Parent Company Financial Statements (Tables)

12 Months Ended

Dec. 31, 2014

CONDENSED BALANCE SHEETS



	December 31,
	2014		2013
ASSETS
Cash	$	18,726	$	9,721
Securities Available-for-Sale, at Fair Value	353		353
Investment in Subsidiary Bank	211,988		195,480
Investment in Non-banking Subsidiaries	4,792		3,650
Other Assets	5,613		6,271
Total Assets	$	241,472	$	215,475

LIABILITIES
Borrowings	$	9,174	$	12,024
Other Liabilities	3,474		3,354
Total Liabilities	12,648		15,378

SHAREHOLDERS’ EQUITY
Common Stock	13,216		13,174
Additional Paid-in Capital	108,660		108,022
Retained Earnings	104,058		84,164
Accumulated Other Comprehensive Income (Loss)	2,890		(5,263		)
Total Shareholders’ Equity	228,824		200,097
Total Liabilities and Shareholders’ Equity	$	241,472	$	215,475

CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME



	Years Ended December 31,
	2014			2013			2012
INCOME
Dividends from Subsidiaries
Bank	$	20,000		$	14,000		$	17,500
Non-bank	—			1,500			—
Interest Income	27			31			50
Net Gain on Securities	—			343			—
Other Income	25			75			70
Total Income	20,052			15,949			17,620

EXPENSES
Salaries and Employee Benefits	462			824			458
Professional Fees	316			485			352
Occupancy and Equipment Expense	7			7			7
Interest Expense	580			1,246			2,221
Other Expenses	632			615			359
Total Expenses	1,997			3,177			3,397
INCOME BEFORE INCOME TAXES AND EQUITY IN UNDISTRIBUTED INCOME OF SUBSIDIARIES	18,055			12,772			14,223
Income Tax Benefit	791			1,235			1,338
INCOME BEFORE EQUITY IN UNDISTRIBUTED INCOME OF SUBSIDIARIES	18,846			14,007			15,561
Equity in Undistributed Income of Subsidiaries	9,498			11,406			8,494
NET INCOME	28,344			25,413			24,055

Other Comprehensive Income:
Changes in Unrealized Gain (Loss) on Securities, Available-for-Sale	8,189			(15,874		)	(124		)
Changes in Unrecognized Amounts in Pension, Net	—			231			(47		)
Changes in Unrecognized Loss in Postretirement Benefit Obligation, Net	(36		)	29			(21		)
TOTAL COMPREHENSIVE INCOME	$	36,497		$	9,799		$	23,863

CONDENSED STATEMENTS OF CASH FLOWS



	Years Ended December 31,
	2014			2013			2012
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income	$	28,344		$	25,413		$	24,055
Adjustments to Reconcile Net Income to Net Cash from Operations
Loss (Gain) on Securities, Net	—			(343		)	—
Change in Other Assets	654			283			33
Change in Other Liabilities	315			(510		)	203
Equity Based Compensation	627			329			628
Excess Tax Benefit from Restricted Share Grant	(40		)	(28		)	(23		)
Equity in Undistributed Income of Subsidiaries	(9,498		)	(11,406		)	(8,494		)
Net Cash from Operating Activities	20,402			13,738			16,402

CASH FLOWS FROM INVESTING ACTIVITIES
Capital Contribution to Subsidiaries	—			—			(150		)
Acquire Banking Entity	—			(2,135		)	—
Net Cash from Investing Activities	—			(2,135		)	(150		)

CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from Issuance of Long-term Debt	—			10,000			—
Repayment of Long-term Debt	(3,000		)	(33,750		)	(1,500		)
Issuance of Common Stock	50			20			37
Income Tax Benefit from Restricted Share Grant	40			28			23
Employee Stock Purchase Plan	(37		)	(9		)	(67		)
Dividends Paid	(8,450		)	(7,670		)	(7,068		)
Net Cash from Financing Activities	(11,397		)	(31,381		)	(8,575		)

Net Change in Cash and Cash Equivalents	9,005			(19,778		)	7,677
Cash and Cash Equivalents at Beginning of Year	9,721			29,499			21,822
Cash and Cash Equivalents at End of Year	$	18,726		$	9,721		$	29,499