PARENT CORPORATION ONLY FINANCIAL STATEMENTS

12 Months Ended

Dec. 31, 2014

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Condensed Financial Information of Parent Company Only Disclosure [Text Block]

NOTE 22—PARENT CORPORATION ONLY FINANCIAL STATEMENTS

The Parent Corporation operates its wholly-owned subsidiary, the Bank. The earnings of this subsidiary are recognized by the Corporation using the equity method of accounting. Accordingly, earnings are recorded as increases in the Parent Corporation’s investment in the subsidiaries and dividends paid reduce the investment in the subsidiaries. The ability of the Parent Corporation to pay dividends will largely depend upon the dividends paid to it by the Bank. Dividends payable by the Bank to the Parent Corporation are restricted under supervisory regulations (see Note 19 of the Notes to Consolidated Financial Statements).

Condensed financial statements of the Parent Corporation only are as follows:

CONDENSED STATEMENTS OF CONDITION

	At December 31,
	2014			2013
	(Dollars in Thousands)
ASSETS
Cash and cash equivalents		$	274		$	285
Investment in subsidiaries			450,185			173,658
Securities available for sale			463			442
Other assets			2,250			271
Total assets		$	453,172		$	174,656
LIABILITIES AND STOCKHOLDERS’ EQUITY
Other liabilities		$	1,798		$	917
Subordinated debentures			5,155			5,155
Stockholders’ equity			446,219			168,584
Total liabilities and stockholders’ equity		$	453,172		$	174,656

CONDENSED STATEMENTS OF INCOME

	For Years Ended December 31,
	2014				2013				2012
	(Dollars in Thousands)
Income:
Dividend income from subsidiaries		$	9,276			$	4,393			$	2,079
Other income			6				6				15
Net gains on available for sale securities			—				22				26
Management fees			100				353				409
Total Income			9,382				4,774				2,529
Expenses			(707	)			(765	)			(731	)
Income before equity in undistributed earnings of subsidiaries			8,675				4,009				1,798
Equity in undistributed earnings of subsidiaries			9,890				15,916				15,709
Net Income		$	18,565			$	19,925			$	17,507

CONDENSED STATEMENTS OF CASH FLOWS

	For Years Ended December 31
	2014				2013				2012
	(Dollars in Thousands)
Cash flows from operating activities:
Net income		$	18,565			$	19,925			$	17,507
Adjustments to reconcile net income to net cash provided by operating activities:
Net gains on sales of available for sale securities			—				(22	)			(26	)
Equity in undistributed earnings of subsidiary			(9,890	)			(15,916	)			(15,709	)
(Increase) decrease in other assets			(1,979	)			(167	)			563
Decrease in other liabilities			(1,010	)			(276	)			(772	)
Stock based compensation			223				59				39
Net cash provided by operating activities			5,909				3,603				1,602
Cash flows from investing activities:
Proceeds from sales of available-for-sale securities			—				181				375
Purchase of available-for-sale securities			—				—				(410	)
Net cash provided by (used in) investing activities			—				181				(35	)
Cash flows from financing activities:
Cash dividends on common stock			(6,940	)			(4,254	)			(2,778	)
Cash dividends on preferred stock			(140	)			(141	)			(363	)
Issuance of restricted stock award			—				243				—
Issuance cost of common stock			(7	)			(13	)			(8	)
Proceeds from exercise of stock options			885				21				141
Tax expense from stock based compensation			282				16				28
Net cash used in financing activities			(5,920	)			(4,128	)			(2,980	)
Decrease in cash and cash equivalents			(11	)			(344	)			(1,413	)
Cash and cash equivalents at beginning of year			285				629				2,042
Cash and cash equivalents at the end of year		$	274			$	285			$	629