PARENT ONLY CONDENSED FINANCIAL STATEMENTS

12 Months Ended

Dec. 31, 2014

PARENT ONLY CONDENSED FINANCIAL STATEMENTS

PARENT ONLY CONDENSED FINANCIAL STATEMENTS

NOTE 25 — PARENT ONLY CONDENSED FINANCIAL STATEMENTS

Parent Only Condensed Balance Sheets

December 31	2014		2013
Assets
Cash and cash equivalents	$	6,322	$	11,667
Securities available for sale		149		399
Investment in subsidiaries		393,060		334,531
Other assets		5,490		7,028
Total assets	$	405,021	$	353,625
Liabilities
Subordinated debentures	$	41,239	$	46,394
Other liabilities		3,120		1,705
Total liabilities		44,359		48,099
Shareholders' equity		360,662		305,526
Total liabilities and shareholders' equity	$	405,021	$	353,625

Parent Only Condensed Statements of Operations

Year Ended December 31	2014			2013			2012
Income
Dividends from subsidiaries	$	24,275		$	34,200		$	47,800
Fees from subsidiaries		13,518			14,160			19,024
Other income		526			9			(845	)
Total income		38,319			48,369			65,979
Expenses
Interest expense		1,286			1,675			1,825
Salaries and benefits		11,038			9,790			11,238
Professional fees		1,372			951			1,465
Other expenses		9,381			10,059			13,655
Total expenses		23,077			22,475			28,183
Income before income taxes and equity in undistributed income of subsidiaries		15,242			25,894			37,796
Income tax (benefit)		(3,118	)		(2,849	)		(3,377	)
Income before equity in undistributed income of subsidiaries		18,360			28,743			41,173
Equity in undistributed income (loss) of subsidiaries		10,636			(2,398	)		(13,915	)
Net income	$	28,996		$	26,345		$	27,258

Parent Only Condensed Statements of Cash Flows

Year Ended December 31	2014			2013			2012
Operating Activities
Net income	$	28,996		$	26,345		$	27,258
Undistributed (income)/loss of subsidiaries		(10,636	)		2,398			13,915
Changes in other assets and liabilities		3,862			1,833			2,862
Net cash provided by operating activities		22,222			30,576			44,035
Investing Activities
Capital contributed to subsidiary, net		—			(250	)		—
Proceeds from sales of securities		750			—			—
Cash paid for bank acquisition, net		(13,935	)		—			—
Purchases of equipment		(403	)		(667	)		(1,230	)
Net cash used by investing activities		(13,588	)		(917	)		(1,230	)
Financing Activities
Proceeds from exercise of stock options		66			389			120
Repurchase of preferred stock		—			(15,100	)		(40,255	)
Purchase of treasury shares		(319	)		(204	)		—
Repayment of subordinated debentures, net		(5,000	)		(4,000	)		—
Cash dividends on preferred stock		—			(470	)		(1,967	)
Cash dividends on common stock		(8,726	)		(5,709	)		(1,623	)
Net cash used by financing activities		(13,979	)		(25,094	)		(43,725	)
Net change in cash and cash equivalents		(5,345	)		4,565			(920	)
Cash and cash equivalents, beginning of year		11,667			7,102			8,022
Cash and cash equivalents, end of year	$	6,322		$	11,667		$	7,102