Balance Sheets



	December 31,
(in thousands)	2014		2013
Assets
Cash	$	18,976	$	10,308
Investment in subsidiaries:
Banking subsidiary	247,485		235,329
Nonbanking subsidiaries	—		800
Other assets	61		40
Total assets	$	266,522	$	246,477
Liabilities
Long-term debt	$	—	$	15,800
Other liabilities	999		494
Total liabilities	999		16,294
Stockholders' Equity
Total stockholders' equity	265,523		230,183
Total liabilities and stockholders' equity	$	266,522	$	246,477

Statements of Income and Comprehensive Income (Loss)



	Years Ended December 31,
(in thousands)	2014			2013			2012
Income
Dividends from bank subsidiary	$	25,000		$	—		$	—
Interest income	46			62			95
Debt prepayment charge	—			—			(140		)
	25,046			62			(45		)
Expenses
Interest expense	939			1,227			1,949
Other	1,287			556			1,441
	2,226			1,783			3,390
Income (loss) before income tax benefit and equity in undistributed income (losses) of subsidiaries	22,820			(1,721		)	(3,435		)
Income tax benefit	763			595			1,168
	23,583			(1,126		)	(2,267		)
Equity in undistributed income (losses) of bank subsidiary	(2,498		)	18,386			13,161
Net income	$	21,085		$	17,260		$	10,894
Comprehensive income
Net income	$	21,085		$	17,260		$	10,894
Equity in other comprehensive income (loss) of bank subsidiary	12,640			(23,755		)	3,426
Total comprehensive income (loss)	$	33,725		$	(6,495	)	$	14,320
Supplemental disclosure:
Bank subsidiary net income	$	22,502		$	18,386		$	13,161
Bank subsidiary total comprehensive income (loss)	35,142			(5,369		)	16,587

Statements of Cash Flows



	Years Ended December 31,
(in thousands)	2014			2013			2012
Operating Activities
Net income	$	21,085		$	17,260		$	10,894
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Amortization of financing costs	34			2			29
Stock-based compensation	811			948			1,082
Debt prepayment charge	—			—			140
Increase (decrease) in other liabilities	505			(243		)	217
(Increase) decrease in other assets	745			(11		)	2,625
Equity in undistributed (income) losses of bank subsidiary	2,498			(18,386		)	(13,161		)
Net cash provided by (used by) operating activities	25,678			(430		)	1,826
Investing Activities
Investment in bank subsidiary	(2,011		)	(1,369		)	(1,126		)
Net cash used by investing activities	(2,011		)	(1,369		)	(1,126		)
Financing Activities
Proceeds from common stock options exercised	932			304			—
Proceeds from issuance of common stock under stock purchase plan	77			67			44
Repayment of long-term debt	(15,800		)	—			(8,540		)
Tax benefit on exercise of stock options	191			51			—
Cash dividends on preferred stock	(80		)	(80		)	(80		)
Purchase of treasury stock	(319		)	—			—
Net cash provided by (used by) financing activities	(14,999		)	342			(8,576		)
Increase (decrease) in cash and cash equivalents	8,668			(1,457		)	(7,876		)
Cash and cash equivalents at beginning of the year	10,308			11,765			19,641
Cash and cash equivalents at end of year	$	18,976		$	10,308		$	11,765