Annual report pursuant to Section 13 and 15(d)

PARENT COMPANY FINANCIAL INFORMATION

v3.6.0.2
PARENT COMPANY FINANCIAL INFORMATION
12 Months Ended
Dec. 31, 2016
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
PARENT COMPANY FINANCIAL INFORMATION
NOTE 24.         PARENT COMPANY FINANCIAL INFORMATION
 
The following information presents the condensed balance sheet of the Company as of December 31, 2016 and 2015 and the condensed statements of income and cash flows for the years ended December 31, 2016, 2015 and 2014.
  
CONDENSED BALANCE SHEETS
(In Thousands)
 
 
 
December 31, 
2016
 
December 31, 
2015
 
ASSETS
 
 
 
 
 
 
 
Cash and due from banks
 
$
6,060
 
$
48,182
 
Investment in subsidiary
 
 
574,261
 
 
456,407
 
Other assets
 
 
375
 
 
375
 
Total assets
 
$
580,696
 
$
504,964
 
 
 
 
 
 
 
 
 
LIABILITIES AND STOCKHOLDERS' EQUITY
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
Other borrowings
 
$
54,663
 
$
54,639
 
Other liabilities
 
 
3,521
 
 
1,555
 
Total liabilities
 
 
58,184
 
 
56,194
 
Stockholders' equity:
 
 
 
 
 
 
 
Preferred stock, Series A Senior Non-Cumulative Perpetual, par value $0.001
 (liquidation preference $1,000), net of discount; no shares authorized,
 issued and outstanding at December 31, 2016, and 40,000 shares authorized,
 no shares issued and outstanding at December 31, 2015
 
 
-
 
 
-
 
Preferred stock, par value $0.001 per share; 1,000,000 authorized and undesignated
 
 
-
 
 
-
 
at December 31, 2016 and 1,000,000 authorized and 960,000 shares undesignated
 
 
-
 
 
-
 
at December 31, 2015
 
 
-
 
 
-
 
Common stock, par value $0.001 per share; 100,000,000 shares authorized;
 
 
-
 
 
-
 
52,636,896 shares issued and outstanding at December 31, 2016 and
 
 
-
 
 
-
 
51,945,396 shares issued and outstanding at December 31, 2015
 
 
53
 
 
26
 
Additional paid-in capital
 
 
215,932
 
 
211,546
 
Retained earnings
 
 
307,151
 
 
234,150
 
Accumulated other comprehensive (loss) income
 
 
(624)
 
 
3,048
 
Total stockholders' equity
 
 
522,512
 
 
448,770
 
Total liabilites and stockholders' equity
 
$
580,696
 
$
504,964
 
 
CONDENSED STATEMENTS OF INCOME
FOR THE YEARS ENDED DECEMBER 31, 2016, 2015 and 2014
(In Thousands)
 
 
 
2016
 
2015
 
2014
 
Income:
 
 
 
 
 
 
 
 
 
 
Dividends received from subsidiary
 
$
2,500
 
$
20,000
 
$
12,000
 
Other income
 
 
2
 
 
1
 
 
-
 
Total income
 
 
2,502
 
 
20,001
 
 
12,000
 
Expense:
 
 
 
 
 
 
 
 
 
 
Other expenses
 
 
2,208
 
 
1,603
 
 
1,183
 
Total expenses
 
 
2,208
 
 
1,603
 
 
1,183
 
Equity in undistributed earnings of subsidiary
 
 
81,138
 
 
45,095
 
 
41,529
 
Net income
 
 
81,432
 
 
63,493
 
 
52,346
 
Dividends on preferred stock
 
 
-
 
 
233
 
 
400
 
Net income available to common stockholders
 
$
81,432
 
$
63,260
 
$
51,946
 
 
STATEMENTS OF CASH FLOW
FOR THE YEARS ENDED DECEMBER 31, 2016, 2015 AND 2014
(In Thousands)
 
 
 
2016
 
2015
 
2014
 
Operating activities
 
 
 
 
 
 
 
 
 
 
Net income
 
$
81,432
 
$
63,493
 
$
52,346
 
Adjustments to reconcile net income to net cash used in operating activities:
 
 
 
 
 
 
 
 
 
 
Other
 
 
1,443
 
 
(271)
 
 
165
 
Equity in undistributed earnings of subsidiary
 
 
(81,139)
 
 
(45,095)
 
 
(41,529)
 
Net cash provided by operating activities
 
 
1,736
 
 
18,127
 
 
10,982
 
Investing activities
 
 
 
 
 
 
 
 
 
 
Investment in subsidiary
 
 
(36,000)
 
 
-
 
 
-
 
Net cash paid in acquisition
 
 
-
 
 
(20,926)
 
 
-
 
Other
 
 
-
 
 
736
 
 
-
 
Net cash used in investing activities
 
 
(36,000)
 
 
(20,190)
 
 
-
 
Financing activities
 
 
 
 
 
 
 
 
 
 
Proceeds from other borrowings
 
 
-
 
 
34,750
 
 
-
 
Redemption of preferred stock
 
 
-
 
 
(40,000)
 
 
-
 
Proceeds from issuance of common stock, net
 
 
-
 
 
-
 
 
52,076
 
Dividends paid on common stock
 
 
(7,858)
 
 
(5,883)
 
 
(3,609)
 
Dividends paid on preferred stock
 
 
-
 
 
(233)
 
 
(400)
 
Net cash provided by financing activities
 
 
(7,858)
 
 
(11,366)
 
 
48,067
 
(Decrease) increase in cash and cash equivalents
 
 
(42,122)
 
 
(13,429)
 
 
59,049
 
Cash and cash equivalents at beginning of year
 
 
48,182
 
 
61,611
 
 
2,562
 
Cash and cash equivalents at end of year
 
$
6,060
 
$
48,182
 
$
61,611