Condensed Parent Company Financial Statements

12 Months Ended

Dec. 31, 2014

Condensed Financial Information Of Parent Company Only Disclosure [Abstract]

Condensed Parent Company Financial Statements

(17) CONDENSED PARENT COMPANY FINANCIAL STATEMENTS

BALANCE SHEETS

	December 31,
	2014		2013
	(Dollars in thousands)
ASSETS
Cash	$	36,700	$	27,592
Securities		103		115
Investments in subsidiaries		598,413		555,761
Goodwill		450		450
Dividends receivable		6,434		5,927
Other assets		983		913
Total assets	$	643,083	$	590,758
LIABILITIES AND STOCKHOLDERS’ EQUITY
Other liabilities	$	6,965	$	6,957
Junior subordinated debentures		26,804		26,804
Stockholders’ equity		609,314		556,997
Total liabilities and stockholders’ equity	$	643,083	$	590,758

STATEMENTS OF INCOME

	Year Ended December 31,
	2014			2013			2012
	(Dollars in thousands)
OPERATING INCOME
Dividends from subsidiaries	$	24,851		$	22,612		$	20,784
Interest on interest-bearing deposits		62			47			57
Other		14			92			—
Total operating income		24,927			22,751			20,841
OPERATING EXPENSE
Interest		1,965			1,965			2,134
Other		667			661			942
Total operating expense		2,632			2,626			3,076
Income before taxes and equity in undistributed earnings of subsidiaries		22,295			20,125			17,765
Allocated income tax benefit		472			978			1,371
Income before equity in undistributed earnings of subsidiaries		22,767			21,103			19,136
Equity in undistributed earnings of subsidiaries		42,196			34,351			34,281
Amortization of stock-based compensation arrangements of subsidiaries		(1,076	)		(1,137	)		(1,517	)
Net income	$	63,887		$	54,317		$	51,900

STATEMENTS OF CASH FLOW

	Year Ended December 31,
	2014			2013			2012
	(Dollars in thousands)
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	63,887		$	54,317		$	51,900
Adjustments to reconcile to net cash provided by operating activities:
Equity in undistributed earnings of subsidiaries		(42,196	)		(34,351	)		(34,281	)
Amortization of stock-based compensation arrangements		1,076			1,137			1,517
Other, net		(656	)		(2,116	)		2,944
Net cash provided by operating activities		22,111			18,987			22,080
INVESTING ACTIVITIES
Net cash provided by acquisitions		—			—			19,866
Sales and maturities of held for investment and available for sale securities		8			63			—
Net cash provided by investing activities		8			63			19,866
FINANCING ACTIVITIES
Issuance of common stock		6,532			5,200			3,540
Common stock acquired		—			(2,710	)		(256	)
Cash dividends paid		(19,543	)		(13,583	)		(21,090	)
Redemption of Junior Subordinated Debentures		—			—			(9,279	)
Net cash used for financing activities		(13,011	)		(11,093	)		(27,085	)
Net increase in cash		9,108			7,957			14,861
Cash and due from banks at the beginning of the period		27,592			19,635			4,774
Cash and due from banks at the end of the period	$	36,700		$	27,592		$	19,635
SUPPLEMENTAL DISCLOSURE
Cash paid during the period for interest	$	1,965		$	1,965		$	2,128
Cash received during the period for income taxes, net	$	1,822		$	4,449		$	1,884

- 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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