Parent company financial information

12 Months Ended

Dec. 31, 2016

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Parent company financial information

Parent company financial information

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

CONDENSED BALANCE SHEETS

	December 31,
	2016		2015
Assets:
Cash and cash equivalents	$	1,253	$	2,272
Investment in subsidiary	360,426		328,771
Deferred tax asset	6,338		4,624
Other assets	1,635		1,107
Total assets	$	369,652	$	336,774
Liabilities and stockholders’ equity:
Stockholders’ equity	$	369,652	$	336,774
Total liabilities and stockholders’ equity	$	369,652	$	336,774

21. Parent company financial information - (continued)

CONDENSED STATEMENTS OF COMPREHENSIVE INCOME

	Years ended December 31,
	2016			2015			2014
Income:
Interest income	$	5		$	5		$	10
Expenses:
Administrative	3,279			2,619			1,347
Other	1,356			378			3,217
Total expenses	4,635			2,997			4,564
Loss before income taxes and equity in undistributed net losses of subsidiary	(4,630		)	(2,992		)	(4,554		)
Credit for income taxes	1,804			1,154			2,053
Gain (loss) before equity in undistributed net losses of subsidiary	(2,826		)	(1,838		)	(2,501		)
Equity in undistributed net income of subsidiary	19,597			22,417			6,238
Net income	$	16,771		$	20,579		$	3,737
Comprehensive income	$	14,085		$	19,365		$	6,608

21. Parent company financial information - (continued)

CONDENSED STATEMENTS OF CASH FLOWS

	Years ended December 31,
	2016			2015			2014
Cash flows from operating activities:
Net income	$	16,771		$	20,579		$	3,737
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Equity in undistributed net income of subsidiary	(19,597		)	(22,417		)	(6,238		)
Stock-based compensation expense	3,124			2,482			1,214
Increase in deferred tax asset	(1,714		)	(1,010		)	(1,794		)
Increase in other assets	(527		)	17			(936		)
(Decrease) increase in other liabilities	—			—			—
Net cash used in operating activities	(1,943		)	(349		)	(4,017		)
Cash flows from financing activities:
Tax effect of nonvested restricted stock	(577		)	(556		)	(339		)
Proceeds from issuance of common stock	16,238			—			119,285
Increase due to business combination	(16,244		)	—			(111,879		)
Stock options exercised	7			—			—
Dividend from Bank	1,500			—			—
Net cash provided by (used in) financing activities	924			(556		)	7,067
Net increase (decrease) in cash and cash equivalents	(1,019		)	(905		)	3,050
Cash and cash equivalents at beginning of year	2,272			3,177			127
Cash and cash equivalents at end of year	$	1,253		$	2,272		$	3,177

Noncash financing activities consist of issuance of common stock as disclosed in the accompanying consolidated statements of changes in stockholders' equity and assets and liabilities assumed in the PPFS merger, the branch acquisition and the Home merger, as disclosed in Note 2.

These consolidated financial statements have not been reviewed or confirmed for accuracy or relevance by the FDIC.