Note 20 - Parent Company Financial Statements

12 Months Ended

Dec. 31, 2016

Notes to Financial Statements

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

20

. Parent Company Financial Statements

Condensed Balance Sheets

December 31, (In thousands)	2016			2015
Assets
Cash and cash equivalents	$	44,286		$	35,964
Investment in subsidiaries		175,935			191,630
Other assets		1,378			1,243
Total assets	$	221,599		$	228,837
Liabilities
Dividends payable, common stock	$	751		$	-
Subordinated notes payable to unconsolidated trusts		33,506			48,970
Other liabilities		3,276			4,169
Total liabilities		37,533			53,139
Shareholders’ Equity
Common stock		939			937
Capital surplus		51,885			51,608
Retained earnings		134,650			120,371
Accumulated other comprehensive (loss) income		(3,408	)		2,782
Total shareholders’ equity		184,066			175,698
Total liabilities and shareholders’ equity	$	221,599		$	228,837

Condensed Statements of

Income and Comprehensive Income

Years Ended December 31, (In thousands)	2016			2015			2014
Income
Dividends from subsidiaries	$	24,820		$	14,426		$	16,525
Interest		39			12			28
Gain on debt extinguishment		4,050			-			-
Other noninterest income		2,442			2,555			3,132
Total income		31,351			16,993			19,685
Expense
Interest expense – subordinated notes payable to unconsolidated trusts		723			866			844
Noninterest expense		5,050			4,938			3,977
Total expense		5,773			5,804			4,821
Income before income tax benefit and equity in undistributed income of subsidiaries		25,578			11,189			14,864
Income tax expense (benefit)		273			(1,076	)		(555	)
Income before equity in undistributed income of subsidiaries		25,305			12,265			15,419
Equity in undistributed (loss) income of subsidiaries		(8,700	)		2,727			1,040
Net income		16,605			14,992			16,459
Other comprehensive (loss) income		(6,190	)		(2,093	)		8,087
Comprehensive income	$	10,415		$	12,899		$	24,546

Condensed Statements of Cash Flows

Years Ended December 31, (In thousands)	2016			2015			2014
Cash Flows From Operating Activities
Net income	$	16,605		$	14,992		$	16,459
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed loss (income) of subsidiaries		8,700			(2,727	)		(1,040	)
Noncash employee stock purchase plan expense		7			4			4
Noncash director fee compensation		92			104			82
Change in other assets and liabilities, net		(1,116	)		582			454
Deferred income tax (benefit) expense		(46	)		(54	)		17
Gain on extinguishment of subordinated notes payable to unconsolidated trusts		(4,050	)		-			-
Net cash provided by operating activities		20,192			12,901			15,976
Cash Flows From Investing Activities
Return of equity from nonbank subsidiary		500			1,355			1,500
Net cash provided by investing activities		500			1,355			1,500
Cash Flows From Financing Activities
Cash paid to extinguish subordinated notes payable to unconsolidated trusts		(10,950	)		-			-
Dividends paid, common stock		(1,575	)		-			-
Redemption of preferred stock		-			(10,000	)		(20,000	)
Dividends paid, preferred stock		-			(508	)		(1,990	)
Shares issued under employee stock purchase plan		155			130			129
Net cash used in financing activities		(12,370	)		(10,378	)		(21,861	)
Net increase (decrease) in cash and cash equivalents		8,322			3,878			(4,385	)
Cash and cash equivalents at beginning of year		35,964			32,086			36,471
Cash and cash equivalents at end of year	$	44,286		$	35,964		$	32,086