Parent company financial information

12 Months Ended

Dec. 31, 2015

Condensed financial information for Bancorp (Parent company only) is presented as follows (dollars in thousands):

CONDENSED BALANCE SHEETS



	December 31,
	2015		2014
Assets:
Cash and cash equivalents	$	2,272	$	3,177
Investment in subsidiary	328,771		307,568
Deferred tax asset	4,624		3,614
Other assets	1,107		1,124
Total assets	$	336,774	$	315,483
Liabilities and stockholders’ equity:
Stockholders’ equity	$	336,774	$	315,483
Total liabilities and stockholders’ equity	$	336,774	$	315,483

21. Parent company financial information - (continued)

CONDENSED STATEMENTS OF COMPREHENSIVE INCOME



	Years ended December 31,
	2015			2014			2013
Income:
Interest income	$	5		$	10		$	5
Expenses:
Administrative	2,619			1,347			1,031
Other	378			3,217			202
Total expenses	2,997			4,564			1,233
Loss before income taxes and equity in undistributed net losses of subsidiary	(2,992		)	(4,554		)	(1,228		)
Credit for income taxes	1,154			2,053			1,797
Gain (loss) before equity in undistributed net losses of subsidiary	(1,838		)	(2,501		)	569
Equity in undistributed net income of subsidiary	22,417			6,238			50,276
Net income	$	20,579		$	3,737		$	50,845
Comprehensive income	$	19,365		$	6,608		$	47,125

21. Parent company financial information - (continued)

CONDENSED STATEMENTS OF CASH FLOWS



	Years ended December 31,
	2015			2014			2013
Cash flows from operating activities:
Net income	$	20,579		$	3,737		$	50,845
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Equity in undistributed net income of subsidiary	(22,417		)	(6,238		)	(50,276		)
Stock-based compensation expense	2,482			1,214			889
Increase in deferred tax asset	(1,010		)	(1,794		)	(1,820		)
Increase in other assets	17			(936		)	(6		)
(Decrease) increase in other liabilities	—			—			—
Net cash used in operating activities	(349		)	(4,017		)	(368		)

Cash flows from financing activities:
Tax effect of nonvested restricted stock	(556		)	(339		)	(104		)
Proceeds from issuance of common stock	—			119,285			—
Increase due to business combination	—			(111,879		)	—
Stock options exercised	—			—			30
Dividend from Bank	—			—			450
Net cash provided by (used in) financing activities	(556		)	7,067			376
Net increase (decrease) in cash and cash equivalents	(905		)	3,050			8
Cash and cash equivalents at beginning of year	3,177			127			119
Cash and cash equivalents at end of year	$	2,272		$	3,177		$	127

These consolidated financial statements have not been reviewed or confirmed for accuracy or relevance by the Federal Deposit Insurance Corporation.