Condensed Financial Information-Parent Only

12 Months Ended

Dec. 31, 2015

Condensed Financial Information-Parent Only [Abstract]

Condensed Financial Information-Parent Only

Note U—Condensed Financial Information—Parent Only

Condensed Balance Sheets

	December 31,
	2015	2014
	(in thousands)
Assets
Cash and due from banks	9,473	$            6,386
Intercompany loans	-	3,857
Investment in subsidiaries	313,817	310,507
Other assets	10,133	11,713
Total assets	$          333,423	$        332,463
Liabilities and stockholders' equity
Other liabilities	$                   21	$                 39
Subordinated debentures	13,401	13,401
Stockholders' equity	320,001	319,023
Total liabilities and stockholders' equity	$          333,423	$        332,463

Condensed Statements of Operations

	Years ended
	December 31,
	2015	2014	2013
	(in thousands)
Income
Interest on intercompany loans	$                   4	$              13	$                -
Other income	36,283	30,235	27,415
Total income	36,287	30,248	27,415
Expense
Interest on subordinated debentures	448	478	548
Non-interest expense	37,137	32,351	29,507
Total expense	37,585	32,829	30,055
Equity in undistributed income of subsidiaries	14,730	58,802	(12,939)
Income (loss) before tax benefit	13,432	56,221	(15,579)
Income tax provision (benefit)	-	(888)	(1,157)
Net income (loss) available to common shareholders	$          13,432	$       57,109	$      (14,422)

Condensed Statements of Cash Flows

	Years ended
	December 31,
	2015	2014	2013
	(in thousands)
Operating activities
Net income (loss)	$           13,432	$          57,109	$         (14,422)
(Increase) decrease in other assets	1,580	(3,441)	(1,735)
Increase (decrease) in other liabilities	(18)	21	(73)
Stock based compensation expense	1,975	2,641	3,157
Equity in undistributed income	(14,730)	(58,802)	12,939
Net cash used in (provided by) operating activities	2,239	(2,472)	(134)
Investing activities
Net (increase) decrease in loans	3,857	(3,857)	-
Contribution to subsidiary	(3,009)	(58,000)	(16,798)
Net cash used in investing activities	848	(61,857)	(16,798)
Financing activities
Proceeds from the issuance of common stock	-	-	1,629
Proceeds from the exercise of common stock options	-	103	1,653
Net cash provided by financing activities	-	103	3,282
Net increase (decrease) in cash and cash equivalents	3,087	(64,226)	(13,650)
Cash and cash equivalents, beginning of year	6,386	70,612	84,262
Cash and cash equivalents, end of year	$             9,473	$            6,386	$          70,612