Condensed Parent Company Financial Statements (Tables)

12 Months Ended

Dec. 31, 2017

BALANCE SHEETS

	December 31,
	2017		2016
	(Dollars in thousands)
ASSETS
Cash	$	67,917	$	57,537
Securities		8		97
Investments in subsidiaries		737,205		681,861
Goodwill		450		450
Dividends receivable		7,788		6,998
Other assets		1,393		2,610
Total assets	$	814,761	$	749,553
LIABILITIES AND STOCKHOLDERS’ EQUITY
Other liabilities	$	7,173	$	6,500
Junior subordinated debentures		31,959		31,959
Stockholders’ equity		775,629		711,094
Total liabilities and stockholders’ equity	$	814,761	$	749,553

STATEMENTS OF INCOME

	Year Ended December 31,
	2017			2016			2015
	(Dollars in thousands)
OPERATING INCOME
Dividends from subsidiaries	$	29,455		$	28,175		$	26,043
Interest on interest-bearing deposits		291			160			66
Other		3			3			2
Total operating income		29,749			28,338			26,111
OPERATING EXPENSE
Interest		2,122			2,096			1,998
Other		770			583			628
Total operating expense		2,892			2,679			2,626
Income before taxes and equity in undistributed earnings of subsidiaries		26,857			25,659			23,485
Allocated income tax benefit/(expense)		3,295			1,244			(796	)
Income before equity in undistributed earnings of subsidiaries		30,152			26,903			22,689
Equity in undistributed earnings of subsidiaries		57,429			44,172			44,653
Amortization of stock-based compensation arrangements of subsidiaries		(1,142	)		(401	)		(1,172	)
Net income	$	86,439		$	70,674		$	66,170

STATEMENTS OF CASH FLOW

	Year Ended December 31,
	2017			2016			2015
	(Dollars in thousands)
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	86,439		$	70,674		$	66,170
Adjustments to reconcile to net cash provided by operating activities:
Equity in undistributed earnings of subsidiaries		(57,429	)		(44,172	)		(44,653	)
Amortization of stock-based compensation arrangements		1,142			401			1,172
Other, net		569			136			(343	)
Net cash provided by operating activities		30,721			27,039			22,346
INVESTING ACTIVITIES
Net cash provided by acquisitions		—			—			5,066
Payments for investments in subsidiaries		(502	)		—			—
Sales and maturities of held for investment and available for sale securities		100			—			—
Net cash (used in) provided by investing activities		(402	)		—			5,066
FINANCING ACTIVITIES
Issuance of common stock		4,844			13,354			4,428
Common stock acquired		—			(5,523	)		(1,654	)
Cash dividends paid		(24,783	)		(22,770	)		(21,449	)
Net cash used for financing activities		(19,939	)		(14,939	)		(18,675	)
Net increase in cash		10,380			12,100			8,737
Cash and due from banks at the beginning of the period		57,537			45,437			36,700
Cash and due from banks at the end of the period	$	67,917		$	57,537		$	45,437
SUPPLEMENTAL DISCLOSURE
Cash paid during the period for interest	$	2,122		$	2,096		$	1,998
Cash received during the period for income taxes, net	$	4,643		$	5,031		$	1,131