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PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION (Tables) | 12 Months Ended
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Dec. 31, 2016
PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION |
Schedule of condensed balance sheets | Condensed Balance Sheets
|  | December 31, |
(In thousands) |  | 2016 |  |  | 2015 |
Assets: |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 29,049 |  |  | $ | 25,475 |
Other assets |  |  | 228 |  |  |  | 16 |
Investment in the Bank |  |  | 474,035 |  |  |  | 411,106 |
Total assets |  | $ | 503,312 |  |  | $ | 436,597 |
Liabilities and stockholders’ equity: |  |  |  |  |  |  |  |
Subordinated debentures |  | $ | 78,502 |  |  | $ | 78,363 |
Junior subordinated debentures |  |  | 15,244 |  |  |  | 15,878 |
Other liabilities |  |  | 1,579 |  |  |  | 1,228 |
Total liabilities |  |  | 95,325 |  |  |  | 95,469 |
Total stockholders’ equity |  |  | 407,987 |  |  |  | 341,128 |
Total liabilities and stockholders’ equity |  | $ | 503,312 |  |  | $ | 436,597 |
Schedule of condensed statements of income | Condensed Statements of Income
|  | Year Ended December 31, |
(In thousands) |  | 2016 |  |  | 2015 |  |  | 2014 |
Dividends from the Bank |  | $ | 14,800 |  |  | $ | 10,000 |  |  | $ | — |
Interest expense |  |  | 5,903 |  |  |  | 2,626 |  |  |  | 1,365 |
Non-interest expense |  |  | 260 |  |  |  | 73 |  |  |  | 86 |
Income (loss) before income taxes and equity in undistributed earnings of the Bank |  |  | 8,637 |  |  |  | 7,301 |  |  |  | (1,451 | )
Income tax benefit |  |  | (2,126 | ) |  |  | (933 | ) |  |  | (463 | )
Income (loss) before equity in undistributed earnings of the Bank |  |  | 10,763 |  |  |  | 8,234 |  |  |  | (988 | )
Equity in undistributed earnings of the Bank |  |  | 24,728 |  |  |  | 12,877 |  |  |  | 14,751 |
Net income |  | $ | 35,491 |  |  | $ | 21,111 |  |  | $ | 13,763 |
Schedule of condensed statements of cash flows | Condensed Statements of Cash Flows
|  | Year Ended December 31, |
(In thousands) |  | 2016 |  |  | 2015 |  |  | 2014 |
Cash flows from operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 35,491 |  |  | $ | 21,111 |  |  | $ | 13,763 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Equity in undistributed earnings of the Bank |  |  | (24,728 | ) |  |  | (12,877 | ) |  |  | (14,751 | )
Amortization |  |  | 152 |  |  |  | 44 |  |  |  | 5 |
(Increase) decrease in other assets |  |  | (212 | ) |  |  | 72 |  |  |  | 76 |
Increase (decrease) in other liabilities |  |  | 351 |  |  |  | 1,228 |  |  |  | (48 | )
Net cash provided by (used in) operating activities |  |  | 11,054 |  |  |  | 9,578 |  |  |  | (955 | )
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |  |
Investment in the Bank |  |  | (39,500 | ) |  |  | (50,000 | ) |  |  | (24,000 | )
Cash in lieu of fractional shares for business acquisition |  |  | — |  |  |  | — |  |  |  | (1 | )
Net cash used in investing activities |  |  | (39,500 | ) |  |  | (50,000 | ) |  |  | (24,001 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |  |  |
Net proceeds from issuance of subordinated debentures |  |  | — |  |  |  | 78,324 |  |  |  | — |
Repayment of acquired unsecured debt |  |  | — |  |  |  | — |  |  |  | (1,450 | )
Net proceeds from issuance of common stock |  |  | 48,442 |  |  |  | 779 |  |  |  | 631 |
Net proceeds from exercise of stock options |  |  | 62 |  |  |  | 80 |  |  |  | 7 |
Repurchase of surrendered stock from vesting of restricted stock awards |  |  | (344 | ) |  |  | (228 | ) |  |  | (173 | )
Excess tax benefit from share based compensation |  |  | — |  |  |  | 50 |  |  |  | 36 |
Cash dividends paid |  |  | (16,140 | ) |  |  | (13,415 | ) |  |  | (10,657 | )
Other, net |  |  | — |  |  |  | (303 | ) |  |  | (192 | )
Net cash provided by (used in) financing activities |  |  | 32,020 |  |  |  | 65,287 |  |  |  | (11,798 | )
Net increase (decrease) in cash and cash equivalents |  |  | 3,574 |  |  |  | 24,865 |  |  |  | (36,754 | )
Cash and cash equivalents at beginning of year |  |  | 25,475 |  |  |  | 610 |  |  |  | 37,364 |
Cash and cash equivalents at end of year |  | $ | 29,049 |  |  | $ | 25,475 |  |  | $ | 610 |

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