XML 105 R34.htm IDEA: XBRL DOCUMENT v2.4.0.8
PARENT ONLY CONDENSED FINANCIAL STATEMENTS
 12 Months Ended
Dec. 31, 2013
PARENT ONLY CONDENSED FINANCIAL STATEMENTS  
PARENT ONLY CONDENSED FINANCIAL STATEMENTS

NOTE 25 — PARENT ONLY CONDENSED FINANCIAL STATEMENTS

Parent Only Condensed Balance Sheets

December 31
   2013
   2012
  
   

Assets

              

Cash and cash equivalents

   $ 11,667   $ 7,102  

Securities available for sale

     399     399  

Investment in subsidiaries

     334,531     361,397  

Other assets

     10,827     11,523  
       
​ ​ ​ ​ ​ ​ ​ ​

Total assets

   $ 357,424   $ 380,421  
       
​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​
       

Liabilities

              

Subordinated debentures

   $ 46,394   $ 50,418  

Other liabilities

     5,504     6,252  
       
​ ​ ​ ​ ​ ​ ​ ​

Total liabilities

     51,898     56,670  

Shareholders' equity

     305,526     323,751  
       
​ ​ ​ ​ ​ ​ ​ ​

Total liabilities and shareholders' equity

   $ 357,424   $ 380,421  
       
​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​
       

Parent Only Condensed Statements of Operations

Year Ended December 31
   2013
   2012
   2011
  
   

Income

                    

Dividends from subsidiaries

   $ 34,200   $ 47,800   $ 2,825  

Fees from subsidiaries

     14,160     19,024     19,624  

Other income

     9     (845 )   176  
       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total income

     48,369     65,979     22,625  

Expenses

                    

Interest expense

     1,675     1,825     1,737  

Salaries and benefits

     9,790     11,238     11,388  

Professional fees

     951     1,465     2,534  

Other expenses

     10,059     13,655     13,173  
       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total expenses

     22,475     28,183     28,832  
       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Income (loss) before income taxes and equity in undistributed income of subsidiaries

     25,894     37,796     (6,207 )

Income tax (benefit)

     (2,849 )   (3,377 )   (3,069 )
       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Income (loss) before equity in undistributed income of subsidiaries

     28,743     41,173     (3,138 )

Equity in undistributed income (loss) of subsidiaries

     (2,398 )   (13,915 )   26,951  
       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net income

   $ 26,345   $ 27,258   $ 23,813  
       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
       

Parent Only Condensed Statements of Cash Flows

Year Ended December 31
   2013
   2012
   2011
  
   

Operating Activities

                    

Net income

   $ 26,345   $ 27,258   $ 23,813  

Undistributed (income)/loss of subsidiaries

     2,398     13,915     (26,951 )

Changes in other assets and liabilities

     1,833     2,862     2,699  
       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net cash provided/(used) by operating activities

     30,576     44,035     (439 )

Investing Activities

                    

Capital contributed to subsidiary, net

     (250 )   —     —  

Purchases of equipment

     (667 )   (1,230 )   (2,166 )
       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net cash used by investing activities

     (917 )   (1,230 )   (2,166 )

Financing Activities

                    

Proceeds from exercise of stock options

     389     120     —  

Repurchase of preferred stock

     (15,100 )   (40,255 )   —  

Purchase of treasury shares

     (204 )   —     —  

Repayment of subordinated debentures, net

     (4,000 )   —     —  

Cash dividends on preferred stock

     (470 )   (1,967 )   (2,850 )

Cash dividends on common stock

     (5,709 )   (1,623 )   (807 )
       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net cash used by financing activities

     (25,094 )   (43,725 )   (3,657 )
       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net change in cash and cash equivalents

     4,565     (920 )   (6,262 )

Cash and cash equivalents, beginning of year

     7,102     8,022     14,284  
       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Cash and cash equivalents, end of year

   $ 11,667   $ 7,102   $ 8,022  
       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​