Parent Company Financial Information (Tables)

12 Months Ended

Dec. 31, 2015

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


	CONDENSED BALANCE SHEETS
	December 31,
(Amounts in thousands)	2015			2014
Assets
Cash and due from banks	$	8,367		$	21,646
Securities available for sale		8,459			8,172
Investment in subsidiary		336,311			334,155
Other assets		5,489			5,100

Total assets	$	358,626		$	369,073

Liabilities
Other borrowings	$	145		$	2,235
Subordinated debt		15,464			15,464

Total liabilities		15,609			17,699
Stockholders’ Equity
Preferred stock		—			15,151
Common stock		21,382			20,500
Additional paid-in capital		227,692			215,873
Retained earnings		154,550			140,014
Treasury stock		(56,457	)		(35,751	)
Accumulated other comprehensive loss		(4,150	)		(4,413	)

Total stockholders’ equity		343,017			351,374

Total liabilities and stockholders’ equity	$	358,626		$	369,073


	CONDENSED STATEMENTS OF INCOME
	Years Ended December 31,
(Amounts in thousands)	2015			2014			2013
Cash dividends received from subsidiary bank	$	22,970		$	14,148		$	43,900
Other income		1,039			515			726
Operating expense		(2,080	)		(1,793	)		(1,647	)
Income tax expense		616			511			368
Equity in undistributed earnings of subsidiary		1,995			12,109			(20,035	)

Net income		24,540			25,490			23,312
Dividends on preferred stock		105			910			1,024

Net income available to common shareholders	$	24,435		$	24,580		$	22,288


	CONDENSED STATEMENTS OF CASH FLOWS
	Years Ended December 31,
(Amounts in thousands)	2015			2014			2013
Operating activities
Net income	$	24,540		$	25,490		$	23,312
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed earnings of subsidiary		(1,995	)		(12,109	)		20,035
(Gain) loss on sale of securities		(38	)		2			(193	)
Decrease (increase) in other assets		1,104			4,624			(5,293	)
(Decrease) increase in other liabilities		(1,773	)		(347	)		333
Decrease (increase) in other operating activities		43			(65	)		(106	)

Net cash provided by operating activities		21,881			17,595			38,088
Investing activities
Proceeds from sales of securities available-for-sale		199			5,030			3,380
Payments to acquire securities available-for-sale		—			—			(5,000	)
Investment in subsidiary		—			(2,000	)		—

Net cash provided by (used in) investing activities		199			3,030			(1,620	)
Financing activities
(Repayments of) proceeds from other borrowings		(2,000	)		2,000			—
Redemption of preferred stock		(2,367	)		—			—
Proceeds from stock options exercised		264			89			789
Payments for repurchase of treasury stock		(21,525	)		(2,168	)		(28,421	)
Payments of common dividends		(9,994	)		(9,200	)		(9,476	)
Payments of preferred dividends		(219	)		(910	)		(992	)
Proceeds from other financing activities		482			338			28

Net cash used in financing activities		(35,359	)		(9,851	)		(38,072	)

Net (decrease) increase in cash and cash equivalents		(13,279	)		10,774			(1,604	)
Cash and cash equivalents at beginning of year		21,646			10,872			12,476

Cash and cash equivalents at end of year	$	8,367		$	21,646		$	10,872