Condensed Parent Company Financial Statements (Tables)

12 Months Ended

Dec. 31, 2015

BALANCE SHEETS

	December 31,
	2015		2014
	(Dollars in thousands)
ASSETS
Cash	$	45,437	$	36,700
Securities		103		103
Investments in subsidiaries		639,119		598,413
Goodwill		450		450
Dividends receivable		6,773		6,434
Other assets		1,688		983
Total assets	$	693,570	$	643,083
LIABILITIES AND STOCKHOLDERS’ EQUITY
Other liabilities	$	6,101	$	6,965
Junior subordinated debentures		31,959		26,804
Stockholders’ equity		655,510		609,314
Total liabilities and stockholders’ equity	$	693,570	$	643,083

STATEMENTS OF INCOME

	Year Ended December 31,
	2015			2014			2013
	(Dollars in thousands)
OPERATING INCOME
Dividends from subsidiaries	$	26,043		$	24,851		$	22,612
Interest on interest-bearing deposits		66			62			47
Other		2			14			92
Total operating income		26,111			24,927			22,751
OPERATING EXPENSE
Interest		1,998			1,965			1,965
Other		628			667			661
Total operating expense		2,626			2,632			2,626
Income before taxes and equity in undistributed earnings of subsidiaries		23,485			22,295			20,125
Allocated income tax (expense)/benefit		(796	)		472			978
Income before equity in undistributed earnings of subsidiaries		22,689			22,767			21,103
Equity in undistributed earnings of subsidiaries		44,653			42,196			34,351
Amortization of stock-based compensation arrangements of subsidiaries		(1,172	)		(1,076	)		(1,137	)
Net income	$	66,170		$	63,887		$	54,317

STATEMENTS OF CASH FLOW

	Year Ended December 31,
	2015			2014			2013
	(Dollars in thousands)
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	66,170		$	63,887		$	54,317
Adjustments to reconcile to net cash provided by operating activities:
Equity in undistributed earnings of subsidiaries		(44,653	)		(42,196	)		(34,351	)
Amortization of stock-based compensation arrangements		1,172			1,076			1,137
Other, net		(343	)		(656	)		(2,116	)
Net cash provided by operating activities		22,346			22,111			18,987
INVESTING ACTIVITIES
Net cash provided by acquisitions		5,066			—			—
Sales and maturities of held for investment and available for sale securities		—			8			63
Net cash provided by investing activities		5,066			8			63
FINANCING ACTIVITIES
Issuance of common stock		4,428			6,532			5,200
Common stock acquired		(1,654	)		—			(2,710	)
Cash dividends paid		(21,449	)		(19,543	)		(13,583	)
Net cash used for financing activities		(18,675	)		(13,011	)		(11,093	)
Net increase in cash		8,737			9,108			7,957
Cash and due from banks at the beginning of the period		36,700			27,592			19,635
Cash and due from banks at the end of the period	$	45,437		$	36,700		$	27,592
SUPPLEMENTAL DISCLOSURE
Cash paid during the period for interest	$	1,998		$	1,965		$	1,965
Cash received during the period for income taxes, net	$	1,131		$	1,822		$	4,449