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Parent Company Financial Information | 12 Months Ended
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Dec. 31, 2015
Parent Company Financial Information |
Note 22. | Parent Company Financial Information
The following tables present condensed financial information for the parent company as of the dates and in the periods indicated:
|  | CONDENSED BALANCE SHEETS |
|  | December 31, |
(Amounts in thousands) |  | 2015 |  |  | 2014 |
Assets |  |  |  |  |  |  |  |
Cash and due from banks |  | $ | 8,367 |  |  | $ | 21,646 |
Securities available for sale |  |  | 8,459 |  |  |  | 8,172 |
Investment in subsidiary |  |  | 336,311 |  |  |  | 334,155 |
Other assets |  |  | 5,489 |  |  |  | 5,100 |
Total assets |  | $ | 358,626 |  |  | $ | 369,073 |
Liabilities |  |  |  |  |  |  |  |
Other borrowings |  | $ | 145 |  |  | $ | 2,235 |
Subordinated debt |  |  | 15,464 |  |  |  | 15,464 |
Total liabilities |  |  | 15,609 |  |  |  | 17,699 |
Stockholders’ Equity |  |  |  |  |  |  |  |
Preferred stock |  |  | — |  |  |  | 15,151 |
Common stock |  |  | 21,382 |  |  |  | 20,500 |
Additional paid-in capital |  |  | 227,692 |  |  |  | 215,873 |
Retained earnings |  |  | 154,550 |  |  |  | 140,014 |
Treasury stock |  |  | (56,457 | ) |  |  | (35,751 | )
Accumulated other comprehensive loss |  |  | (4,150 | ) |  |  | (4,413 | )
Total stockholders’ equity |  |  | 343,017 |  |  |  | 351,374 |
Total liabilities and stockholders’ equity |  | $ | 358,626 |  |  | $ | 369,073 |
|  | CONDENSED STATEMENTS OF INCOME |
|  | Years Ended December 31, |
(Amounts in thousands) |  | 2015 |  |  | 2014 |  |  | 2013 |
Cash dividends received from subsidiary bank |  | $ | 22,970 |  |  | $ | 14,148 |  |  | $ | 43,900 |
Other income |  |  | 1,039 |  |  |  | 515 |  |  |  | 726 |
Operating expense |  |  | (2,080 | ) |  |  | (1,793 | ) |  |  | (1,647 | )
Income tax expense |  |  | 616 |  |  |  | 511 |  |  |  | 368 |
Equity in undistributed earnings of subsidiary |  |  | 1,995 |  |  |  | 12,109 |  |  |  | (20,035 | )
Net income |  |  | 24,540 |  |  |  | 25,490 |  |  |  | 23,312 |
Dividends on preferred stock |  |  | 105 |  |  |  | 910 |  |  |  | 1,024 |
Net income available to common shareholders |  | $ | 24,435 |  |  | $ | 24,580 |  |  | $ | 22,288 |
|  | CONDENSED STATEMENTS OF CASH FLOWS |
|  | Years Ended December 31, |
(Amounts in thousands) |  | 2015 |  |  | 2014 |  |  | 2013 |
Operating activities |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 24,540 |  |  | $ | 25,490 |  |  | $ | 23,312 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Equity in undistributed earnings of subsidiary |  |  | (1,995 | ) |  |  | (12,109 | ) |  |  | 20,035 |
(Gain) loss on sale of securities |  |  | (38 | ) |  |  | 2 |  |  |  | (193 | )
Decrease (increase) in other assets |  |  | 1,104 |  |  |  | 4,624 |  |  |  | (5,293 | )
(Decrease) increase in other liabilities |  |  | (1,773 | ) |  |  | (347 | ) |  |  | 333 |
Decrease (increase) in other operating activities |  |  | 43 |  |  |  | (65 | ) |  |  | (106 | )
Net cash provided by operating activities |  |  | 21,881 |  |  |  | 17,595 |  |  |  | 38,088 |
Investing activities |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from sales of securities available-for-sale |  |  | 199 |  |  |  | 5,030 |  |  |  | 3,380 |
Payments to acquire securities available-for-sale |  |  | — |  |  |  | — |  |  |  | (5,000 | )
Investment in subsidiary |  |  | — |  |  |  | (2,000 | ) |  |  | — |
Net cash provided by (used in) investing activities |  |  | 199 |  |  |  | 3,030 |  |  |  | (1,620 | )
Financing activities |  |  |  |  |  |  |  |  |  |  |  |
(Repayments of) proceeds from other borrowings |  |  | (2,000 | ) |  |  | 2,000 |  |  |  | — |
Redemption of preferred stock |  |  | (2,367 | ) |  |  | — |  |  |  | — |
Proceeds from stock options exercised |  |  | 264 |  |  |  | 89 |  |  |  | 789 |
Payments for repurchase of treasury stock |  |  | (21,525 | ) |  |  | (2,168 | ) |  |  | (28,421 | )
Payments of common dividends |  |  | (9,994 | ) |  |  | (9,200 | ) |  |  | (9,476 | )
Payments of preferred dividends |  |  | (219 | ) |  |  | (910 | ) |  |  | (992 | )
Proceeds from other financing activities |  |  | 482 |  |  |  | 338 |  |  |  | 28 |
Net cash used in financing activities |  |  | (35,359 | ) |  |  | (9,851 | ) |  |  | (38,072 | )
Net (decrease) increase in cash and cash equivalents |  |  | (13,279 | ) |  |  | 10,774 |  |  |  | (1,604 | )
Cash and cash equivalents at beginning of year |  |  | 21,646 |  |  |  | 10,872 |  |  |  | 12,476 |
Cash and cash equivalents at end of year |  | $ | 8,367 |  |  | $ | 21,646 |  |  | $ | 10,872 |

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=51664549&loc=d3e5283-111683 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e24072-122690 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph c -Article 5 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 06 -Article 9 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 05 -Paragraph c -Article 7 + Details
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