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Parent Company Condensed Financial Information (Tables) | 12 Months Ended
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Dec. 31, 2016
Parent Company Condensed Financial Information |
Schedule of condensed balance sheets |
|  | 2016 |  | 2015 |
Assets |  |  |  |  |  |  |
Noninterest bearing deposit with bank subsidiary |  | $ | 26,925 |  | $ | 33,500 |
Investment in subsidiaries |  |  | 228,646 |  |  | 204,509 |
Other assets |  |  | 23,304 |  |  | 22,116 |
Total assets |  | $ | 278,875 |  | $ | 260,125 |
Liabilities and Stockholders’ Equity |  |  |  |  |  |  |
Junior subordinated debentures |  | $ | 57,591 |  | $ | 57,543 |
Senior notes |  |  | 43,998 |  |  | - |
Subordinated debt |  |  | - |  |  | 45,000 |
Other liabilities |  |  | 2,076 |  |  | 1,653 |
Stockholders’ equity |  |  | 175,210 |  |  | 155,929 |
Total liabilities and stockholders' equity |  | $ | 278,875 |  | $ | 260,125 |
Schedule of condensed statements of operations |
|  | 2016 |  | 2015 |  | 2014
Operating Income |  |  |  |  |  |  |  |  |
Cash dividends received from subsidiaries |  | $ | - |  | $ | 82,777 |  | $ | -
Other income |  |  | 130 |  |  | 131 |  |  | 231
Total operating income |  |  | 130 |  |  | 82,908 |  |  | 231
Operating Expenses |  |  |  |  |  |  |  |  |
Junior subordinated debentures |  |  | 4,334 |  |  | 4,287 |  |  | 4,919
Senior notes |  |  | 112 |  |  | - |  |  | -
Subordinated debt |  |  | 949 |  |  | 814 |  |  | 792
Other interest expense |  |  | 8 |  |  | 7 |  |  | 16
Other expenses |  |  | 1,975 |  |  | 1,978 |  |  | 1,045
Total operating expense |  |  | 7,378 |  |  | 7,086 |  |  | 6,772
Loss before income taxes and equity in undistributed net income of subsidiaries |  |  | (7,248) |  |  | 75,822 |  |  | (6,541)
Income tax benefit |  |  | (2,909) |  |  | (2,771) |  |  | (2,305)
(Loss) income before equity in undistributed net income of subsidiaries |  |  | (4,339) |  |  | 78,593 |  |  | (4,236)
Equity in undistributed (over distributed) net income of subsidiaries |  |  | 20,023 |  |  | (63,208) |  |  | 14,372
Net income |  |  | 15,684 |  |  | 15,385 |  |  | 10,136
Preferred stock dividends and accretion of discount |  |  | - |  |  | 1,873 |  |  | 5,062
Dividends waived upon preferred stock redemption |  |  | - |  |  | - |  |  | (5,433)
Gain on redemption of preferred stock |  |  | - |  |  | - |  |  | (1,348)
Net income available to common stockholders |  | $ | 15,684 |  | $ | 13,512 |  | $ | 11,855
Schedule of condensed statements of cash Flows |
|  | 2016 |  | 2015 |  | 2014
Cash Flows from Operating Activities |  |  |  |  |  |  |  |  |
Net Income |  | $ | 15,684 |  | $ | 15,385 |  | $ | 10,136
Adjustments to reconcile net income to net cash from operating activities: |  |  |  |  |  |  |  |  |
Equity in (undistributed) over distributed net income of subsidiaries |  |  | (20,023) |  |  | 63,208 |  |  | (14,372)
Deferred income taxes |  |  | (1,039) |  |  | (2,806) |  |  | (2,256)
Change in taxes payable |  |  | 330 |  |  | (199) |  |  | 22
Change in other assets |  |  | 171 |  |  | 36 |  |  | 692
Stock-based compensation |  |  | 657 |  |  | 613 |  |  | 295
Other, net |  |  | 282 |  |  | 69 |  |  | (17,103)
Net cash (used in) provided by operating activities |  |  | (3,938) |  |  | 76,306 |  |  | (22,586)
Cash Flows from Investing Activities |  |  |  |  |  |  |  |  |
Net cash provided by investing activities |  |  | - |  |  | - |  |  | -
Cash Flows from Financing Activities |  |  |  |  |  |  |  |  |
Dividend paid on preferred stock |  |  | - |  |  | (2,417) |  |  | (12,390)
Dividend paid on common stock |  |  | (888) |  |  | - |  |  | -
Purchases of treasury stock |  |  | (254) |  |  | (117) |  |  | (46)
Proceeds from the issuance of common stock |  |  | - |  |  | - |  |  | 64,331
Proceeds from the issuance of senior notes |  |  | 43,994 |  |  | - |  |  | -
Repayment of subordinated debt |  |  | (45,000) |  |  | - |  |  | -
Repayment of note payable |  |  | (500) |  |  | - |  |  | -
Proceeds from exercise of stock option |  |  | 11 |  |  | - |  |  | -
Redemption of preferred stock |  |  | - |  |  | (47,331) |  |  | (24,321)
Net cash (used in) provided by financing activities |  |  | (2,637) |  |  | (49,865) |  |  | 27,574
Net change in cash and cash equivalents |  |  | (6,575) |  |  | 26,441 |  |  | 4,988
Cash and cash equivalents at beginning of year |  |  | 33,500 |  |  | 7,059 |  |  | 2,071
Cash and cash equivalents at end of year |  | $ | 26,925 |  | $ | 33,500 |  | $ | 7,059

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