| PARENT COMPANY FINANCIAL INFORMATION |
| NOTE 24.
| PARENT COMPANY FINANCIAL INFORMATION
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The following information presents the condensed balance sheet of the Company as of December 31, 2015 and 2014 and the condensed statements of income and cash flows for the years ended December 31, 2015, 2014 and 2013.
CONDENSED BALANCE SHEETS (In Thousands)
| | | December 31, | | December 31, | | | | | 2015 | | 2014 | | | ASSETS | | | | | | | | | Cash and due from banks | | $ | 48,182 | | $ | 61,611 | | | Investment in subsidiary | | | 456,407 | | | 366,609 | | | Other assets | | | 375 | | | 51 | | | Total assets | | $ | 504,964 | | $ | 428,271 | | | | | | | | | | | | LIABILITIES AND STOCKHOLDERS' EQUITY | | | | | | | | | Liabilities: | | | | | | | | | Other borrowings | | $ | 54,639 | | $ | 19,973 | | | Other liabilities | | | 1,555 | | | 1,337 | | | Total liabilities | | | 56,194 | | | 21,310 | | | Stockholders' equity: | | | | | | | | | Preferred stock, Series A Senior Non-Cumulative Perpetual, par value $0.001 (liquidation preference $1,000), net of discount; 40,000 shares authorized, no shares issued and outstanding at December 31, 2015, and 40,000 shares issued and outstanding at December 31, 2014 | | | - | | | 39,958 | | | Common stock, par value $0.001 per share; 50,000,000 shares authorized; 25,972,698 shares issued and outstanding at December 31, 2015 and 24,801,518 shares issued and outstanding at December 31, 2014 | | | 26 | | | 25 | | | Additional paid-in capital | | | 211,546 | | | 185,397 | | | Retained earnings | | | 234,150 | | | 177,091 | | | Accumulated other comprehensive income | | | 3,048 | | | 4,490 | | | Total stockholders' equity | | | 448,770 | | | 406,961 | | | Total liabilites and stockholders' equity | | $ | 504,964 | | $ | 428,271 | |
CONDENSED STATEMENTS OF INCOME FOR THE YEARS ENDED DECEMBER 31, 2015, 2014 and 2013 (In Thousands)
| | | 2015 | | 2014 | | 2013 | | | Income: | | | | | | | | | | | | Dividends received from subsidiary | | $ | 20,000 | | $ | 12,000 | | $ | 4,750 | | | Other income | | | 1 | | | - | | | 1 | | | Total income | | | 20,001 | | | 12,000 | | | 4,751 | | | Expense: | | | | | | | | | | | | Other expenses | | | 1,603 | | | 1,183 | | | 1,147 | | | Total expenses | | | 1,603 | | | 1,183 | | | 1,147 | | | Equity in undistributed earnings of subsidiary | | | 45,095 | | | 41,529 | | | 37,997 | | | Net income | | | 63,493 | | | 52,346 | | | 41,601 | | | Dividends on preferred stock | | | 233 | | | 400 | | | 400 | | | Net income available to common stockholders | | $ | 63,260 | | $ | 51,946 | | $ | 41,201 | |
STATEMENTS OF CASH FLOW FOR THE YEARS ENDED DECEMBER 31, 2015, 2014 AND 2013 (In Thousands)
| | | 2015 | | 2014 | | 2013 | | | Operating activities | | | | | | | | | | | | Net income | | $ | 63,493 | | $ | 52,346 | | $ | 41,601 | | | Adjustments to reconcile net income to net cash used in operating activities: | | | | | | | | | | | | Other | | | (271) | | | 165 | | | (224) | | | Equity in undistributed earnings of subsidiary | | | (45,095) | | | (41,529) | | | (37,997) | | | Net cash provided by operating activities | | | 18,127 | | | 10,982 | | | 3,380 | | | Investing activities | | | | | | | | | | | | Other | | | - | | | - | | | (10,499) | | | Net cash paid in acquisition | | | (20,926) | | | - | | | - | | | Investment in subsidiary | | | 736 | | | - | | | - | | | Net cash used in investing activities | | | (20,190) | | | - | | | (10,499) | | | Financing activities | | | | | | | | | | | | Proceeds from other borrowings | | | 34,750 | | | - | | | - | | | Redemption of preferred stock | | | (40,000) | | | - | | | - | | | Proceeds from issuance of common stock, net | | | - | | | 52,076 | | | 10,499 | | | Dividends paid on common stock | | | (5,883) | | | (3,609) | | | (3,682) | | | Dividends paid on preferred stock | | | (233) | | | (400) | | | (400) | | | Net cash provided by financing activities | | | (11,366) | | | 48,067 | | | 6,417 | | | (Decrease) increase in cash and cash equivalents | | | (13,429) | | | 59,049 | | | (702) | | | Cash and cash equivalents at beginning of year | | | 61,611 | | | 2,562 | | | 3,264 | | | Cash and cash equivalents at end of year | | $ | 48,182 | | $ | 61,611 | | $ | 2,562 | |
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