XML 38 R50.htm IDEA: XBRL DOCUMENT v2.4.1.9
Note 25 - Parent Company Only Financial Information (Tables)
12 Months Ended
Dec. 31, 2014
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
Condensed Balance Sheet [Table Text Block]

ASSETS

 

2014

   

2013

 

Cash and cash equivalents (deposits in subsidiary Banks)

  $ 94     $ 593  

Office properties and equipment, net

    871       --  

Investment in Banks

    184,792       70,386  

Other assets

    4,899       242  
                 

TOTAL

  $ 190,656     $ 71,221  
                 

LIABILITIES AND STOCKHOLDERS’ EQUITY

               
                 

Other borrowings

  $ 18,163     $ --  

Accrued expenses and other liabilities

    2,039       34  

Stockholders’ equity

    170,454       71,187  
                 

TOTAL

  $ 190,656     $ 71,221  
Condensed Income Statement [Table Text Block]
   

2014

   

2013

 
                 

INCOME:

               

Dividend from the Bank

  $ 26,500     $ --  

Management fees

    2,277     $ --  
                 

Total income

    28,777       --  
                 

EXPENSES:

               

Interest expense

    210       --  

Salaries and employee benefits

    4,250       --  

Data processing

    3,166       --  

Other operating expenses

    2,413       662  
                 

Total expenses

    10,039       662  
                 

INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN UNDISTRIBUTED INCOME OF BANK SUBSIDIARIES

    18,738       (662 )
                 

INCOME TAX BENEFIT

    (3,938 )     --  
                 

INCOME (LOSS) BEFORE EQUITY IN UNDISTRIBUTED INCOME OF BANK SUBSIDIARIES

    22,676       (662 )
                 

EQUITY IN UNDISTRIBUTED INCOME OF BANK SUBSIDIARIES

    1,630       1,391  
                 

NET INCOME

  $ 24,306     $ 729  
                 

OTHER COMPREHENSIVE INCOME (LOSS)

               
                 

Unrealized holding gains (losses) arising during the period

    1,434       (1,205 )

Less: reclassification adjustments for realized gain included in net income

    (31 )     (25 )

Other comprehensive income (loss), before tax effect

    1,403       (1,230 )

Tax effect

    (359 )     --  

Other comprehensive income (loss)

    1,044       (1,230 )
                 

COMPREHENSIVE INCOME (LOSS)

  $ 25,350     $ (501 )
Condensed Cash Flow Statement [Table Text Block]
   

2014

   

2013

 
                 

OPERATING ACTIVITIES:

               

Net income

  $ 24,306     $ 729  

Adjustments to reconcile net income to net cash provided by (used in) operating activities:

               

Equity in undistributed net income of Bank

    (1,630 )     (1,391 )

Deferred tax benefit

    (1,414 )     --  

Deferred tax valuation allowance

    (913 )     --  

Depreciation

    71       --  

Stock compensation expense

    126       243  

Changes in operating assets and liabilities:

               

Other assets

    (2,872 )     (242 )

Accrued expenses and other liabilities

    2,005       3  
                 

Net cash provided by (used in) operating activities

    19,679       (658 )
                 

INVESTING ACTIVITIES:

               

Purchases of office properties and equipment

    (942 )     --  

Merger consideration paid

    (50,000 )     --  

Investment in Bank

    (11,001 )     (2,028 )
                 

Net cash used in investing activities

    (61,943 )     (2,028 )
                 

FINANCING ACTIVITIES:

               

Proceeds from other borrowings

    18,163       --  

Proceeds from private placement

    20,000       --  

Proceeds from exercise of warrants

    3,590       1,785  

Proceeds from exercise of stock options

    24       --  

Repurchase of common stock

    (5 )     --  

Payment for fractional shares, stock dividend

    (7 )     --  
                 

Net cash provided by financing activities

    41,765       1,785  
                 

NET DECREASE IN CASH AND CASH EQUIVALENTS

    (499 )     (901 )
                 

CASH AND CASH EQUIVALENTS:

               

Beginning of period

    593       1,494  
                 

End of period

  $ 94     $ 593  
Schedule of Quarterly Financial Information [Table Text Block]

YEAR ENDED DECEMBER 31, 2014

 

Fourth

Quarter

   

Third

Quarter

   

Second

Quarter

   

First

Quarter

 

Interest income

  $ 14,945     $ 16,223     $ 6,568     $ 4,751  

Interest expense

    1,627       1,567       1,050       891  

Net interest income

    13,318       14,656       5,518       3,860  

Provision for loan losses

    758       600       230       --  

Net interest income after provision for loan losses

    12,560       14,056       5,288       3,860  

Net gain on sales and calls of investment securities

    1       30       --       --  

Noninterest income

    3,381       3,601       1,825       1,202  

Noninterest expense

    11,387       15,324       10,019       5,339  

Income before income taxes

    4,555       2,363       (2,906 )     (277 )

Income tax provision

    (259 )     (20,312 )     --       --  

Net income

  $ 4,814     $ 22,675     $ (2,906 )   $ (277 )
                                 

Earnings per share(1):

                               

Basic

  $ 0.14     $ 0.68     $ (0.12 )   $ (0.01 )

Diluted

  $ 0.14     $ 0.68     $ (0.12 )   $ (0.01 )
                                 

Selected Ratios (Annualized):

                               

Net interest margin

    3.91 %     4.44 %     3.33 %     3.08 %

Return on average assets

    1.26       6.07       (1.55 )     (0.20 )

Return on average equity

    11.54       62.24       (13.42 )     (1.54 )

YEAR ENDED DECEMBER 31, 2013

 

Fourth

Quarter

   

Third

Quarter

   

Second

Quarter

   

First

Quarter

 

Interest income

  $ 4,748     $ 4,579     $ 4,457     $ 4,581  

Interest expense

    878       825       830       859  

Net interest income

    3,870       3,754       3,627       3,722  

Provision for loan losses

    --       --       --       --  

Net interest income after provision for loan losses

    3,870       3,754       3,627       3,722  

Net gain on sales and calls of investment securities

    --       25       --       --  

Noninterest income

    1,413       1,394       1,340       1,254  

Noninterest expense

    5,084       5,019       4,883       4,673  

Income before income taxes

    199       154       84       303  

Income tax provision

    --       11       --       --  

Net income

  $ 199     $ 143     $ 84     $ 303  
                                 

Earnings per share(1):

                               

Basic

  $ 0.01     $ 0.01     $ 0.00     $ 0.01  

Diluted

  $ 0.01     $ 0.01     $ 0.00     $ 0.01  
                                 

Selected Ratios (Annualized):

                               

Net interest margin

    3.12 %     3.15 %     2.98 %     3.13 %

Return on average assets

    0.15       0.11       0.06       0.23  

Return on average equity

    1.11       0.81       0.47       1.73  
   

Fourth

Quarter

   

Third

Quarter

   

Second

Quarter

   

First

Quarter

 

YEAR ENDED DECEMBER 31, 2014

                               

Basic weighted - average shares

    33,366,628       33,364,021       24,466,899       22,268,376  

Effect of dilutive securities

    141,602       68,465       --       --  

Diluted weighted - average shares

    33,508,230       33,432,486       24,466,899       22,268,376  
                                 

YEAR ENDED DECEMBER 31, 2013

                               

Basic weighted - average shares

    22,268,320       22,237,039       22,108,439       21,579,555  

Effect of dilutive securities

    940,234       989,090       1,083,416       1,462,389  

Diluted weighted - average shares

    23,208,554       23,226,129       23,191,855       23,041,944