Parent Company Financial Statements

12 Months Ended

Dec. 31, 2011

Parent Company Financial Statements [Abstract]

22. Parent Company Financial Statements

Condensed Balance Sheets

(in thousands) December 31	2011		2010
Assets:
Cash on deposit	$	6,105	$	5,805
Investment in and advances to subsidiaries		421,572		393,400
Goodwill		4,973		4,973
Premises and equipment, net		211		85
Other assets		498		893
Total assets	$	433,359	$	405,156

Liabilities and shareholders' equity:
Long-term debt	$	61,341	$	61,341
Other liabilities		5,152		5,177
Total liabilities		66,493		66,518

Shareholders' equity		366,866		338,638

Total liabilities and shareholders' equity	$	433,359	$	405,156

Condensed Statements of Income

(in thousands) Year Ended December 31	2011			2010			2009
Income:
Dividends from subsidiary banks	$	20,370		$	34,620		$	18,620
Other income		255			34			24
Total income		20,625			34,654			18,644

Expenses:
Interest expense		3,999			3,999			3,999
Depreciation expense		72			25			12
Other expenses		1,808			1,557			1,190
Total expenses		5,879			5,581			5,201

Income before income taxes and equity in undistributed income of subsidiaries		14,746			29,073			13,443
Income tax benefit		(2,277	)		(2,145	)		(2,002	)
Income before equity in undistributed income of subsidiaries		17,023			31,218			15,445
Equity in undistributed income of subsidiaries		21,804			1,816			9,614

Net income	$	38,827		$	33,034		$	25,059

Condensed Statements of Cash Flows

(in thousands) Year Ended December 31	2011			2010			2009
Cash flows from operating activities:
Net income	$	38,827		$	33,034		$	25,059
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation		72			47			12
Equity in undistributed earnings of subsidiaries		(21,804	)		(1,816	)		(9,614	)
Stock-based compensation		555			393			70
Excess tax benefit of stock-based compensation		23			205			411
Changes in:
Other assets		395			1,795			(2,432	)
Other liabilities		0			675			3,497
Net cash provided by operating activities		18,068			34,333			17,003

Cash flows from investing activities:
Purchase of premises and equipment		(198	)		(98	)		(46	)
Repayment of investments in and advances to subsidiaries		(96	)		(411	)		(466	)
Additional investment in subsidiaries		0			(17,306	)		0
Net cash used in investing activities		(294	)		(17,815	)		(512	)

Cash flows from financing activities:
Issuance of common stock		1,291			1,875			2,292
Excess tax benefit of stock-based compensation		(23	)		(205	)		(411	)
Dividends paid		(18,742	)		(18,332	)		(18,124	)
Net cash used in financing activities		(17,474	)		(16,662	)		(16,243	)

Net increase (decrease) in cash and cash equivalents		300			(144	)		248
Cash and cash equivalents at beginning of year		5,805			5,949			5,701
Cash and cash equivalents at end of year	$	6,105		$	5,805		$	5,949

- 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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