Condensed Parent Only Financial Information (Tables)

12 Months Ended

Dec. 31, 2016

Condensed Balance Sheets



	As of December 31,
	2016		2015
	(In Thousands)
Assets
Cash and due from banks	$	127	$	1,099
Investments in subsidiaries, at equity	196,221		187,530
Leasehold improvements and equipment, net	1,605		1,519
Other assets	4,738		2,849
Total assets	$	202,691	$	192,997
Liabilities and Stockholders’ Equity
Borrowed funds	$	33,512	$	35,751
Other liabilities	7,529		6,414
Total liabilities	41,041		42,165
Stockholders’ equity	161,650		150,832
Total liabilities and stockholders’ equity	$	202,691	$	192,997

Condensed Statements of Income



	For the Year Ended December 31,
	2016		2015		2014
	(In Thousands)
Net interest expense	2,799		2,777		2,071
Non-interest income
Consulting and rental income from consolidated subsidiaries	16,036		13,398		10,776
Other	33		35		34
Total non-interest income	16,069		13,433		10,810
Non-interest expense	19,250		16,854		13,444
Loss before income tax benefit and equity in undistributed net income of consolidated subsidiaries	5,980		6,198		4,705
Income tax benefit	2,170		2,527		1,659
Loss before equity in undistributed net income of consolidated subsidiaries	3,810		3,671		3,046
Equity in undistributed net income of consolidated subsidiaries	18,719		20,185		17,185
Net income	$	14,909	$	16,514	$	14,139

Condensed Statements of Cash Flows



	For the Year Ended December 31,
	2016			2015			2014
	(In Thousands)
Operating activities
Net income	$	14,909		$	16,514		$	14,139
Adjustments to reconcile net income to net cash used in operating activities:
Equity in undistributed earnings of consolidated subsidiaries	(18,719		)	(20,185		)	(17,185		)
Share-based compensation	994			448			416
Excess tax benefit from share-based compensation	(83		)	—			—
Increase in other liabilities	1,198			2,390			1,002
Other, net	(3,162		)	(481		)	(1,147		)
Net cash used in operating activities	(4,863		)	(1,314		)	(2,775		)
Investing activities
Dividends received from subsidiaries	13,534			7,034			8,000
Capital contributions to subsidiaries	(3,500		)	(3,000		)	(32,980		)
Net cash provided by (used in) investing activities	10,034			4,034			(24,980		)
Financing activities
Net (decrease) increase in short-term borrowed funds	(1,500		)	1,500			1,000
Proceeds from issuance of long-term debt, net of issuance costs	—			—			14,469
Repayment of long-term debt	—			—			(4,000		)
Proceeds from issuance of common stock	—			—			16,560
Proceeds from exercise of stock options	—			300			936
Purchase of treasury stock	(467		)	(946		)	(1,795		)
Excess tax benefit from share-based compensation	—			162			305
Cash dividends paid	(4,176		)	(3,816		)	(3,396		)
Net cash (used in) provided by financing activities	(6,143		)	(2,800		)	24,079
Decrease in cash and cash equivalents	(972		)	(80		)	(3,676		)
Cash and due from banks at the beginning of the period	1,099			1,179			4,855
Cash and due from banks at the end of the period	$	127		$	1,099		$	1,179