Parent Company Condensed Financial Information

12 Months Ended

Dec. 31, 2016

Parent Company Condensed Financial Information

Parent Company Condensed Financial Information

Note 22: Parent Company Condensed Financial Information

Condensed Balance Sheets as of December 31 were as follows:

	2016		2015
Assets
Noninterest bearing deposit with bank subsidiary	$	26,925	$	33,500
Investment in subsidiaries		228,646		204,509
Other assets		23,304		22,116
Total assets	$	278,875	$	260,125
Liabilities and Stockholders’ Equity
Junior subordinated debentures	$	57,591	$	57,543
Senior notes		43,998		-
Subordinated debt		-		45,000
Other liabilities		2,076		1,653
Stockholders’ equity		175,210		155,929
Total liabilities and stockholders' equity	$	278,875	$	260,125

Condensed Statements of Income for the years ended December 31 were as follows:

	2016		2015		2014
Operating Income
Cash dividends received from subsidiaries	$	-	$	82,777	$	-
Other income		130		131		231
Total operating income		130		82,908		231
Operating Expenses
Junior subordinated debentures		4,334		4,287		4,919
Senior notes		112		-		-
Subordinated debt		949		814		792
Other interest expense		8		7		16
Other expenses		1,975		1,978		1,045
Total operating expense		7,378		7,086		6,772
Loss before income taxes and equity in undistributed net income of subsidiaries		(7,248)		75,822		(6,541)
Income tax benefit		(2,909)		(2,771)		(2,305)
(Loss) income before equity in undistributed net income of subsidiaries		(4,339)		78,593		(4,236)
Equity in  undistributed (over distributed) net income of subsidiaries		20,023		(63,208)		14,372
Net income		15,684		15,385		10,136
Preferred stock dividends and accretion of discount		-		1,873		5,062
Dividends waived upon preferred stock redemption		-		-		(5,433)
Gain on redemption of preferred stock		-		-		(1,348)
Net income available to common stockholders	$	15,684	$	13,512	$	11,855

Condensed Statements of Cash Flows for the years ended December 31 were as follows:

	2016		2015		2014
Cash Flows from Operating Activities
Net Income	$	15,684	$	15,385	$	10,136
Adjustments to reconcile net income to net cash from operating activities:
Equity in (undistributed) over distributed net income of subsidiaries		(20,023)		63,208		(14,372)
Deferred income taxes		(1,039)		(2,806)		(2,256)
Change in taxes payable		330		(199)		22
Change in other assets		171		36		692
Stock-based compensation		657		613		295
Other, net		282		69		(17,103)
Net cash (used in) provided by operating activities		(3,938)		76,306		(22,586)
Cash Flows from Investing Activities
Net cash provided by investing activities		-		-		-
Cash Flows from Financing Activities
Dividend paid on preferred stock		-		(2,417)		(12,390)
Dividend paid on common stock		(888)		-		-
Purchases of treasury stock		(254)		(117)		(46)
Proceeds from the issuance of common stock		-		-		64,331
Proceeds from the issuance of senior notes		43,994		-		-
Repayment of subordinated debt		(45,000)		-		-
Repayment of note payable		(500)		-		-
Proceeds from exercise of stock option		11		-		-
Redemption of preferred stock		-		(47,331)		(24,321)
Net cash (used in) provided by financing activities		(2,637)		(49,865)		27,574
Net change in cash and cash equivalents		(6,575)		26,441		4,988
Cash and cash equivalents at beginning of year		33,500		7,059		2,071
Cash and cash equivalents at end of year	$	26,925	$	33,500	$	7,059