, 2016, 2015, and 2014, respectively.
(2) | Entire balance eliminated in consolidation.
STATEMENTS OF CASH FLOWS
| Years Ended December 31
| 2016 |  | 2015 |  | 2014
| (Dollars in thousands)
Cash flows from operating activities |
Net income | $ | 76,648 |  |  | $ | 64,960 |  |  | $ | 59,845 |
Adjustments to reconcile net income to cash provided by operating activities |  |  |  |  |
Accretion | (154 | ) |  | (150 | ) |  | (194 | )
Deferred income tax expense | 678 |  |  | 3,266 |  |  | 293 |
Change in other assets | 423 |  |  | 7,488 |  |  | — |
Change in other liabilities | (5,532 | ) |  | (254 | ) |  | (267 | )
Equity in undistributed income of subsidiaries | (36,062 | ) |  | (30,226 | ) |  | (22,545 | )
Net cash provided by operating activities | 36,001 |  |  | 45,084 |  |  | 37,132 |
Cash flows used in investing activities |  |  |  |  |
Cash paid for acquisitions, net of cash acquired (1) | (950 | ) |  | (51,680 | ) |  | — |
Net cash used in investing activities | (950 | ) |  | (51,680 | ) |  | — |
Cash flows provided by (used in) financing activities |  |  |  |  |
Repayment of short-term borrowings | — |  |  | — |  |  | (5,000 | )
Proceeds from issuance of subordinated debentures | — |  |  | — |  |  | 35,000 |
Restricted stock awards issued, net of awards surrendered | (696 | ) |  | (657 | ) |  | (641 | )
Net proceeds from exercise of stock options | 201 |  |  | 1,367 |  |  | 2,333 |
Proceeds from shares issued under the direct stock purchase plan | 2,323 |  |  | 2,695 |  |  | 1,555 |
Common dividends paid | (29,711 | ) |  | (26,172 | ) |  | (22,443 | )
Net cash provided by (used in) financing activities | (27,883 | ) |  | (22,767 | ) |  | 10,804 |
Net increase (decrease) in cash and cash equivalents | 7,168 |  |  | (29,363 | ) |  | 47,936 |
Cash and cash equivalents at the beginning of the year | 35,428 |  |  | 64,791 |  |  | 16,855 |
Cash and cash equivalents at the end of the year | $ | 42,596 |  |  | $ | 35,428 |  |  | $ | 64,791 |
(1) | The majority of the net assets acquired at the parent company represented New England Bancorp Inc.'s investment in its wholly owned subsidiary, Bank of Cape Cod, which was eliminated in consolidation.

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.7-05(c)(Schedule II)) -URI http://asc.fasb.org/extlink&oid=6879921&loc=d3e569147-122900 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=68079674&loc=d3e5283-111683 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 235 -Section S99 -Paragraph 2 -Subparagraph (SX 210.9-06) -URI http://asc.fasb.org/extlink&oid=6882215&loc=d3e537971-122884 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 10 -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(c)(Schedule I)) -URI http://asc.fasb.org/extlink&oid=27047687&loc=d3e5864-122674 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e24072-122690 + Details
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