Note 22 - Parent Company Only Financial Information

12 Months Ended

Dec. 31, 2013

Disclosure Text Block Supplement [Abstract]

Condensed Financial Statements [Text Block]

22. Parent Company Only Financial Information

Earnings of the Bank are recognized by the Holding Company using the equity method of accounting. Accordingly, earnings of the Bank are recorded as increases in the Holding Company’s investment, any dividends would reduce the Holding Company’s investment in the Bank, and any changes in the Bank’s unrealized gain or loss on securities available for sale, net of taxes, would increase or decrease, respectively, the Holding Company’s investment in the Bank. The condensed financial statements for the Holding Company are presented below:

	Condensed Statements of Financial Condition	December 31, 2013			December 31, 2012
		(Dollars in thousands)
Assets:
	Cash and due from banks	$	16,525		$	21,041
	Securities available for sale:
	Other securities ($2,562 and $2,359 at fair value pursuant to the fair value option at December 31, 2013 and 2012, respectively)		2,849			3,165
	Interest receivable		4			13
	Investment in subsidiaries		449,580			451,190
	Goodwill		2,185			2,185
	Other assets		4,354			4,418
	Total assets	$	475,497		$	482,012
Liabilities:
	Borrowings (at fair value pursuant to the fair value option at December 31, 2013 and 2012)	$	29,570		$	23,923
	Other liabilities		13,395			15,724
	Total liabilities		42,965			39,647
Stockholders' Equity:
	Preferred stock		-			-
	Common stock		315			315
	Additional paid-in capital		201,902			198,314
	Treasury stock, at average cost (1,407,343 shares and 787,266 at December 31, 2013 and 2012, respectively)		(22,053	)		(10,257	)
	Retained earnings		263,743			241,856
	Accumulated other comprehensive income, net of taxes		(11,375	)		12,137
	Total equity		432,532			442,365
	Total liabilities and equity	$	475,497		$	482,012

	For the years ended December 31,
Condensed Statements of Income	2013			2012			2011
	(In thousands)
Dividends from the Bank	$	20,000		$	20,000		$	20,000
Interest income		590			694			753
Interest expense		(1,066	)		(2,957	)		(4,325	)
Gain on sale of securities		17			-			-
Net (loss) gain from fair value adjustments		(5,475	)		1,991			5,725
Other operating expenses		(621	)		(730	)		(746	)
Income before taxes and equity in undistributed earnings of subsidiary		13,445			18,998			21,407
Income tax (expense) benefit		2,857			498			(585	)
Income before equity in undistributed earnings of subsidiary		16,302			19,496			20,822
Equity in undistributed earnings of the Bank		21,450			14,835			14,526
Net income	$	37,752		$	34,331		$	35,348

	For the years ended December 31,
Condensed Statements of Cash Flows	2013			2012			2011
	(In thousands)
Operating activities:
Net income	$	37,752		$	34,331		$	35,348
Adjustments to reconcile net income to net cash providedby operating activities:
Equity in undistributed earnings of the Bank		(21,450	)		(14,835	)		(14,526	)
Net gain on sale of securities		(17	)		-			-
Deferred income tax provision		(2,348	)		858			3,003
Fair value adjustments for financial assets and financial liabilities		5,475			(1,991	)		(5,725	)
Stock based compensation expense		3,068			3,105			2,720
Net change in operating assets and liabilities		1,746			1,287			1,541
Net cash provided by operating activities		24,226			22,755			22,361
Investing activities:
Purchases of securities available for sale		(23	)		(29	)		(37	)
Proceeds from sales and calls of securities available for sale		517			-			-
Net cash provided by (used in) investing activities		494			(29	)		(37	)
Financing activities:
Purchase of treasury stock		(14,151	)		(5,622	)		(7,722	)
Cash dividends paid		(15,618	)		(15,817	)		(15,910	)
Stock options exercised		533			956			2,040
Net cash used in  financing activities		(29,236	)		(20,483	)		(21,592	)
Net (decrease) increase in cash and cash equivalents		(4,516	)		2,243			732
Cash and cash equivalents, beginning of year		21,041			18,798			18,066
Cash and cash equivalents, end of year	$	16,525		$	21,041		$	18,798