Parent Company Only Financial Statements (Tables)

12 Months Ended

Dec. 31, 2015

(Dollars in thousands)


	December 31,
	2015		2014

ASSETS
CASH AND DUE FROM BANKS	$	3,911	$	1,290
INTEREST-BEARING DEPOSITS IN FINANCIAL INSTITUTIONS		6,411		7,376
Cash and cash equivalents		10,322		8,666
DEFERRED TAX ASSET, Net		-		124
INVESTMENT IN GREEN BANK, N.A.		420,966		278,949
INVESTMENT IN PATRIOT BANCSHARES CAPITAL TRUST I AND II		666		-
GOODWILL		12,673		-
OTHER ASSETS		1,236		714
TOTAL	$	445,863	$	288,453

LIABILITIES AND SHAREHOLDERS’ EQUITY
SUBORDINATED DEBENTURES		13,187		-
DEFERRED TAX LIABILITY, Net		3,037		-
LIABILITIES—Other liabilities	$	237	$	47
Total liabilities		16,461		47
SHAREHOLDERS’ EQUITY:
Common stock		368		262
Capital surplus		378,518		252,422
Retained earnings		50,099		34,660
Accumulated other comprehensive income, net		417		1,062
Total shareholders’ equity		429,402		288,406
TOTAL	$	445,863	$	288,453

CONDENSED STATEMENT OF OPERATIONS

(Dollars in thousands)


		For the years ended December 31,
		2015		2014		2013

INCOME—Interest income	$	39	$	26	$	23
Total income		39		26		23
EXPENSE—Subordinated debentures		227		-		-
General and administrative		3,293		1,894		1,012
Total expense		3,520		1,894		1,012
LOSS BEFORE EQUITY IN UNDISTRIBUTED EARNINGS OF SUBSIDIARY AND INCOME TAXES		(3,481)		(1,868)		(989)
EQUITY IN UNDISTRIBUTED EARNINGS OF SUBSIDIARY, Net of tax		17,995		15,957		13,253
INCOME BEFORE INCOME TAXES		14,514		14,089		12,264
BENEFIT FOR INCOME TAXES		925		654		346
NET INCOME	$	15,439	$	14,743	$	12,610

(Dollars in thousands)


		For the years ended December 31,
		2015		2014		2013

NET INCOME	$	15,439	$	14,743	$	12,610
OTHER COMPREHENSIVE INCOME BEFORE TAX:
Change in unrealized (loss) gain on securities available-for-sale		(992)		1,830		(3,227)
Total other comprehensive income		(992)		1,830		(3,227)
DEFERRED TAX EXPENSE RELATED TO OTHER COMPREHENSIVE INCOME		(347)		641		(1,099)
OTHER COMPREHENSIVE INCOME, NET OF TAX		(645)		1,189		(2,128)
COMPREHENSIVE INCOME	$	14,794	$	15,932	$	10,482

(Dollars in thousands)


		For the years ended December 31,
		2015		2014		2013

CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	15,439	$	14,743	$	12,610
Adjustments to reconcile net income (loss) to net cash used by operating activities:
Equity in undistributed earnings of subsidiary		(17,995)		(15,957)		(13,253)
Amortization of debt valuation allowance		105
Deferred income tax (expense) benefit		(18)		17		14
Increase in other assets, net		(295)		(332)		(64)
Increase in other liabilities, net		146		34		9
Net cash used by operating activities		(2,618)		(1,495)		(684)
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital contributed to subsidiary				(67,508)		-
Net cash and cash equivalents paid in connection with acquisitions		2,740
Net cash provided by (used by) investing activities		2,740		(67,508)		-
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock, net of issuance expenses				72,591		-
Common stock issued in connection with the exercise of stock options		1,534		125		190
Net cash provided by financing activities		1,534		72,716		190
NET INCREASE IN CASH AND CASH EQUIVALENTS		1,656		3,713		(494)
CASH AND CASH EQUIVALENTS:
Beginning of year		8,666		4,953		5,447
End of year	$	10,322	$	8,666	$	4,953