v3.8.0.1

Parent Only Financial Statements (Tables) | 12 Months Ended
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Dec. 31, 2017
Statement Of Financial Position [Abstract] |
Condensed Balance Sheet |
(dollars in thousands) |  | December 31, |
|  | 2017 |  |  | 2016 |
ASSETS |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 12,664 |  |  | $ | 6,318 |
Premises and equipment, net |  |  | 136 |  |  |  | 136 |
Deferred taxes |  |  | (37 | ) |  |  | (74 | )
Investment in subsidiaries |  |  | 429,595 |  |  |  | 272,545 |
Intercompany receivable |  |  | 3,944 |  |  |  | 3,558 |
Other assets |  |  | 1,740 |  |  |  | 1,711 |
Total Assets |  | $ | 448,042 |  |  | $ | 284,194 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |  |
Liabilities: |  |  |  |  |  |  |  |
Borrowings |  | $ | 50,000 |  |  | $ | — |
Accounts payable and other liabilities |  |  | 3,091 |  |  |  | (70 | )
Total Liabilities |  |  | 53,091 |  |  |  | (70 | )
Shareholders’ Equity |  |  |  |  |  |  |  |
Common Stock |  |  | 38 |  |  |  | 16 |
Additional paid-in-capital |  |  | 314,501 |  |  |  | 232,428 |
Retained earnings |  |  | 85,503 |  |  |  | 57,065 |
Accumulated other comprehensive income (loss), net of tax |  |  | (5,091 | ) |  |  | (5,245 | )
Total Shareholders’ Equity |  |  | 394,951 |  |  |  | 284,264 |
Total Liabilities and Shareholders’ Equity |  | $ | 448,042 |  |  | $ | 284,194 |
Condensed Income Statement |
(dollars in thousands) |  | For the Year Ended December 31, |
|  | 2017 |  |  | 2016 |  |  | 2015 |
Interest expense—borrowings |  | $ | 653 |  |  | $ | — |  |  | $ | 674 |
Noninterest income—earnings from investment in subsidiaries |  |  | 31,547 |  |  |  | 25,498 |  |  |  | 15,801 |
Noninterest expense: |  |  |  |  |  |  |  |  |  |  |  |
Compensation and benefits |  |  | 1,302 |  |  |  | 971 |  |  |  | 1,152 |
Occupancy and depreciation |  |  | 197 |  |  |  | 96 |  |  |  | 191 |
Professional services and marketing costs |  |  | 2,741 |  |  |  | 1,929 |  |  |  | 1,669 |
Other expenses |  |  | 1,130 |  |  |  | 964 |  |  |  | 702 |
Total noninterest expense |  |  | 5,370 |  |  |  | 3,960 |  |  |  | 3,714 |
Income before taxes on income |  |  | 25,524 |  |  |  | 21,538 |  |  |  | 11,413 |
Taxes on income |  |  | (2,058 | ) |  |  | (1,765 | ) |  |  | (1,965 | )
Net income |  | $ | 27,582 |  |  | $ | 23,303 |  |  | $ | 13,378 |
Condensed Statement of Comprehensive Income |
(dollars in thousands) |  | For the Year Ended December 31, |
|  | 2017 |  |  | 2016 |  |  | 2015 |
Net income |  | $ | 27,582 |  |  | $ | 23,303 |  |  | $ | 13,378 |
Other comprehensive income (loss): |  |  |  |  |  |  |  |  |  |  |  |
Unrealized holding gains (losses) on securities arising during the period |  |  | 1,717 |  |  |  | (6,697 | ) |  |  | (3,746 | )
Other comprehensive income (loss) before tax |  |  | 1,717 |  |  |  | (6,697 | ) |  |  | (3,746 | )
Income tax (expense) benefit related to items of other comprehensive income |  |  | (707 | ) |  |  | 2,122 |  |  |  | 1,542 |
Other comprehensive income (loss) |  |  | 1,010 |  |  |  | (4,575 | ) |  |  | (2,204 | )
Less: Reclassification adjustment for gains (loss) included in net earnings |  |  | — |  |  |  | 1,043 |  |  |  | (61 | )
Income tax (expense) benefit related to reclassification adjustment |  |  | — |  |  |  | (409 | ) |  |  | 25 |
Reclassification adjustment for gains included in net earnings, net of tax |  |  | — |  |  |  | 634 |  |  |  | (36 | )
Other comprehensive income (loss), net of tax |  |  | 1,010 |  |  |  | (3,941 | ) |  |  | (2,240 | )
Total comprehensive income |  | $ | 28,592 |  |  | $ | 19,362 |  |  | $ | 11,138 |
Condensed Cash Flow Statement |
(dollars in thousands) |  | For the Year Ended December 31, |
|  | 2017 |  |  | 2016 |  |  | 2015 |
Cash Flows from Operating Activities: |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 27,582 |  |  | $ | 23,303 |  |  | $ | 13,378 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Earnings from investment in subsidiaries |  |  | (31,547 | ) |  |  | (25,498 | ) |  |  | (15,801 | )
Stock–based compensation expense |  |  | 61 |  |  |  | 78 |  |  |  | 113 |
Deferred tax liability (benefit) |  |  | (37 | ) |  |  | 296 |  |  |  | (345 | )
Increase in other assets |  |  | (29 | ) |  |  | (1,464 | ) |  |  | (602 | )
Increase (decrease) in accounts payable and other liabilities |  |  | 3,161 |  |  |  | (1,102 | ) |  |  | 1,926 |
Net cash provided by (used in) operating activities |  |  | (809 | ) |  |  | (4,387 | ) |  |  | (1,331 | )
Cash Flows from Investing Activities: |  |  |  |  |  |  |  |  |  |  |  |
Investment in subsidiaries |  |  | (72,845 | ) |  |  | (40,000 | ) |  |  | (76,453 | )
Payment to shareholders of acquired companies |  |  | — |  |  |  | — |  |  |  | (543 | )
Dividend from subsidiary |  |  | 2,000 |  |  |  | 5,000 |  |  |  | — |
Purchase of premises and equipment |  |  | — |  |  |  | (24 | ) |  |  | (12 | )
Net cash used in investing activities |  |  | (70,845 | ) |  |  | (35,024 | ) |  |  | (77,008 | )
Cash Flows from Financing Activities: |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from borrowings |  |  | 50,000 |  |  |  | — |  |  |  | 10,114 |
Paydowns of borrowings |  |  | — |  |  |  | — |  |  |  | (30,000 | )
Proceeds from the sale of stock, net |  |  | 28,386 |  |  |  | 4,267 |  |  |  | 136,163 |
Intercompany accounts, net decrease (increase) |  |  | (386 | ) |  |  | (689 | ) |  |  | (1,509 | )
Net cash provided by financing activities |  |  | 78,000 |  |  |  | 3,578 |  |  |  | 114,768 |
Increase (decrease) in cash and cash equivalents |  |  | 6,346 |  |  |  | (35,833 | ) |  |  | 36,429 |
Cash and cash equivalents at beginning of year |  |  | 6,318 |  |  |  | 42,151 |  |  |  | 5,722 |
Cash and cash equivalents at end of year |  | $ | 12,664 |  |  | $ | 6,318 |  |  | $ | 42,151 |

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