Condensed Parent Only Financial Information

12 Months Ended

Dec. 31, 2015

The following represents parent company only financial information:

Condensed Balance Sheets



	December 31,
	2015		2014
	(In thousands)
Assets
Cash and cash equivalents	$	21,847	$	10,081
Investment in subsidiaries	342,621		216,547
Intercompany receivable from non-bank subsidiaries	1,327		996
Other assets	1,480		133
Total assets	$	367,275	$	227,757
Liabilities
Total liabilities	$	634	$	94
Stockholders’ Equity
Total stockholders’ equity	366,641		227,663
Total liabilities and stockholders’ equity	$	367,275	$	227,757

Condensed Statements of Operations



	Year Ended December 31, 2015			Year Ended December 31, 2014			Nine Months Ended December 31, 2013
	(In thousands)
Interest income	$	15		$	8		$	4
Interest expense	—			—			7,053
Net interest income (expense)	15			8			(7,049		)
Equity in net income from subsidiaries	138,719			15,502			18,787
Non-interest income	—			100			—
Extinguishment of debt	—			—			134,514
Income from operations	138,734			15,610			146,252
Reorganization costs	—			(64		)	1,929
Non-interest expense	2,002			1,052			1,031
Income before income taxes	136,732			14,622			143,292
Income tax expense (benefit)	(1,026		)	—			31,669
Net income	137,758			14,622			111,623
Preferred stock dividends in arrears	—			—			(2,538		)
Preferred stock discount accretion	—			—			(6,167		)
Retirement of preferred shares	—			—			104,000
Net income available to common equity	$	137,758		$	14,622		$	206,918

Condensed Statements of Cash Flows



	Year Ended December 31, 2015			Year Ended December 31, 2014			Nine Months Ended December 31, 2013
	(In thousands)
Operating Activities
Net income	$	137,758		$	14,622		$	111,623
Adjustments to reconcile net income to net cash used in operating activities:
Equity in net income of subsidiaries	(138,719		)	(15,502		)	(18,787		)
Extinguishment of debt	—			—			(134,514		)
Decrease in accrued interest and fees payable	—			—			7,053
Costs associated with stock plan	—			—			2,922
Stock-based compensation expense	2,185			996			—
Increase in other assets and liabilities	(1,341		)	(900		)	(2,872		)
Net cash used in operating activities	(117		)	(784		)	(34,575		)
Investing Activities
Dividend received from subsidiaries	12,000			—			5,402
Capital contribution to subsidiaries	—			—			(80,205		)
Net cash provided by (used in) investing activities	12,000			—			(74,803		)
Financing Activities
Repayment of borrowed funds	—			—			(49,000		)
Recapitalization transaction fees	—			—			(14,360		)
Tax benefit for restricted stock	205			—			—
Retirement of vested shares	(322		)	—			—
Issuance of common stock	—			7,951			175,000
Stock issuance cost	—			(2,324		)	—
Net cash provided by financing activities	(117		)	5,627			111,640
Increase in cash and cash equivalents	11,766			4,843			2,262
Cash and cash equivalents at beginning of year	10,081			5,238			2,976
Cash and cash equivalents at end of year	$	21,847		$	10,081		$	5,238