Parent Company Financial Statements (Tables)

12 Months Ended

Dec. 31, 2016

CONDENSED BALANCE SHEETS



	December 31,
	2016			2015
ASSETS
Cash	$	10,217		$	19,112
Securities Available-for-Sale, at Fair Value	353			353
Investment in Subsidiary Bank	322,138			227,417
Investment in Non-banking Subsidiaries	4,673			4,399
Other Assets	9,577			11,030
Total Assets	$	346,958		$	262,311

LIABILITIES
Borrowings	$	10,975		$	5,324
Other Liabilities	5,716			4,639
Total Liabilities	16,691			9,963

SHAREHOLDERS’ EQUITY
Common Stock	15,261			13,279
Additional Paid-in Capital	171,744			110,145
Retained Earnings	149,666			125,112
Accumulated Other Comprehensive Income (Loss)	(6,404		)	3,812
Total Shareholders’ Equity	330,267			252,348
Total Liabilities and Shareholders’ Equity	$	346,958		$	262,311

CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME



	Years Ended December 31,
	2016			2015			2014
INCOME
Dividends from Subsidiaries
Bank	$	15,000		$	15,900		$	20,000
Non-bank	1,000			1,504			—
Interest Income	20			30			27
Other Income (Loss)	(27		)	21			25
Total Income	15,993			17,455			20,052

EXPENSES
Salaries and Employee Benefits	1,006			500			462
Professional Fees	1,096			739			319
Occupancy and Equipment Expense	13			8			7
Interest Expense	742			491			580
Other Expenses	750			657			629
Total Expenses	3,607			2,395			1,997
INCOME BEFORE INCOME TAXES AND EQUITY IN UNDISTRIBUTED INCOME OF SUBSIDIARIES	12,386			15,060			18,055
Income Tax Benefit	1,284			893			791
INCOME BEFORE EQUITY IN UNDISTRIBUTED INCOME OF SUBSIDIARIES	13,670			15,953			18,846
Equity in Undistributed Income of Subsidiaries	21,514			14,111			9,498
NET INCOME	35,184			30,064			28,344

Other Comprehensive Income:
Changes in Unrealized Gain (Loss) on Securities, Available-for-Sale	(10,202		)	932			8,189
Changes in Unrecognized (Loss) in Postretirement Benefit Obligation, Net	(14		)	(10		)	(36		)
TOTAL COMPREHENSIVE INCOME	$	24,968		$	30,986		$	36,497

CONDENSED STATEMENTS OF CASH FLOWS



	Years Ended December 31,
	2016			2015			2014
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income	$	35,184		$	30,064		$	28,344
Adjustments to Reconcile Net Income to Net Cash from Operations
Change in Other Assets	2,085			(5,331		)	654
Change in Other Liabilities	310			1,226			275
Equity Based Compensation	1,407			963			627
Excess Tax Benefit from Restricted Share Grant	200			89			40
Equity in Excess Undistributed Income of Subsidiaries	(21,514		)	(14,111		)	(9,498		)
Net Cash from Operating Activities	17,672			12,900			20,442

CASH FLOWS FROM INVESTING ACTIVITIES
Cash Used for Business Acquisitions	(15,992		)	—			—
Net Cash from Investing Activities	(15,992		)	—			—

CASH FLOWS FROM FINANCING ACTIVITIES
Repayment of Long-term Debt	—			(4,000		)	(3,000		)
Issuance of Common Stock	55			49			50
Employee Stock Purchase Plan	—			447			(37		)
Dividends Paid	(10,630		)	(9,010		)	(8,450		)
Net Cash from Financing Activities	(10,575		)	(12,514		)	(11,437		)

Net Change in Cash and Cash Equivalents	(8,895		)	386			9,005
Cash and Cash Equivalents at Beginning of Year	19,112			18,726			9,721
Cash and Cash Equivalents at End of Year	$	10,217		$	19,112		$	18,726