PARENT ONLY CONDENSED FINANCIAL STATEMENTS

12 Months Ended

Dec. 31, 2015

PARENT ONLY CONDENSED FINANCIAL STATEMENTS

PARENT ONLY CONDENSED FINANCIAL STATEMENTS

NOTE 25 — PARENT ONLY CONDENSED FINANCIAL STATEMENTS

Parent Only Condensed Balance Sheets

December 31	2015		2014
Assets
Cash and cash equivalents	$	14,846	$	6,322
Securities available for sale		149		149
Investment in subsidiaries		403,981		393,060
Other assets		9,586		5,490
Total assets	$	428,562	$	405,021
Liabilities
Subordinated debentures	$	41,239	$	41,239
Other liabilities		5,963		3,120
Total liabilities		47,202		44,359
Shareholders’ equity		381,360		360,662
Total liabilities and shareholders’ equity	$	428,562	$	405,021

Parent Only Condensed Statements of Operations

Year Ended December 31	2015		2014		2013
Income
Dividends from subsidiaries	$	28,900	$	24,275	$	34,200
Fees from subsidiaries		13,232		13,518		14,160
Other income		19		526		9
Total income		42,151		38,319		48,369
Expenses
Interest expense		1,264		1,286		1,675
Salaries and benefits		9,873		11,038		9,790
Professional fees		1,238		1,372		951
Other expenses		9,233		9,381		10,059
Total expenses		21,608		23,077		22,475
Income before income taxes and equity in undistributed income of subsidiaries		20,543		15,242		25,894
Income tax (benefit)		(2,989)		(3,118)		(2,849)
Income before equity in undistributed income of subsidiaries		23,532		18,360		28,743
Equity in undistributed income (loss) of subsidiaries		12,010		10,636		(2,398)
Net income	$	35,542	$	28,996	$	26,345

Parent Only Condensed Statements of Cash Flows

Year Ended December 31	2015		2014		2013
Operating Activities
Net income	$	35,542	$	28,996	$	26,345
Undistributed (income)/loss of subsidiaries		(12,010)		(10,636)		2,398
Changes in other assets and liabilities		1,896		3,862		1,833
Net cash provided by operating activities		25,428		22,222		30,576
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		(1,991)		(403)		(667)
Net cash used by investing activities		(1,991)		(13,588)		(917)
Financing Activities
Proceeds from exercise of stock options		294		66		389
Repurchase of preferred stock		—		—		(15,100)
Purchase of treasury shares		(3,527)		(319)		(204)
Repayment of subordinated debentures, net		—		(5,000)		(4,000)
Cash dividends on preferred stock		—		—		(470)
Cash dividends on common stock		(11,680)		(8,726)		(5,709)
Net cash used by financing activities		(14,913)		(13,979)		(25,094)
Net change in cash and cash equivalents		8,524		(5,345)		4,565
Cash and cash equivalents, beginning of year		6,322		11,667		7,102
Cash and cash equivalents, end of year	$	14,846	$	6,322	$	11,667