Parent Company Financial Statements

12 Months Ended

Dec. 31, 2015

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

On January 1, 2014, the Company's parent company sold certain assets and liabilities, including premises, equipment, prepaid expenses and short-term liabilities, to the Bank in an arms-length transaction. Also, effective January 1, 2014, all employees of the parent company became Bank employees.

Following are the condensed statements of condition, income and cash flows for the Company's parent company:

STATEMENTS OF CONDITION



	December 31,
	2015		2014
ASSETS
Cash	$	26,581	$	23,259
Investment in subsidiaries:
Bank	394,404		266,940
Acadia Trust	10,232		9,450
Receivable from subsidiaries	1,926		25
Other assets	14,475		12,600
Total assets	$	447,618	$	312,274
LIABILITIES AND SHAREHOLDERS’ EQUITY
Due to subsidiaries	$	1,216	$	—
Subordinated debentures	59,126		44,024
Other liabilities	24,086		23,141
Shareholders’ equity	363,190		245,109
Total liabilities and shareholders’ equity	$	447,618	$	312,274

STATEMENTS OF INCOME



	For The Years Ended December 31,
	2015			2014		2013
Operating Income
Dividend income from subsidiaries	$	39,200		$	12,800	$	13,500
Fees from subsidiaries	—			—		20,930
Other income (loss)	(18		)	104		270
Total operating income	39,182			12,904		34,700
Operating Expenses
Interest on borrowings	2,734			2,532		2,532
Fees to Bank	160			160		—
Salaries and employee benefits	—			—		13,354
Furniture, equipment and data processing	—			—		4,570
Depreciation and amortization	—			—		1,197
Stock-based compensation expense	—			—		596
Net occupancy	—			—		523
Other operating expenses	469			453		1,454
Total operating expenses	3,363			3,145		24,226
Income before equity in undistributed earnings of subsidiaries and income taxes	35,819			9,759		10,474
Equity in undistributed income (losses) of subsidiaries	(15,999		)	13,799		11,233
Income before income taxes	19,820			23,558		21,707
Income tax benefit	1,132			1,012		1,076
Net Income	$	20,952		$	24,570	$	22,783

STATEMENTS OF CASH FLOWS



	For The Years Ended December 31,
	2015			2014			2013
Operating Activities
Net income	$	20,952		$	24,570		$	22,783
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed (income) losses of subsidiaries	4,573			(13,799		)	(11,233		)
Depreciation and amortization	—			—			1,197
Stock-based compensation expense	—			—			596
(Increase) decrease in receivable from subsidiaries	(1,901		)	2,037			498
(Increase) decrease in other assets	(2,175		)	165			(845		)
Increase (decrease) in due to subsidiaries	1,216			—			—
Increase (decrease) in other liabilities	320			(2,106		)	459
Net cash provided by operating activities	22,985			10,867			13,455
Investing Activities
Acquisition of SBM, net of cash acquired	(25,319		)	—			—
Proceeds from sale of assets	—			5,237			—
Purchase of premises and equipment	—			—			(896		)
Net cash provided by (used in) investing activities	(25,319		)	5,237			(896		)
Financing Activities
Issuance of subordinated debt, net of issuance costs	14,464			—			—
Exercise of stock options and issuance of restricted stock, net of repurchase for tax withholdings and tax benefit	753			328			300
Capital contribution from subsidiaries	836			599			—
Equity issuance costs	(612		)	—			—
Common stock repurchase	—			(7,475		)	(2,460		)
Cash dividends paid on common stock	(9,785		)	(8,085		)	(8,121		)
Net cash provided by (used in) financing activities	5,656			(14,633		)	(10,281		)
Net increase in cash	3,322			1,471			2,278
Cash at beginning of year	23,259			21,788			19,510
Cash at end of year	$	26,581		$	23,259		$	21,788
Supplemental information
Common stock repurchased not yet settled	$	—		$	—		$	320