Parent Only Financial Statements

12 Months Ended

Dec. 31, 2017

Statement Of Financial Position [Abstract]

Condensed Financial Information of Parent Company Only Disclosure

NOTE 23: PARENT ONLY FINANCIAL STATEMENTS

BALANCE SHEETS

(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

INCOME STATEMENTS

(dollars in thousands)	For the Year EndedDecember 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

STATEMENTS OF COMPREHENSIVE INCOME

(dollars in thousands)	For the Year EndedDecember 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

STATEMENTS OF CASH FLOWS

(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