Condensed Financial Information (Parent Company Only)

12 Months Ended

Dec. 31, 2017

Condensed Financial Information (Parent Company Only)

Condensed Financial Information (Parent Company Only)

Note 24: Condensed Financial Information (Parent Company Only)

Presented below is condensed financial information of the Company as to financial position as of December 31, 2017 and 2016, and results of operations and cash flows for the years ended December 31, 2017, 2016 and 2015:

Condensed Balance Sheets

	December 31,
	2017		2016
	(In thousands)
Assets
Cash and cash equivalents	$	7,273	$	158
Investment in subsidiary		411,528		254,883
Other assets		5,597		7,904
Total assets	$	424,398	$	262,945
Liabilities
Lines of credit	$	25,000	$	25,000
Short-term subordinated debt		30,000		30,000
Other liabilities		1,924		1,657
Total liabilities		56,924		56,657
Shareholders’ Equity		367,474		206,288
Total liabilities and shareholders’ equity	$	424,398	$	262,945

Condensed Statements of Income and Comprehensive Income

	Year Ended
	December 31,
	2017		2016		2015
	(In thousands)
Income
Interest income	$	—	$	—	$	1
Dividends and return of capital from subsidiary		13,632		16,223		9,416
Other Income		208		196		—
Total income		13,840		16,419		9,417
Expenses
Interest expense		7,603		7,237		6,859
Salaries and employee benefits		1,617		77		73
Professional fees		341		138		90
Other		251		33		22
Total expense		9,812		7,485		7,044
Income Before Income Tax and Equity in Undistributed Income of Subsidiary		4,028		8,934		2,373
Income Tax Benefit		(3,670)		(2,885)		(2,807)
Income Before Equity in Undistributed Income of Subsidiary		7,698		11,819		5,180
Equity in Undistributed Income of Subsidiary		46,986		21,308		23,203
Net Income	$	54,684	$	33,127	$	28,383
Comprehensive Income	$	54,306	$	32,731	$	28,344

Condensed Statements of Cash Flows

	Year Ended
	December 31,
	2017		2016			2015
	(In thousands)
Operating Activities
Net income	$	54,684	$	33,127	$	28,383
Adjustments to reconcile net income to net cash used in operating activities		(44,185)		(26,561)		(25,357)
Net cash provided by operating activities		10,499		6,566		3,026
Investing Activities
Contributed capital to subsidiary		(101,868)		(31,625)		(23,971)
Other investing activity		189		(295)		—
Net cash used in investing activities		(101,679)		(31,920)		(23,971)
Financing Activities
Net change in short-term borrowings		—		—		10,000
Dividends paid		(7,950)		(6,224)		(4,222)
Proceeds from issuance of common stock		106,245		—		3,941
Proceeds from issuance of preferred stock		—		31,581		10,000
Net cash provided by (used in) financing activities		98,295		25,357		19,719
Net Change in Cash and Due From Banks		7,115		3		(1,226)
Cash and Due From Banks at Beginning of Year		158		155		1,381
Cash and Due From Banks at End of Year	$	7,273	$	158	$	155