Parent Company Financial Statements

12 Months Ended

Dec. 31, 2017

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Parent Company Financial Statements

Parent Company Financial Statements

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

STATEMENTS OF CONDITION

	December 31,
	2017		2016
ASSETS
Cash	$	29,365	$	29,905
Investment in subsidiary	444,235		429,100
Receivable from subsidiary	107		107
Other assets	14,806		12,420
Total assets	$	488,513	$	471,532
LIABILITIES AND SHAREHOLDERS’ EQUITY
Subordinated debentures	$	58,911	$	58,755
Due to subsidiary	17		37
Other liabilities	26,172		21,193
Shareholders’ equity	403,413		391,547
Total liabilities and shareholders’ equity	$	488,513	$	471,532

STATEMENTS OF INCOME

	For The Year Ended December 31,
	2017			2016		2015
Operating Income
Dividend income from subsidiary	$	16,800		$	16,000	$	39,200
Other income (loss)	145			239		(18		)
Total operating income	16,945			16,239		39,182
Operating Expenses
Interest on borrowings	3,408			3,415		2,734
Fees to Bank	160			160		160
Other operating expenses	592			748		469
Total operating expenses	4,160			4,323		3,363
Income before equity in undistributed earnings of subsidiaries and income taxes	12,785			11,916		35,819
Equity in undistributed income (losses) of subsidiaries	17,405			26,773		(15,999		)
Income before income taxes	30,190			38,689		19,820
Income tax (expense) benefit	(1,714		)	1,378		1,132
Net Income	$	28,476		$	40,067	$	20,952

STATEMENTS OF CASH FLOWS

	For The Year Ended December 31,
	2017			2016			2015
Operating Activities
Net income	$	28,476		$	40,067		$	20,952
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed (income) losses of subsidiaries	(17,405		)	(26,655		)	4,573
Gain on sale of investment securities	(32		)	(4		)	—
(Increase) decrease in receivable from subsidiaries	—			1,819			(1,901		)
(Increase) decrease in other assets	(1,930		)	1,213			(2,175		)
Increase (decrease) in due to subsidiaries	(20		)	(1,179		)	1,216
Increase (decrease) in other liabilities	3,721			(2,519		)	320
Net cash provided by operating activities	12,810			12,742			22,985
Investing Activities
Acquisition of SBM, net of cash acquired	—			—			(25,319		)
Proceeds from sale of investment securities	110			84			—
Net cash provided by (used in) investing activities	110			84			(25,319		)
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	(606		)	894			753
Capital contribution from subsidiaries	1,469			1,997			836
Equity issuance costs	—			—			(612		)
Cash dividends paid on common stock and cash in-lieu paid for fractional shares due to stock split	(14,323		)	(12,393		)	(9,785		)
Net cash provided by (used in) financing activities	(13,460		)	(9,502		)	5,656
Net (decrease) increase in cash	(540		)	3,324			3,322
Cash at beginning of year	29,905			26,581			23,259
Cash at end of year	$	29,365		$	29,905		$	26,581