Parent Company Condensed Financial Information

12 Months Ended

Dec. 31, 2015

Note 21: Parent Company Condensed Financial Information

Condensed Balance Sheets as of December 31 were as follows:


	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

Condensed Statements of Income for the years ended December 31 were as follows:


	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

Condensed Statements of Cash Flows for the years ended December 31 were as follows:


	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