Parent Company Financial Information

12 Months Ended

Dec. 31, 2017

Parent Company Financial Information [Abstract]

Parent Company Financial Information

(20.) PARENT COMPANY FINANCIAL INFORMATION

Condensed financial statements pertaining only to the Parent are presented below (in thousands).

Condensed Statements of Condition		December 31,
		2017		2016
Assets:
Cash and due from subsidiary	$	10,687	$	16,516
Investment in and receivables due from subsidiary		409,127		344,741
Other assets		5,901		4,020
Total assets	$	425,715	$	365,277
Liabilities and shareholders' equity:
Long-term borrowings, net of issuance costs of $869 and $939, respectively	$	39,131	$	39,061
Other liabilities		5,407		6,162
Shareholders' equity		381,177		320,054
Total liabilities and shareholders' equity	$	425,715	$	365,277

Condensed Statements of Income		Years ended December 31,
		2017		2016		2015
Dividends from subsidiary and associated companies	$	12,000	$	16,000	$	16,000
Management and service fees from subsidiary		1,185		855		599
Other income		1,298		1,296		1,175
Total income		14,483		18,151		17,774
Interest expense		2,471		2,471		1,750
Operating expenses		4,249		5,950		3,509
Total expense		6,720		8,421		5,259
Income before income tax benefit and equity in undistributed
earnings of subsidiary		7,763		9,730		12,515
Income tax benefit		1,817		2,783		1,814
Income before equity in undistributed earnings of subsidiary		9,580		12,513		14,329
Equity in undistributed earnings of subsidiary		23,946		19,418		14,008
Net income	$	33,526	$	31,931	$	28,337

Condensed Statements of Cash Flows		Years ended December 31,
		2017			2016			2015
Cash flows from operating activities:
Net income	$	33,526		$	31,931		$	28,337
Adjustments to reconcile net income to net cash provided
by operating activities:
Equity in undistributed earnings of subsidiary		(23,946	)		(19,418	)		(14,008	)
Depreciation and amortization		149			148			97
Share-based compensation		1,174			845			674
(Increase) decrease in other assets		(1,673	)		1,772			(1,069	)
Decrease in other liabilities		(1,211	)		(389	)		(258	)
Net cash provided by operating activities		8,019			14,889			13,773
Cash flows from investing activities:
Capital investment in Five Star Bank		(38,405	)		-			(34,000	)
Purchase of premises and equipment		(44	)		(1,290	)		-
Net cash paid for acquisition		-			(918	)		-
Net cash used in investing activities		(38,449	)		(2,208	)		(34,000	)
Cash flows from financing activities:
Issuance of long-term debt, net of issuance costs		-			-			38,940
Proceeds from issuance of common shares		38,303			-			-
Purchase of preferred and common shares		(157	)		-			(202	)
Proceeds from stock options exercised		413			964			359
Dividends paid		(13,958	)		(12,946	)		(12,721	)
Other		-			30			79
Net cash provided by (used in) financing activities		24,601			(11,952	)		26,455
Net (decrease) increase in cash and cash equivalents		(5,829	)		729			6,228
Cash and cash equivalents as of beginning of year		16,516			15,787			9,559
Cash and cash equivalents as of end of the year	$	10,687		$	16,516		$	15,787