Parent Corporation Only Financial Statements

12 Months Ended

Dec. 31, 2017

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Condensed Financial Information of Parent Company Only Disclosure [Text Block]

Note 23 - Parent Corporation Only Financial Statements

The Parent Corporation operates its wholly-owned subsidiary, the Bank. The earnings of this subsidiary are recognized by the Parent Corporation using the equity method of accounting. Accordingly, earnings are recorded as increases in the Parent Corporation’s investment in the subsidiaries and dividends paid reduce the investment in the subsidiaries. The ability of the Parent Corporation to pay dividends will largely depend upon the dividends paid to it by the Bank. Dividends payable by the Bank to the Parent Corporation are restricted under supervisory regulations (see Note 20 of the Notes to Consolidated Financial Statements).

Condensed financial statements of the Parent Corporation only are as follows:

Condensed Statements of Condition

	At December 31,
	2017		2016
	(dollars in thousands)
ASSETS
Cash and cash equivalents	$	7,506	$	7,008
Investment in subsidiaries		614,083		580,048
Securities available-for-sale		779		730
Other assets		322		426
Total assets	$	622,690	$	588,212
LIABILITIES AND STOCKHOLDERS’ EQUITY
Other liabilities	$	2,554	$	2,646
Subordinated debentures		54,699		54,534
Stockholders’ equity		565,437		531,032
Total liabilities and stockholders’ equity	$	622,690	$	588,212

Condensed Statements of Income

	For Years Ended December 31,
	2017		2016		2015
	(dollars in thousands)
Income:
Dividend income from subsidiaries	$	13,000	$	12,400	$	10,537
Other income		13		8		7
Total Income		13,013		12,408		10,544
Expenses		(3,251)		(3,252)		(1,705)
Income before equity in undistributed earnings of subsidiaries		9,762		9,156		8,839
Equity in undistributed earnings of subsidiaries		33,458		21,926		32,472
Net Income	$	43,220	$	31,082	$	41,311

Condensed Statements of Cash Flows

	For Years Ended December 31
	2017		2016		2015
	(dollars in thousands)
Cash flows from operating activities:
Net income	$	43,220	$	31,082	$	41,311
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed earnings of subsidiary		(33,458)		(21,926)		(32,472)
Increase in other assets		269		2,023		(820)
Increase (decrease) in other liabilities		(151)		544		(752)
Net cash provided by operating activities		9,880		11,723		7,267
Cash flows from investing activities:
Purchase of available-for-sale securities		(7)		-		-
Capital infusion to subsidiary		-		(38,439)		(35,000)
Net cash used in investing activities		(7)		(38,439)		(35,000)
Cash flows from financing activities:
Proceeds from subordinated debt		-		-		50,000
Cash dividends on common stock		(9,612)		(9,067)		(8,996)
Cash dividends on preferred stock		-		(22)		(112)
Issuance cost of common stock		(180)				-
Secondary offering of common stock		-		38,439		-
Redemption of preferred stock		-		(11,250)		-
Proceeds from exercise of stock options		417		767		1,424
Net cash used in financing activities		(9,375)		18,867		42,316
Decrease in cash and cash equivalents		498		(7,849)		14,583
Cash and cash equivalents at January 1,		7,008		14,857		274
Cash and cash equivalents at December 31,	$	7,506	$	7,008	$	14,857