Parent Only Financial Statements (Tables)
|
12 Months Ended |
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 |
|
|