Parent Company Only Financial Statements (Tables)

12 Months Ended

Dec. 31, 2014

(Dollars in thousands)


	December 31,
	2014		2013

ASSETS
CASH AND DUE FROM BANKS	$	1,290	$	603
INTEREST-BEARING DEPOSITS IN FINANCIAL INSTITUTIONS		7,376		4,350
Cash and cash equivalents		8,666		4,953
DEFERRED TAX ASSET, Net		124		141
INVESTMENT IN GREEN BANK, N.A.		278,949		193,755
OTHER ASSETS		714		382
TOTAL	$	288,453	$	199,231

LIABILITIES AND SHAREHOLDERS’ EQUITY
LIABILITIES—Other liabilities	$	47	$	13
Total liabilities		47		13
SHAREHOLDERS’ EQUITY:
Common stock		262		208
Capital surplus		252,422		179,219
Retained earnings		34,660		19,918
Accumulated other comprehensive income, net		1,062		(127)
Total shareholders’ equity		288,406		199,218
TOTAL	$	288,453	$	199,231

CONDENSED STATEMENT OF OPERATIONS

(Dollars in thousands)


		For the years ended December 31,
		2014		2013		2012

INCOME—Interest income	$	26	$	23	$	27
Total income		26		23		27
EXPENSE—General and administrative		1,894		1,012		851
Total expense		1,894		1,012		851
LOSS BEFORE EQUITY IN UNDISTRIBUTED EARNINGS OF SUBSIDIARY AND INCOME TAXES		(1,868)		(989)		(824)
EQUITY IN UNDISTRIBUTED EARNINGS OF SUBSIDIARY, Net of tax		15,957		13,253		9,079
INCOME BEFORE INCOME TAXES		14,089		12,264		8,255
BENEFIT FOR INCOME TAXES		654		346		280
NET INCOME	$	14,743	$	12,610	$	8,535

(Dollars in thousands)


		For the years ended December 31,
		2014		2013		2012

NET INCOME	$	14,743	$	12,610	$	8,535
OTHER COMPREHENSIVE INCOME BEFORE TAX:
Change in unrealized (loss) gain on securities available-for-sale		1,830		(3,227)		1,810
Total other comprehensive income		1,830		(3,227)		1,810
DEFERRED TAX EXPENSE RELATED TO OTHER COMPREHENSIVE INCOME		641		(1,099)		615
OTHER COMPREHENSIVE INCOME, NET OF TAX		1,189		(2,128)		1,195
COMPREHENSIVE INCOME	$	15,932	$	10,482	$	9,730

(Dollars in thousands)


		For the years ended December 31,
		2014		2013		2012

CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	14,743	$	12,610	$	8,535
Adjustments to reconcile net income (loss) to net cash used by operating activities:
Equity in undistributed earnings of subsidiary		(15,957)		(13,253)		(9,079)
Deferred income tax benefit		17		14		17
(Increase) decrease in other assets, net		(332)		(64)		25
Increase (decrease) in other liabilities, net		34		9		(5)
Net cash used by operating activities		(1,495)		(684)		(507)
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital contributed to subsidiary		(67,508)		-		(25,000)
Net cash used by investing activities		(67,508)		-		(25,000)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock, net of issuance expenses		72,591		-		24,734
Common stock issued in connection with the exercise of stock options		125		190		-
Net cash provided by financing activities		72,716		190		24,734
NET INCREASE IN CASH AND CASH EQUIVALENTS		3,713		(494)		(773)
CASH AND CASH EQUIVALENTS:
Beginning of year		4,953		5,447		6,220
End of year	$	8,666	$	4,953	$	5,447