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Parent Company Condensed Financial Information (Tables) | 12 Months Ended
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Dec. 31, 2015
Parent Company Condensed Financial Information |
Schedule of condensed balance sheets |
|  | 2015 |  | 2014 |
Assets |  |  |  |  |  |  |
Noninterest bearing deposit with bank subsidiary |  | $ | 33,500 |  | $ | 7,059 |
Investment in subsidiaries |  |  | 204,509 |  |  | 272,285 |
Other assets |  |  | 22,951 |  |  | 19,940 |
|  | $ | 260,960 |  | $ | 299,284 |
Liabilities and Stockholders’ Equity |  |  |  |  |  |  |
Junior subordinated debentures |  | $ | 58,378 |  | $ | 58,378 |
Subordinated debt |  |  | 45,000 |  |  | 45,000 |
Other liabilities |  |  | 1,653 |  |  | 1,743 |
Stockholders’ equity |  |  | 155,929 |  |  | 194,163 |
|  | $ | 260,960 |  | $ | 299,284 |
Schedule of condensed statements of operations |
|  | 2015 |  | 2014 |  | 2013
Operating Income |  |  |  |  |  |  |  |  |
Cash dividends received from subsidiaries |  | $ | 82,777 |  | $ | - |  | $ | -
Other income |  |  | 131 |  |  | 231 |  |  | 772
|  |  | 82,908 |  |  | 231 |  |  | 772
Operating Expenses |  |  |  |  |  |  |  |  |
Junior subordinated debentures interest expense |  |  | 4,287 |  |  | 4,919 |  |  | 5,298
Subordinated debt interest expense |  |  | 814 |  |  | 792 |  |  | 811
Other interest expense |  |  | 7 |  |  | 16 |  |  | 16
Other expenses |  |  | 1,978 |  |  | 1,045 |  |  | 1,006
|  |  | 7,086 |  |  | 6,772 |  |  | 7,131
Loss before income taxes and equity in undistributed net income of subsidiaries |  |  | 75,822 |  |  | (6,541) |  |  | (6,359)
Income tax benefit |  |  | (2,771) |  |  | (2,305) |  |  | (17,133)
(Loss) income before equity in undistributed net income of subsidiaries |  |  | 78,593 |  |  | (4,236) |  |  | 10,774
Equity in (over distributed) undistributed net income of subsidiaries |  |  | (63,208) |  |  | 14,372 |  |  | 71,311
Net income |  |  | 15,385 |  |  | 10,136 |  |  | 82,085
Preferred stock dividends and accretion of discount |  |  | 1,873 |  |  | 5,062 |  |  | 5,258
Dividends waived upon preferred stock redemption |  |  | - |  |  | (5,433) |  |  | -
Gain on redemption of preferred stock |  |  | - |  |  | (1,348) |  |  | -
Net income available to common stockholders |  | $ | 13,512 |  | $ | 11,855 |  | $ | 76,827
Schedule of condensed statements of cash Flows |
|  | 2015 |  | 2014 |  | 2013
Cash Flows from Operating Activities |  |  |  |  |  |  |  |  |
Net Income |  | $ | 15,385 |  | $ | 10,136 |  | $ | 82,085
Adjustments to reconcile net income (loss) to net cash from operating activities: |  |  |  |  |  |  |  |  |
Equity in over distributed (undistributed) net income of subsidiaries |  |  | 63,208 |  |  | (14,372) |  |  | (71,311)
Deferred income taxes |  |  | (2,806) |  |  | (2,256) |  |  | (16,786)
Change in taxes payable |  |  | (199) |  |  | 22 |  |  | 14
Change in other assets |  |  | 83 |  |  | 740 |  |  | (264)
Gain on recapture of restricted stock |  |  | - |  |  | - |  |  | (612)
Stock-based compensation |  |  | 613 |  |  | 295 |  |  | 167
Other, net |  |  | 22 |  |  | (17,151) |  |  | 5,502
Net cash used in operating activities |  |  | 76,306 |  |  | (22,586) |  |  | (1,205)
Cash Flows from Investing Activities |  |  |  |  |  |  |  |  |
Net cash provided by investing activities |  |  | - |  |  | - |  |  | -
Cash Flows from Financing Activities |  |  |  |  |  |  |  |  |
Divided paid |  |  | (2,417) |  |  | (12,390) |  |  | -
Purchases of treasury stock |  |  | (117) |  |  | (46) |  |  | (278)
Proceeds from the issuance of common stock |  |  | - |  |  | 64,331 |  |  | -
Redemption of preferred stock |  |  | (47,331) |  |  | (24,321) |  |  | -
Net cash provided by (used in) financing activities |  |  | (49,865) |  |  | 27,574 |  |  | (278)
Net change in cash and cash equivalents |  |  | 26,441 |  |  | 4,988 |  |  | (1,483)
Cash and cash equivalents at beginning of year |  |  | 7,059 |  |  | 2,071 |  |  | 3,554
Cash and cash equivalents at end of year |  | $ | 33,500 |  | $ | 7,059 |  | $ | 2,071

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