PARENT ONLY CONDENSED FINANCIAL STATEMENTS

12 Months Ended

Dec. 31, 2016

PARENT ONLY CONDENSED FINANCIAL STATEMENTS

PARENT ONLY CONDENSED FINANCIAL STATEMENTS

NOTE 25 — PARENT ONLY CONDENSED FINANCIAL STATEMENTS

Parent Only Condensed Balance Sheets

December 31	2016		2015
Assets
Cash and cash equivalents	$	10,366	$	14,846
Securities available for sale		130		149
Investment in subsidiaries		494,158		403,981
Other assets		8,396		9,586
Total assets	$	513,050	$	428,562
Liabilities
Subordinated debentures	$	41,239	$	41,239
Borrowings		18,333		—
Other liabilities		3,984		5,963
Total liabilities		63,556		47,202
Shareholders’ equity		449,494		381,360
Total liabilities and shareholders’ equity	$	513,050	$	428,562

Parent Only Condensed Statement of Income and Comprehensive Income

Year Ended December 31	2016		2015		2014
Income
Dividends from subsidiaries	$	43,100	$	28,900	$	24,275
Fees from subsidiaries		13,674		13,232		13,518
Other income		13		19		526
Total income		56,787		42,151		38,319
Expenses
Interest expense		1,876		1,264		1,286
Salaries and benefits		13,101		9,873		11,038
Professional fees		1,364		1,238		1,372
Other expenses		9,685		9,233		9,381
Total expenses		26,026		21,608		23,077
Income before income taxes and equity in undistributed income of subsidiaries		30,761		20,543		15,242
Income tax (benefit)		(4,415)		(2,989)		(3,118)
Income before equity in undistributed income of subsidiaries		35,176		23,532		18,360
Equity in undistributed income of subsidiaries		3,147		12,010		10,636
Net income	$	38,323	$	35,542	$	28,996
Comprehensive Income	$	28,778	$	34,453	$	41,575

Parent Only Condensed Statements of Cash Flows

Year Ended December 31	2016		2015		2014
Operating Activities
Net income	$	38,323	$	35,542	$	28,996
Undistributed (income)/loss of subsidiaries		(3,147)		(12,010)		(10,636)
Changes in other assets and liabilities		1,953		1,896		3,862
Net cash provided by operating activities		37,129		25,428		22,222
Investing Activities
Proceeds from sales of securities		19		0		750
Cash paid for bank acquisition, net		(45,188)		0		(13,935)
Purchases of equipment		(1,215)		(1,991)		(403)
Net cash used by investing activities		(46,384)		(1,991)		(13,588)
Financing Activities
Proceeds from exercise of stock options		1,783		294		66
Proceeds from term debt		30,000		—		—
Purchase of treasury shares		(1,045)		(3,527)		(319)
Repayment of subordinated debentures, net		—		0		(5,000)
Repayment on term debt		(11,667)		—		—
Cash dividends on common stock		(14,296)		(11,680)		(8,726)
Net cash used by financing activities		4,775		(14,913)		(13,979)
Net change in cash and cash equivalents		(4,480)		8,524		(5,345)
Cash and cash equivalents, beginning of year		14,846		6,322		11,667
Cash and cash equivalents, end of year	$	10,366	$	14,846	$	6,322