CONDENSED PARENT COMPANY FINANCIAL STATEMENTS

12 Months Ended

Dec. 31, 2013

Condensed Financial Information Of Parent Company Only Disclosure [Abstract]

CONDENSED PARENT COMPANY FINANCIAL STATEMENTS

(17) CONDENSED PARENT COMPANY FINANCIAL STATEMENTS

BALANCE SHEETS


	December 31,
	2013		2012
	(Dollars in thousands)
ASSETS
Cash	$	27,592	$	19,635
Securities		115		266
Investments in subsidiaries		555,761		523,312
Goodwill		450		450
Dividends receivable		5,927		1,465
Other assets		913		1,995

Total assets	$	590,758	$	547,123

LIABILITIES AND STOCKHOLDERS’ EQUITY
Other liabilities	$	6,957	$	752
Junior subordinated debentures		26,804		26,804
Stockholders’ equity		556,997		519,567

Total liabilities and stockholders’ equity	$	590,758	$	547,123

STATEMENTS OF INCOME


	Year Ended December 31,
	2013			2012			2011
	(Dollars in thousands)
OPERATING INCOME
Dividends from subsidiaries	$	22,612		$	20,784		$	19,011
Interest on interest-bearing deposits		47			57			20
Other		92			—			88

Total operating income		22,751			20,841			19,119

OPERATING EXPENSE
Interest		1,965			2,134			2,501
Other		661			942			740

Total operating expense		2,626			3,076			3,241

Income before taxes and equity in undistributed earnings of subsidiaries		20,125			17,765			15,878
Allocated income tax benefit		978			1,371			886

Income before equity in undistributed earnings of subsidiaries		21,103			19,136			16,764
Equity in undistributed earnings of subsidiaries		34,351			34,281			31,856
Amortization of stock-based compensation arrangements of subsidiaries		(1,137	)		(1,517	)		(2,999	)

Net income	$	54,317		$	51,900		$	45,621

STATEMENTS OF CASH FLOW


	Year Ended December 31,
	2013			2012			2011
	(Dollars in thousands)
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	54,317		$	51,900		$	45,621
Adjustments to reconcile to net cash provided by operating activities:
Equity in undistributed earnings of subsidiaries		(34,351	)		(34,281	)		(31,856	)
Amortization of stock-based compensation arrangements		1,137			1,517			2,999
Other, net		(2,116	)		2,944			12,402

Net cash provided by operating activities		18,987			22,080			29,166

INVESTING ACTIVITIES
Net cash provided by acquisitions		—			19,866			11,748
Purchases of securities		—			—			(2	)
Sales and maturities of held for investment and available for sale securities		63			—			28
Other, net		—			—			240

Net cash provided by investing activities		63			19,866			12,014

FINANCING ACTIVITIES
Issuance of common stock		5,200			3,540			1,398
Common stock acquired		(2,710	)		(256	)		(10,799	)
Cash dividends paid		(13,583	)		(21,090	)		(15,593	)
Redemption of Junior Subordinated Debentures		—			(9,279	)		—
Paydown of long-term borrowings		—			—			(14,500	)

Net cash used for financing activities		(11,093	)		(27,085	)		(39,494	)

Net increase in cash		7,957			14,861			1,686
Cash and due from banks at the beginning of the period		19,635			4,774			3,088

Cash and due from banks at the end of the period	$	27,592		$	19,635		$	4,774

SUPPLEMENTAL DISCLOSURE
Cash paid during the period for interest	$	1,965		$	2,128		$	2,818

Cash received during the period for income taxes, net	$	4,449		$	1,884		$	1,195

- Definition

The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document.

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