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PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION (Tables) | 12 Months Ended
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Dec. 31, 2017
PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION |
Schedule of condensed balance sheets |
|  | December 31, |
(In thousands) |  | 2017 |  |  | 2016 |
Assets: |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 7,858 |  |  | $ | 29,049 |
Other assets |  |  | 210 |  |  |  | 228 |
Investment in the Bank |  |  | 500,896 |  |  |  | 474,035 |
Total assets |  | $ | 508,964 |  |  | $ | 503,312 |
Liabilities and stockholders’ equity: |  |  |  |  |  |  |  |
Subordinated debentures |  | $ | 78,641 |  |  | $ | 78,502 |
Junior subordinated debentures |  |  | — |  |  |  | 15,244 |
Other liabilities |  |  | 1,123 |  |  |  | 1,579 |
Total liabilities |  |  | 79,764 |  |  |  | 95,325 |
Total stockholders’ equity |  |  | 429,200 |  |  |  | 407,987 |
Total liabilities and stockholders’ equity |  | $ | 508,964 |  |  | $ | 503,312 |
Schedule of condensed statements of income |
|  | Year Ended December 31, |
(In thousands) |  | 2017 |  |  | 2016 |  |  | 2015 |
Dividends from the Bank |  | $ | — |  |  | $ | 14,800 |  |  | $ | 10,000 |
Interest expense |  |  | 4,588 |  |  |  | 5,903 |  |  |  | 2,626 |
Non-interest expense |  |  | 147 |  |  |  | 260 |  |  |  | 73 |
(Loss) income before income taxes and equity in undistributed earnings of the Bank |  |  | (4,735 | ) |  |  | 8,637 |  |  |  | 7,301 |
Income tax benefit |  |  | (1,774 | ) |  |  | (2,126 | ) |  |  | (933 | )
(Loss) income before equity in undistributed earnings of the Bank |  |  | (2,961 | ) |  |  | 10,763 |  |  |  | 8,234 |
Equity in undistributed earnings of the Bank |  |  | 23,500 |  |  |  | 24,728 |  |  |  | 12,877 |
Net income |  | $ | 20,539 |  |  | $ | 35,491 |  |  | $ | 21,111 |
Schedule of condensed statements of cash flows |
|  | Year Ended December 31, |
(In thousands) |  | 2017 |  |  | 2016 |  |  | 2015 |
Cash flows from operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 20,539 |  |  | $ | 35,491 |  |  | $ | 21,111 |
Adjustments to reconcile net income to net cash (used in) provided by operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Equity in undistributed earnings of the Bank |  |  | (23,500 | ) |  |  | (24,728 | ) |  |  | (12,877 | )
Amortization |  |  | 139 |  |  |  | 152 |  |  |  | 44 |
Decrease (increase) in other assets |  |  | 18 |  |  |  | (212 | ) |  |  | 72 |
(Decrease) increase in other liabilities |  |  | (398 | ) |  |  | 351 |  |  |  | 1,228 |
Net cash (used in) provided by operating activities |  |  | (3,202 | ) |  |  | 11,054 |  |  |  | 9,578 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |  |
Investment in the Bank |  |  | — |  |  |  | (39,500 | ) |  |  | (50,000 | )
Net cash used in investing activities |  |  | — |  |  |  | (39,500 | ) |  |  | (50,000 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |  |  |
Net proceeds from issuance of subordinated debentures |  |  | — |  |  |  | — |  |  |  | 78,324 |
Repayment of junior subordinated debentures |  |  | (352 | ) |  |  | — |  |  |  | — |
Net proceeds from issuance of common stock |  |  | 951 |  |  |  | 48,442 |  |  |  | 779 |
Net proceeds from exercise of stock options |  |  | — |  |  |  | 62 |  |  |  | 80 |
Repurchase of surrendered stock from vesting of restricted stock awards |  |  | (350 | ) |  |  | (344 | ) |  |  | (228 | )
Excess tax benefit from share based compensation |  |  | — |  |  |  | — |  |  |  | 50 |
Cash dividends paid |  |  | (18,238 | ) |  |  | (16,140 | ) |  |  | (13,415 | )
Other, net |  |  | — |  |  |  | — |  |  |  | (303 | )
Net cash (used in) provided by financing activities |  |  | (17,989 | ) |  |  | 32,020 |  |  |  | 65,287 |
Net (decrease) increase in cash and cash equivalents |  |  | (21,191 | ) |  |  | 3,574 |  |  |  | 24,865 |
Cash and cash equivalents at beginning of year |  |  | 29,049 |  |  |  | 25,475 |  |  |  | 610 |
Cash and cash equivalents at end of year |  | $ | 7,858 |  |  | $ | 29,049 |  |  | $ | 25,475 |

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