PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION (Tables)

12 Months Ended

Dec. 31, 2015

PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION

Schedule of condensed balance sheets

December 31,	2015		2014
(In thousands)
ASSETS
Cash and cash equivalents	$	25,475	$	610
Other assets		16		89
Investment in the Bank		411,106		190,292
Total Assets	$	436,597	$	190,991
LIABILITIES AND STOCKHOLDERS’ EQUITY
Subordinated debentures	$	78,363	$	—
Junior subordinated debentures		15,878		15,873
Other liabilities		1,228		—
Total Liabilities		95,469		15,873
Total Stockholders’ Equity		341,128		175,118
Total Liabilities and Stockholders’ Equity	$	436,597	$	190,991

Schedule of condensed statements of income

Years ended December 31,	2015			2014			2013
(In thousands)
Dividends from the Bank	$	10,000		$	—		$	—
Interest expense		2,626			1,365			1,365
Non-interest expense		73			86			69
Income (loss) before income taxes and equity in undistributed  earnings of the Bank		7,301			(1,451	)		(1,434	)
Income tax benefit		(933	)		(463	)		(483	)
Income (loss) before equity in undistributed earnings of the Bank		8,234			(988	)		(951	)
Equity in undistributed earnings of the Bank		12,877			14,751			14,044
Net income	$	21,111		$	13,763		$	13,093

Schedule of condensed statements of cash flows

Years ended December 31,	2015			2014			2013
(In thousands)
Cash flows from operating activities:
Net income	$	21,111		$	13,763		$	13,093
Adjustments to reconcile net income to net cash (used in) operating activities:
Equity in undistributed earnings of the Bank		(12,877	)		(14,751	)		(14,044	)
Amortization		44			5			5
Decrease (increase)  in other assets		72			76			(105	)
Increase (decrease) in other liabilities		1,228			(48	)		(5	)
Net cash provided by (used in) operating activities		9,578			(955	)		(1,056	)
Cash flows from investing activities:
Investment in the Bank		(50,000	)		(24,000	)		(6,000	)
Cash in lieu of fractional shares for business acquisition		—			(1	)		—
Net cash used in investing activities		(50,000	)		(24,001	)		(6,000	)
Cash flows from financing activities:
Net proceeds from issuance of subordinated debentures		78,324			—			—
Repayment of acquired unsecured debt		—			(1,450	)		—
Net proceeds from issuance of common stock		779			631			46,237
Net proceeds from exercise of stock options		80			7			4
Repurchase of surrendered stock from exercise of stock options and vesting of restricted stock awards		(228	)		(173	)		(291	)
Excess tax benefit from share based compensation		50			36			21
Cash dividends paid		(13,415	)		(10,657	)		(6,754	)
Other, net		(303	)		(192	)		—
Net cash provided by (used in) financing activities		65,287			(11,798	)		39,217
Net increase (decrease) in cash and cash equivalents		24,865			(36,754	)		32,161
Cash and cash equivalents at beginning of year		610			37,364			5,203
Cash and cash equivalents at end of year	$	25,475		$	610		$	37,364