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PARENT CORPORATION ONLY FINANCIAL STATEMENTS (Tables) (Parent Company [Member])
12 Months Ended
Dec. 31, 2014
Parent Company [Member]
 
PARENT CORPORATION ONLY FINANCIAL STATEMENTS (Tables) [Line Items]  
Condensed Balance Sheet [Table Text Block] Condensed financial statements of the Parent Corporation only are as follows:

 

 

 

 

 

 

 

At December 31,

 

2014

 

2013

 

 

(Dollars in Thousands)

ASSETS

 

 

 

 

Cash and cash equivalents

 

 

$

 

274

 

 

 

$

 

285

 

Investment in subsidiaries

 

 

 

450,185

 

 

 

 

173,658

 

Securities available for sale

 

 

 

463

 

 

 

 

442

 

Other assets

 

 

 

2,250

 

 

 

 

271

 

 

 

 

 

 

Total assets

 

 

$

 

453,172

 

 

 

$

 

174,656

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

Other liabilities

 

 

$

 

1,798

 

 

 

$

 

917

 

Subordinated debentures

 

 

 

5,155

 

 

 

 

5,155

 

Stockholders’ equity

 

 

 

446,219

 

 

 

 

168,584

 

 

 

 

 

 

Total liabilities and stockholders’ equity

 

 

$

 

453,172

 

 

 

$

 

174,656

 

 

 

 

 

 

Condensed Income Statement [Table Text Block] CONDENSED STATEMENTS OF INCOME

 

 

 

 

 

 

 

 

 

For Years Ended December 31,

 

2014

 

2013

 

2012

 

 

(Dollars in Thousands)

Income:

 

 

 

 

 

 

Dividend income from subsidiaries

 

 

$

 

9,276

 

 

 

$

 

4,393

 

 

 

$

 

2,079

 

Other income

 

 

 

6

 

 

 

 

6

 

 

 

 

15

 

Net gains on available for sale securities

 

 

 

 

 

 

 

22

 

 

 

 

26

 

Management fees

 

 

 

100

 

 

 

 

353

 

 

 

 

409

 

 

 

 

 

 

 

 

Total Income

 

 

 

9,382

 

 

 

 

4,774

 

 

 

 

2,529

 

Expenses

 

 

 

(707

)

 

 

 

 

(765

)

 

 

 

 

(731

)

 

 

 

 

 

 

 

 

Income before equity in undistributed earnings of subsidiaries

 

 

 

8,675

 

 

 

 

4,009

 

 

 

 

1,798

 

Equity in undistributed earnings of subsidiaries

 

 

 

9,890

 

 

 

 

15,916

 

 

 

 

15,709

 

 

 

 

 

 

 

 

Net Income

 

 

$

 

18,565

 

 

 

$

 

19,925

 

 

 

$

 

17,507

 

 

 

 

 

 

 

 

Condensed Cash Flow Statement [Table Text Block] CONDENSED STATEMENTS OF CASH FLOWS

 

 

 

 

 

 

 

 

 

For Years Ended December 31

 

2014

 

2013

 

2012

 

 

(Dollars in Thousands)

Cash flows from operating activities:

 

 

 

 

 

 

Net income

 

 

$

 

18,565

 

 

 

$

 

19,925

 

 

 

$

 

17,507

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

Net gains on sales of available for sale securities

 

 

 

 

 

 

 

(22

)

 

 

 

 

(26

)

 

Equity in undistributed earnings of subsidiary

 

 

 

(9,890

)

 

 

 

 

(15,916

)

 

 

 

 

(15,709

)

 

(Increase) decrease in other assets

 

 

 

(1,979

)

 

 

 

 

(167

)

 

 

 

 

563

 

Decrease in other liabilities

 

 

 

(1,010

)

 

 

 

 

(276

)

 

 

 

 

(772

)

 

Stock based compensation

 

 

 

223

 

 

 

 

59

 

 

 

 

39

 

 

 

 

 

 

 

 

Net cash provided by operating activities

 

 

 

5,909

 

 

 

 

3,603

 

 

 

 

1,602

 

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

Proceeds from sales of available-for-sale securities

 

 

 

 

 

 

 

181

 

 

 

 

375

 

Purchase of available-for-sale securities

 

 

 

 

 

 

 

 

 

 

 

(410

)

 

 

 

 

 

 

 

 

Net cash provided by (used in) investing activities

 

 

 

 

 

 

 

181

 

 

 

 

(35

)

 

 

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

 

Cash dividends on common stock

 

 

 

(6,940

)

 

 

 

 

(4,254

)

 

 

 

 

(2,778

)

 

Cash dividends on preferred stock

 

 

 

(140

)

 

 

 

 

(141

)

 

 

 

 

(363

)

 

Issuance of restricted stock award

 

 

 

 

 

 

 

243

 

 

 

 

 

Issuance cost of common stock

 

 

 

(7

)

 

 

 

 

(13

)

 

 

 

 

(8

)

 

Proceeds from exercise of stock options

 

 

 

885

 

 

 

 

21

 

 

 

 

141

 

Tax expense from stock based compensation

 

 

 

282

 

 

 

 

16

 

 

 

 

28

 

 

 

 

 

 

 

 

Net cash used in financing activities

 

 

 

(5,920

)

 

 

 

 

(4,128

)

 

 

 

 

(2,980

)

 

 

 

 

 

 

 

 

Decrease in cash and cash equivalents

 

 

 

(11

)

 

 

 

 

(344

)

 

 

 

 

(1,413

)

 

Cash and cash equivalents at beginning of year

 

 

 

285

 

 

 

 

629

 

 

 

 

2,042

 

 

 

 

 

 

 

 

Cash and cash equivalents at the end of year

 

 

$

 

274

 

 

 

$

 

285

 

 

 

$

 

629