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Parent Company Condensed Financial Information (Tables) | 12 Months Ended
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Dec. 31, 2018
Parent Company Condensed Financial Information |
Schedule of condensed balance sheets |
|  | 2018 |  | 2017 |
Assets |  |  |  |  |  |  |
Noninterest bearing deposit with bank subsidiary |  | $ | 9,039 |  | $ | 23,011 |
Investment in subsidiaries |  |  | 315,252 |  |  | 263,389 |
Other assets |  |  | 12,997 |  |  | 17,139 |
Total assets |  | $ | 337,288 |  | $ | 303,539 |
Liabilities and Stockholders’ Equity |  |  |  |  |  |  |
Other short term borrowings |  | $ | 4,000 |  | $ | - |
Junior subordinated debentures |  |  | 57,686 |  |  | 57,639 |
Senior notes |  |  | 44,158 |  |  | 44,058 |
Other liabilities |  |  | 2,363 |  |  | 1,492 |
Stockholders’ equity |  |  | 229,081 |  |  | 200,350 |
Total liabilities and stockholders' equity |  | $ | 337,288 |  | $ | 303,539 |
Schedule of condensed statements of operations |
|  | 2018 |  | 2017 |  | 2016
Operating Income |  |  |  |  |  |  |  |  |
Cash dividends received from subsidiaries |  | $ | 30,000 |  | $ | - |  | $ | -
Other income |  |  | 106 |  |  | 114 |  |  | 130
Total operating income |  |  | 30,106 |  |  | 114 |  |  | 130
Operating Expenses |  |  |  |  |  |  |  |  |
Junior subordinated debentures |  |  | 3,716 |  |  | 4,002 |  |  | 4,334
Senior notes |  |  | 2,688 |  |  | 2,689 |  |  | 112
Subordinated debt |  |  | - |  |  | - |  |  | 949
Other interest expense |  |  | 98 |  |  | - |  |  | 8
Other expenses |  |  | 4,208 |  |  | 2,639 |  |  | 1,975
Total operating expense |  |  | 10,710 |  |  | 9,330 |  |  | 7,378
Income (loss) before income taxes and equity in undistributed net income of subsidiaries |  |  | 19,396 |  |  | (9,216) |  |  | (7,248)
Income tax benefit |  |  | (3,355) |  |  | (16) |  |  | (2,909)
Income (loss) before equity in undistributed net income of subsidiaries |  |  | 22,751 |  |  | (9,200) |  |  | (4,339)
Equity in undistributed net income of subsidiaries |  |  | 11,261 |  |  | 24,338 |  |  | 20,023
Net income available to common stockholders |  | $ | 34,012 |  | $ | 15,138 |  | $ | 15,684
Schedule of condensed statements of cash Flows |
|  | 2018 |  | 2017 |  | 2016
Cash Flows from Operating Activities |  |  |  |  |  |  |  |  |
Net Income |  | $ | 34,012 |  | $ | 15,138 |  | $ | 15,684
Adjustments to reconcile net income to net cash from operating activities: |  |  |  |  |  |  |  |  |
Equity in undistributed net income of subsidiaries |  |  | (11,261) |  |  | (24,338) |  |  | (20,023)
Provision for deferred tax expense (benefit) |  |  | 6,697 |  |  | 6,397 |  |  | (1,039)
Net deferred tax expense due to DTA revaluation |  |  | - |  |  | 3,908 |  |  | -
Change in taxes payable |  |  | (1,211) |  |  | (4,797) |  |  | 330
Change in other assets |  |  | 97 |  |  | 74 |  |  | 171
Stock-based compensation |  |  | 2,257 |  |  | 1,181 |  |  | 657
Other, net |  |  | 172 |  |  | (15) |  |  | 282
Net cash (used in) provided by operating activities |  |  | 30,763 |  |  | (2,452) |  |  | (3,938)
Cash Flows from Investing Activities |  |  |  |  |  |  |  |  |
Cash paid for acquisition, net of cash and cash equivalents retained |  |  | (47,074) |  |  | - |  |  | -
Net cash (used in) investing activities |  |  | (47,074) |  |  | - |  |  | -
Cash Flows from Financing Activities |  |  |  |  |  |  |  |  |
Net change in other short-term borrowings |  |  | 4,000 |  |  |  |  |  |
Dividend paid on common stock |  |  | (1,189) |  |  | (1,184) |  |  | (888)
Purchases of treasury stock |  |  | (505) |  |  | (236) |  |  | (254)
Proceeds from the issuance of senior notes |  |  | - |  |  | - |  |  | 43,994
Payment of senior note issuance costs |  |  | - |  |  | (42) |  |  | -
Repayment of subordinated debt |  |  | - |  |  | - |  |  | (45,000)
Repayment of note payable |  |  | - |  |  | - |  |  | (500)
Proceeds from exercise of stock (option) |  |  | 33 |  |  | - |  |  | 11
Net cash provided by (used in) financing activities |  |  | 2,339 |  |  | (1,462) |  |  | (2,637)
Net change in cash and cash equivalents |  |  | (13,972) |  |  | (3,914) |  |  | (6,575)
Cash and cash equivalents at beginning of year |  |  | 23,011 |  |  | 26,925 |  |  | 33,500
Cash and cash equivalents at end of year |  | $ | 9,039 |  | $ | 23,011 |  | $ | 26,925

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