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Parent Corporation Only Financial Statements

12 Months Ended

Dec. 31, 2015

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Condensed Financial Information of Parent Company Only Disclosure [Text Block]

Note 23 - Parent Corporation Only Financial Statements

The Parent Corporation operates its wholly-owned subsidiary, the Bank. The earnings of this subsidiary are recognized by the Parent Corporation using the equity method of accounting. Accordingly, earnings are recorded as increases in the Parent Corporation’s investment in the subsidiaries and dividends paid reduce the investment in the subsidiaries. The ability of the Parent Corporation to pay dividends will largely depend upon the dividends paid to it by the Bank. Dividends payable by the Bank to the Parent Corporation are restricted under supervisory regulations (see Note 19 of the Notes to Consolidated Financial Statements).

Condensed financial statements of the Parent Corporation only are as follows:

Condensed Statements of Condition

		At December 31,
		2015			2014
			(Dollars in Thousands)
ASSETS
Cash and cash equivalents		$	14,857		$	274
Investment in subsidiaries			515,934			450,185
Securities available for sale			533			463
Other assets			3,070			2,250
Total assets		$	534,394		$	453,172

LIABILITIES AND STOCKHOLDERS’ EQUITY
Other liabilities		$	1,895		$	1,798
Subordinated debentures			55,155			5,155
Stockholders’ equity			477,344			446,219
Total liabilities and stockholders’ equity		$	534,394		$	453,172

Condensed Statements of Income

		For Years Ended December 31,
		2015			2014			2013
		(Dollars in Thousands)
Income:
Dividend income from subsidiaries		$	10,537		$	9,276		$	4,393
Other income			7			6			6
Net gains on available for sale securities			-			-			22
Management fees			-			100			353
Total Income			10,544			9,382			4,774
Expenses			(1,705)			(707)			(765)
Income before equity in undistributed earnings
of subsidiaries			8,839			8,675			4,009
Equity in undistributed earnings of subsidiaries			32,472			9,890			15,916
Net Income		$	41,311		$	18,565		$	19,925

Condensed Statements of Cash Flows

		For Years Ended December 31
		2015			2014			2013
		(Dollars in Thousands)
Cash flows from operating activities:
Net income		$	41,311		$	18,565		$	19,925
Adjustments to reconcile net income to net cash
provided by operating activities:
Net gains on sales of available for sale securities			-			-			(22)
Equity in undistributed earnings of subsidiary			(32,472)			(9,890)			(15,916)

Increase in other assets			(820)			(1,979)			(167)
Decrease in other liabilities			(1,840)			(1,010)			(276)
Stock based compensation			747			223			59
Net cash provided by operating activities			6,926			5,909			3,603
Cash flows from investing activities:
Proceeds from sales of available-for-sale securities			-			-			181
Capital infusion to subsidiary			(35,000)			-			-
Net cash provided by (used in) investing activities			(35,000)			-			181
Cash flows from financing activities:

Proceeds from subordinated debt			50,000			-			-
Cash dividends on common stock			(8,996)			(6,940)			(4,254)
Cash dividends on preferred stock			(112)			(140)			(141)
Issuance of restricted stock award			-			-			243
Issuance cost of common stock			-			(7)			(13)

Proceeds from exercise of stock options			1,424			885			21
Tax expense from stock based compensation			341			282			16
Net cash used in financing activities			42,657			(5,920)			(4,128)
Decrease in cash and cash equivalents			14,583			(11)			(344)
Cash and cash equivalents at beginning of year			274			285			629
Cash and cash equivalents at the end of year		$	14,857		$	274		$	285