Annual report pursuant to Section 13 and 15(d)

Note 24 - Parent Company Financial Information

v3.8.0.1
Note 24 - Parent Company Financial Information
 12 Months Ended
Dec. 31, 2017
Notes to Financial Statements  
Condensed Financial Information of Parent Company Only Disclosure [Text Block]
NOTE
24.
PARENT COMPANY FINANCIAL INFORMATION
 
The following information presents the condensed balance sheet of the Company as of
December 31, 2017
and
2016
and the condensed statements of income and cash flows for the years ended
December 31, 2017,
2016
and
2015.
 
CONDENSED BALANCE SHEETS
(In Thousands)
 
    December 31, 2017   December 31, 2016
ASSETS                
Cash and due from banks   $
9,891
     $
6,060
  
Investment in subsidiary    
665,192
      
574,261
  
Other assets    
368
      
375
  
Total assets   $
675,451
     $
580,696
  
                 
LIABILITIES AND STOCKHOLDERS' EQUITY                
Liabilities:                
Other borrowings   $
64,632
     $
54,663
  
Other liabilities    
3,717
      
3,521
  
Total liabilities    
68,349
      
58,184
  
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, 2017, and December 31, 2016    
-
      
-
  
Preferred stock, par value $0.001 per share; 1,000,000 authorized and undesignated at December 31, 2017 and December 31, 2016    
-
      
-
  
Common stock, par value $0.001 per share; 100,000,000 shares authorized; 52,992,586 shares issued and outstanding at December 31, 2017 and 52,636,896 shares issued and outstanding at December 31, 2016    
53
      
53
  
Additional paid-in capital    
217,693
      
215,932
  
Retained earnings    
389,554
      
307,151
  
Accumulated other comprehensive (loss) income    
(198
 )    
(624
 )
Total stockholders' equity    
607,102
      
522,512
  
Total liabilities and stockholders' equity   $
675,451
     $
580,696
  
 
CONDENSED STATEMENTS OF INCOME
FOR THE YEARS ENDED
DECEMBER 31, 2017,
2016
and
2015
(In Thousands)
 
    2017   2016   2015
Income:                        
Dividends received from subsidiary   $
6,500
     $
2,500
     $
20,000
  
Other income    
2
      
2
      
1
  
Total income    
6,502
      
2,502
      
20,001
  
Expense:                        
Other expenses    
2,260
      
2,208
      
1,603
  
Total expenses    
2,260
      
2,208
      
1,603
  
Equity in undistributed earnings of subsidiary    
88,788
      
81,138
      
45,095
  
Net income    
93,030
      
81,432
      
63,493
  
Dividends on preferred stock    
-
      
-
      
233
  
Net income available to common stockholders   $
93,030
     $
81,432
     $
63,260
  
 
STATEMENTS OF CASH FLOW
FOR THE YEARS ENDED
DECEMBER 31, 2017,
2016
AND
2015
(In Thousands)
 
    2017   2016   2015
Operating activities                        
Net income   $
93,030
     $
81,432
     $
63,493
  
Adjustments to reconcile net income to net cash used in operating activities:                        
Other    
(314
 )    
1,442
      
(271
 )
Equity in undistributed earnings of subsidiary    
(88,788
 )    
(81,138
 )    
(45,095
 )
Net cash provided by operating activities    
3,928
      
1,736
      
18,127
  
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 issuance of subordinated notes    
29,943
      
-
      
34,750
  
Redemption of subordinated notes    
(20,000
 )    
-
      
-
  
Redemption of preferred stock    
-
      
-
      
(40,000
 )
Dividends paid on common stock    
(10,040
 )    
(7,858
 )    
(5,883
 )
Dividends paid on preferred stock    
-
      
-
      
(233
 )
Net cash provided by financing activities    
(97
 )    
(7,858
 )    
(11,366
 )
Increase (decrease) in cash and cash equivalents    
3,831
      
(42,122
 )    
(13,429
 )
Cash and cash equivalents at beginning of year    
6,060
      
48,182
      
61,611
  
Cash and cash equivalents at end of year   $
9,891
     $
6,060
     $
48,182