Condensed Balance Sheets

(in thousands) December 31	2014		2013
Assets:
Cash on deposit	$	995	$	1,272
Investment in and advances to subsidiaries		503,252		468,240
Goodwill		4,973		4,973
Premises and equipment, net		207		235
Other assets		1,173		617
Total assets	$	510,600	$	475,337

Liabilities and shareholders' equity:
Long-term debt	$	61,341	$	61,341
Other liabilities		1,382		1,504
Total liabilities		62,723		62,845

Shareholders' equity		447,877		412,492

Total liabilities and shareholders' equity	$	510,600	$	475,337

Condensed Statements of Income and Comprehensive Income

(in thousands) Year Ended December 31	2014			2013			2012
Income:
Dividends from subsidiary banks	$	19,534		$	13,035		$	16,572
Other income		196			545			238
Total income		19,730			13,580			16,810

Expenses:
Interest expense		1,131			1,161			2,403
Depreciation expense		153			163			127
Other expenses		2,550			2,442			1,990
Total expenses		3,834			3,766			4,520

Income before income taxes and equity in undistributed income of subsidiaries		15,896			9,814			12,290
Income tax benefit		(1,548	)		(1,416	)		(1,750	)
Income before equity in undistributed income of subsidiaries		17,444			11,230			14,040
Equity in undistributed income of subsidiaries		25,807			33,942			30,822

Net income	$	43,251		$	45,172		$	44,862

Other comprehensive income:
Unrealized holding gains (losses) on securities available-for-sale:
Unrealized holding gains arising during the period		13,928			(31,878	)		4,973
Less: Reclassification adjustments for realized gains included in net income		211			45			(1,155	)
Tax expense (benefit)		4,949			(11,142	)		1,336
Other comprehensive income (loss), net of tax		9,190			(20,691	)		2,482
Comprehensive income	$	52,441		$	24,481		$	47,344

Condensed Statements of Cash Flows

(in thousands) Year Ended December 31	2014			2013			2012
Cash flows from operating activities:
Net income	$	43,251		$	45,172		$	44,862
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation		153			163			127
Equity in undistributed earnings of subsidiaries		(25,807	)		(33,942	)		(30,822	)
Stock-based compensation		838			658			512
Excess tax benefit of stock-based compensation		760			572			496
Changes in:
Other assets		(558	)		660			(771	)
Other liabilities		563			1,505			495
Net cash provided by operating activities		19,200			14,788			14,899

Cash flows from investing activities:
Purchase of premises and equipment		(125	)		(148	)		(166	)
Repayment of investments in and advances to subsidiaries		(14	)		(40	)		(80	)
Net cash used in investing activities		(139	)		(188	)		(246	)

Cash flows from financing activities:
Issuance of common stock		1,992			6,348			4,395
Excess tax benefit of stock-based compensation		(760	)		(572	)		(496	)
Dividends paid		(20,570	)		(24,546	)		(19,215	)
Net cash used in financing activities		(19,338	)		(18,770	)		(15,316	)

Net decrease in cash and cash equivalents		(277	)		(4,170	)		(663	)
Cash and cash equivalents at beginning of year		1,272			5,442			6,105
Cash and cash equivalents at end of year	$	995		$	1,272		$	5,442