PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION (Tables)

12 Months Ended

Dec. 31, 2017

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION

Schedule of condensed balance sheets

	December 31,
(In thousands)	2017		2016
Assets:
Cash and cash equivalents	$	7,858	$	29,049
Other assets		210		228
Investment in the Bank		500,896		474,035
Total assets	$	508,964	$	503,312
Liabilities and stockholders’ equity:
Subordinated debentures	$	78,641	$	78,502
Junior subordinated debentures		—		15,244
Other liabilities		1,123		1,579
Total liabilities		79,764		95,325
Total stockholders’ equity		429,200		407,987
Total liabilities and stockholders’ equity	$	508,964	$	503,312

Schedule of condensed statements of income

	Year Ended December 31,
(In thousands)	2017			2016			2015
Dividends from the Bank	$	—		$	14,800		$	10,000
Interest expense		4,588			5,903			2,626
Non-interest expense		147			260			73
(Loss) income before income taxes and equity in undistributed earnings of the Bank		(4,735	)		8,637			7,301
Income tax benefit		(1,774	)		(2,126	)		(933	)
(Loss) income before equity in undistributed earnings of the Bank		(2,961	)		10,763			8,234
Equity in undistributed earnings of the Bank		23,500			24,728			12,877
Net income	$	20,539		$	35,491		$	21,111

Schedule of condensed statements of cash flows

	Year Ended December 31,
(In thousands)	2017			2016			2015
Cash flows from operating activities:
Net income	$	20,539		$	35,491		$	21,111
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Equity in undistributed earnings of the Bank		(23,500	)		(24,728	)		(12,877	)
Amortization		139			152			44
Decrease (increase) in other assets		18			(212	)		72
(Decrease) increase in other liabilities		(398	)		351			1,228
Net cash (used in) provided by operating activities		(3,202	)		11,054			9,578
Cash flows from investing activities:
Investment in the Bank		—			(39,500	)		(50,000	)
Net cash used in investing activities		—			(39,500	)		(50,000	)
Cash flows from financing activities:
Net proceeds from issuance of subordinated debentures		—			—			78,324
Repayment of junior subordinated debentures		(352	)		—			—
Net proceeds from issuance of common stock		951			48,442			779
Net proceeds from exercise of stock options		—			62			80
Repurchase of surrendered stock from vesting of restricted stock awards		(350	)		(344	)		(228	)
Excess tax benefit from share based compensation		—			—			50
Cash dividends paid		(18,238	)		(16,140	)		(13,415	)
Other, net		—			—			(303	)
Net cash (used in) provided by financing activities		(17,989	)		32,020			65,287
Net (decrease) increase in cash and cash equivalents		(21,191	)		3,574			24,865
Cash and cash equivalents at beginning of year		29,049			25,475			610
Cash and cash equivalents at end of year	$	7,858		$	29,049		$	25,475