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Parent Company Only Financial Information (Tables) (Parent)
12 Months Ended
Dec. 31, 2014
Parent
 
Parent Company Only Financial Information  
Balance Sheet

 

 

 

BALANCE SHEETS

 

 

 

December 31,

 

 

 

2014

 

2013

 

 

 

(dollars in thousands)

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

Cash and due from subsidiary banks

 

$

84,537 

 

$

42,645 

 

Securities available for sale

 

201 

 

201 

 

Investments in subsidiaries:

 

 

 

 

 

Bank

 

373,773 

 

400,442 

 

Non-bank

 

28,348 

 

25,646 

 

Premises and equipment, net

 

523 

 

521 

 

Other assets

 

8,684 

 

9,450 

 

Total assets

 

$

496,066 

 

$

478,905 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

Liabilities:

 

 

 

 

 

Junior subordinated debentures owed to unconsolidated

 

 

 

 

 

Trusts

 

$

55,000 

 

$

55,000 

 

Other liabilities

 

7,427 

 

8,541 

 

Total liabilities

 

62,427 

 

63,541 

 

 

 

 

 

 

 

Total stockholders’ equity

 

433,639 

 

415,364 

 

Total liabilities and stockholders’ equity

 

$

496,066 

 

$

478,905 

 

 

Statement of Operations

 

STATEMENTS OF INCOME

 

 

 

Years Ended December 31,

 

 

 

2014

 

2013

 

2012

 

 

 

(dollars in thousands)

 

Operating income:

 

 

 

 

 

 

 

Dividends from subsidiaries:

 

 

 

 

 

 

 

Bank

 

$

 

$

 

$

 

Non-bank

 

2,000

 

2,000

 

2,500

 

Interest and dividend income

 

20

 

46

 

49

 

Other income

 

3,475

 

4,669

 

6,231

 

Total operating income

 

5,495

 

6,715

 

8,780

 

 

 

 

 

 

 

 

 

Expense:

 

 

 

 

 

 

 

Salaries and employee benefits

 

6,778

 

5,139

 

4,718

 

Interest expense

 

1,183

 

1,220

 

1,351

 

Operating expense

 

2,563

 

2,163

 

2,469

 

Total expense

 

10,524

 

8,522

 

8,538

 

 

 

 

 

 

 

 

 

(Loss) income before income tax benefit and distributions less than net income of subsidiaries

 

(5,029

)

(1,807

)

242

 

 

 

 

 

 

 

 

 

Income tax benefit

 

3,131

 

1,875

 

1,155

 

 

 

 

 

 

 

 

 

(Loss) income before distributions less than net income of subsidiaries

 

(1,898

)

68

 

1,397

 

 

 

 

 

 

 

 

 

Distributions less than net income of subsidiaries:

 

 

 

 

 

 

 

Bank

 

31,991

 

26,416

 

20,097

 

Non-bank

 

2,681

 

2,242

 

863

 

 

 

 

 

 

 

 

 

Net income

 

$

32,774

 

$

28,726

 

$

22,357

 

 

Statement of Cash Flows

 

STATEMENTS OF CASH FLOWS

 

 

 

Years Ended December 31,

 

 

 

2014

 

2013

 

2012

 

 

 

(dollars in thousands)

 

Cash Flows from Operating Activities

 

 

 

 

 

 

 

Net income

 

$

32,774

 

$

28,726

 

$

22,357

 

Adjustments to reconcile net income to net cash provided by (used in) operating activities:

 

 

 

 

 

 

 

Depreciation and amortization

 

112

 

100

 

98

 

Distributions less than net income of subsidiaries

 

(34,672

)

(28,658

)

(20,960

)

Stock-based compensation

 

1,187

 

1,079

 

991

 

Fair value adjustment on employee stock ownership plan shares allocated

 

 

 

(322

)

Changes in assets and liabilities:

 

 

 

 

 

 

 

Decrease (increase) in other assets

 

951

 

(62

)

125

 

(Decrease) increase in other liabilities

 

(1,077

)

381

 

1,435

 

Net cash (used in) provided by operating activities

 

(725

)

1,566

 

3,724

 

 

 

 

 

 

 

 

 

Cash Flows from Investing Activities

 

 

 

 

 

 

 

Decrease in loans

 

 

68

 

95

 

Proceeds from sales of premises and equipment

 

 

226

 

 

Purchases of premises and equipment

 

(114

)

(90

)

(11

)

Net cash (used in) provided by investing activities

 

(114

)

204

 

84

 

 

 

 

 

 

 

 

 

Cash Flows from Financing Activities

 

 

 

 

 

 

 

Proceeds from charter amendment with subsidiary bank

 

60,000

 

50,000

 

 

Shares surrendered upon vesting of restricted stock units to cover tax obligations

 

(45

)

(237

)

 

Cash dividends paid

 

(17,224

)

(14,040

)

(24,427

)

Net cash provided by (used in) financing activities

 

42,731

 

35,723

 

(24,427

)

 

 

 

 

 

 

 

 

Net increase (decrease) in cash and due from subsidiary banks

 

41,892

 

37,493

 

(20,619

)

Cash and due from subsidiary banks, beginning

 

42,645

 

5,152

 

25,771

 

 

 

 

 

 

 

 

 

Cash and due from subsidiary banks, ending

 

$

84,537

 

$

42,645

 

$

5,152