Note 20 - Parent Company Financial Statements

12 Months Ended

Dec. 31, 2017

Notes to Financial Statements

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

20

. Parent Company Financial Statements

Condensed Balance Sheets

December 31, (In thousands)	201 7			201 6
Assets
Cash and cash equivalents	$	61,604		$	44,286
Investment in subsidiaries		166,183			175,935
Other assets		302			1,378
Total assets	$	228,089		$	221,599
Liabilities
Dividends payable , common stock	$	939		$	751
Subordinated notes payable to unconsolidated trusts		33,506			33,506
Other liabilities		291			3,276
Total liabilities		34,736			37,533
Shareholders ’ Equity
Common stock		940			939
Capital surplus		52,201			51,885
Retained earnings		143,778			134,650
Accumulated other comprehensive loss		(3,566	)		(3,408	)
Total shareholders ’ equity		193,353			184,066
Total liabilities and shareholders ’ equity	$	228,089		$	221,599

Condensed Statements of

Income

and Comprehensive Income

Years Ended December 31, (In thousands)	201 7			201 6			201 5
Income
Dividends from subsidiaries	$	23,026		$	24,820		$	14,426
Interest		191			39			12
Gain on debt extinguishment		-			4,050			-
Other noninterest income		363			2,442			2,555
Total income		23,580			31,351			16,993
Expense
Interest expense – subordinated notes payable to unconsolidated trusts		870			723			866
Noninterest expense		1,751			5,050			4,938
Total expense		2,621			5,773			5,804
Income before income tax benefit and equity in undistributed income of subsidiaries		20,959			25,578			11,189
Income tax (benefit) expense		(747	)		273			(1,076	)
Income before equity in undistributed income of subsidiaries		21,706			25,305			12,265
Equity in undistributed (loss) income of subsidiaries		(10,018	)		(8,700	)		2,727
Net income		11,688			16,605			14,992
Other comprehensive income (loss)		475			(6,190	)		(2,093	)
Comprehensive income	$	12,163		$	10,415		$	12,899

Condensed Statements of Cash Flows

Years Ended December 31, (In thousands)	201 7			201 6			201 5
Cash Flows From Operating Activities
Net income	$	11,688		$	16,605		$	14,992
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed loss (income) of subsidiaries		10,018			8,700			(2,727	)
Noncash employee stock purchase plan exp ense		1			7			4
Noncash director fee compensation		105			92			104
Change in other assets and liabilities, net		(2,408	)		(1,116	)		582
Deferred income tax expense (benefit)		740			(46	)		(54	)
Gain on extinguishment of subordinated notes payable to unconsolidated trusts		-			(4,050	)		-
Net cash provided by operating activities		20,144			20,192			12,901
Cash Flows From Investing Activities
Return of equity from nonbank subsidiary		-			500			1,355
Net cash provided by investing activities		-			500			1,355
Cash Flows From Financing Activities
Cash paid to extinguish subordinated notes payable to unconsolidated trusts		-			(10,950	)		-
Dividends paid, common stock		(3,005	)		(1,575	)		-
Redemption of preferred stock		-			-			(10,000	)
Dividends paid, preferred stock		-			-			(508	)
Shares issued under employee stock purchase plan		179			155			130
Net cash used in financing activities		(2,826	)		(12,370	)		(10,378	)
Net increase in cash and cash equivalents		17,318			8,322			3,878
Cash and cash equivalents at beginning of year		44,286			35,964			32,086
Cash and cash equivalents at end of year	$	61,604		$	44,286		$	35,964