Parent Company Financial Information (Tables)

12 Months Ended

Dec. 31, 2013

The following table presents condensed financial information for the parent company as of the dates and in the periods indicated:


	CONDENSED BALANCE SHEETS
	December 31,
(Amounts in thousands)	2013			2012
Assets
Cash and due from banks	$	10,872		$	12,476
Securities available for sale		13,335			11,053
Investment in subsidiary		310,748			343,911
Other assets		9,697			4,541

Total assets	$	344,652		$	371,981

Liabilities
Other borrowings	$	582		$	194
Subordinated debt		15,464			15,464

Total liabilities		16,046			15,658
Stockholders’ Equity
Preferred stock		15,251			17,421
Common stock		20,493			20,343
Additional paid-in capital		215,663			213,829
Retained earnings		124,535			111,627
Treasury stock		(33,887	)		(6,458	)
Accumulated other comprehensive loss		(13,449	)		(439	)

Total stockholders’ equity		328,606			356,323

Total liabilities and stockholders’ equity	$	344,652		$	371,981


	CONDENSED STATEMENTS OF INCOME
	Years Ended December 31,
(Amounts in thousands)	2013			2012			2011
Cash dividends received from subsidiary bank	$	43,900		$	8,105		$	—
Other income		726			445			2,227
Operating expense		(1,647	)		(1,318	)		(1,796	)
Income tax expense		368			(55	)		(150	)
Equity in undistributed earnings of subsidiary		(20,035	)		21,400			19,747

Net income		23,312			28,577			20,028
Dividends on preferred stock		1,024			1,058			703

Net income available to common shareholders	$	22,288		$	27,519		$	19,325


	CONDENSED STATEMENTS OF CASH FLOWS
	Years Ended December 31,
(Amounts in thousands)	2013			2012			2011
Operating activities
Net income	$	23,312		$	28,577		$	20,028
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed earnings of subsidiary		20,035			(21,400	)		(19,747	)
Gain on sale of securities		(193	)		(49	)		(139	)
(Increase) decrease in other assets		(5,293	)		123			(1,529	)
Increase (decrease) in other liabilities		333			588			(5,748	)
(Increase) decrease in other operating activities		(106	)		(58	)		776

Net cash provided by (used in) operating activities		38,088			7,781			(6,359	)
Investing activities
Proceeds from sales of securities available-for-sale		3,380			2,151			2,636
Payments to acquire securities available-for-sale		(5,000	)		(5,137	)		(6	)
Investment in subsidiary		—			—			(570	)

Net cash (used in) provided by investing activities		(1,620	)		(2,986	)		2,060
Financing activities
Proceeds from issuance of preferred stock		—			—			18,802
Proceeds from stock options exercised		789			144			32
Payments for repurchase of treasury stock		(28,421	)		(1,012	)		(904	)
Payments for repurchase of warrants		—			—			(30	)
Payments of common dividends		(9,476	)		(8,162	)		(7,155	)
Payments of preferred dividends		(992	)		(1,120	)		(558	)
Proceeds from other financing activities		28			137			100

Net cash (used in) provided by financing activities		(38,072	)		(10,013	)		10,287

Net (decrease) increase in cash and cash equivalents		(1,604	)		(5,218	)		5,988
Cash and cash equivalents at beginning of year		12,476			17,694			11,706

Cash and cash equivalents at end of year	$	10,872		$	12,476		$	17,694