Parent Company Only Financial Information (Tables) (Parent)
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12 Months Ended |
Dec. 31, 2014
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Parent
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Parent Company Only Financial Information |
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Balance Sheet |
BALANCE SHEETS
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December 31,
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|
|
2014
|
|
2013
|
|
|
|
(dollars in thousands)
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
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Cash and due from subsidiary banks
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|
$
|
84,537
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|
$
|
42,645
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|
Securities available for sale
|
|
201
|
|
201
|
|
Investments in subsidiaries:
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|
|
|
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Bank
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373,773
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400,442
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|
Non-bank
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28,348
|
|
25,646
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Premises and equipment, net
|
|
523
|
|
521
|
|
Other assets
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8,684
|
|
9,450
|
|
Total assets
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$
|
496,066
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$
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478,905
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LIABILITIES AND STOCKHOLDERS’ EQUITY
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Liabilities:
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Junior subordinated debentures owed to unconsolidated
|
|
|
|
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Trusts
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$
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55,000
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|
$
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55,000
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|
Other liabilities
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|
7,427
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|
8,541
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Total liabilities
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62,427
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|
63,541
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|
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Total stockholders’ equity
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433,639
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|
415,364
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Total liabilities and stockholders’ equity
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|
$
|
496,066
|
|
$
|
478,905
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|
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Statement of Operations |
STATEMENTS OF INCOME
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Years Ended December 31,
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|
|
|
2014
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|
2013
|
|
2012
|
|
|
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(dollars in thousands)
|
|
Operating income:
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|
|
|
|
|
|
|
Dividends from subsidiaries:
|
|
|
|
|
|
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Bank
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|
$
|
—
|
|
$
|
—
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|
$
|
—
|
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Non-bank
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|
2,000
|
|
2,000
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|
2,500
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Interest and dividend income
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20
|
|
46
|
|
49
|
|
Other income
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3,475
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|
4,669
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|
6,231
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Total operating income
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5,495
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|
6,715
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8,780
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|
|
|
|
|
|
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Expense:
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Salaries and employee benefits
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6,778
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5,139
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4,718
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Interest expense
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1,183
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1,220
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1,351
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Operating expense
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2,563
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|
2,163
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2,469
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Total expense
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10,524
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8,522
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8,538
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(Loss) income before income tax benefit and distributions less than net income of subsidiaries
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(5,029
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)
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(1,807
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)
|
242
|
|
|
|
|
|
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Income tax benefit
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3,131
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1,875
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1,155
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(Loss) income before distributions less than net income of subsidiaries
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(1,898
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)
|
68
|
|
1,397
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|
|
|
|
|
|
|
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Distributions less than net income of subsidiaries:
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|
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Bank
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31,991
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26,416
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20,097
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Non-bank
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2,681
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2,242
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|
863
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Net income
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$
|
32,774
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$
|
28,726
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$
|
22,357
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|
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Statement of Cash Flows |
STATEMENTS OF CASH FLOWS
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Years Ended December 31,
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|
|
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2014
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2013
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2012
|
|
|
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(dollars in thousands)
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Cash Flows from Operating Activities
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|
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Net income
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$
|
32,774
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$
|
28,726
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$
|
22,357
|
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Adjustments to reconcile net income to net cash provided by (used in) operating activities:
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Depreciation and amortization
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112
|
|
100
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|
98
|
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Distributions less than net income of subsidiaries
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(34,672
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)
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(28,658
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)
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(20,960
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)
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Stock-based compensation
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1,187
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|
1,079
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|
991
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Fair value adjustment on employee stock ownership plan shares allocated
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—
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—
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(322
|
)
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Changes in assets and liabilities:
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Decrease (increase) in other assets
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|
951
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|
(62
|
)
|
125
|
|
(Decrease) increase in other liabilities
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(1,077
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)
|
381
|
|
1,435
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|
Net cash (used in) provided by operating activities
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(725
|
)
|
1,566
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3,724
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Cash Flows from Investing Activities
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|
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Decrease in loans
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—
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|
68
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|
95
|
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Proceeds from sales of premises and equipment
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—
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|
226
|
|
—
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Purchases of premises and equipment
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(114
|
)
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(90
|
)
|
(11
|
)
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Net cash (used in) provided by investing activities
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(114
|
)
|
204
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|
84
|
|
|
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|
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Cash Flows from Financing Activities
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|
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Proceeds from charter amendment with subsidiary bank
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60,000
|
|
50,000
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|
—
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Shares surrendered upon vesting of restricted stock units to cover tax obligations
|
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(45
|
)
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(237
|
)
|
—
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|
Cash dividends paid
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|
(17,224
|
)
|
(14,040
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)
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(24,427
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)
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Net cash provided by (used in) financing activities
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42,731
|
|
35,723
|
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(24,427
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)
|
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Net increase (decrease) in cash and due from subsidiary banks
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41,892
|
|
37,493
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(20,619
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)
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Cash and due from subsidiary banks, beginning
|
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42,645
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|
5,152
|
|
25,771
|
|
|
|
|
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Cash and due from subsidiary banks, ending
|
|
$
|
84,537
|
|
$
|
42,645
|
|
$
|
5,152
|
|
|