Condensed Financial Statements of Parent Company

12 Months Ended

Dec. 31, 2015

Condensed Financial Statements of Parent Company

Condensed Financial Statements of Parent Company

Note 27—Condensed Financial Statements of Parent Company

Financial information pertaining only to South State Corporation is as follows:

Condensed Balance Sheet

	December 31,
(Dollars in thousands)	2015		2014
ASSETS
Cash	$	21,592	$	13,185
Investment securities available for sale		646		535
Investment in subsidiaries		1,090,719		1,072,796
Other assets		1,353		1,023
Total assets	$	1,114,310	$	1,087,539
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities	$	54,926	$	102,619
Shareholders’ equity		1,059,384		984,920
Total liabilities and shareholders’ equity	$	1,114,310	$	1,087,539

Condensed Statements of Income

	Year Ended December 31,
(Dollars in thousands)	2015		2014		2013
Income:
Dividends from subsidiaries	$	82,765	$	89,922	$	18,135
Operating income		38		583		223
Total income		82,803		90,505		18,358
Operating expenses		8,883		12,026		7,294
Income before income tax benefit and equity in undistributed earnings of subsidiaries		73,920		78,479		11,064
Applicable income tax benefit		2,975		3,628		2,360
Equity in undistributed earnings of subsidiary (excess distribution)		22,578		(6,670)		35,795
Net income		99,473		75,437		49,219
Preferred stock dividends		—		1,073		1,354
Net income available to common shareholders	$	99,473	$	74,364	$	47,865

Condensed Statements of Cash Flows

	Year Ended December 31,
(Dollars in thousands)	2015		2014		2013
Cash flows from operating activities:
Net income	$	99,473	$	75,437	$	49,219
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		355		339		264
Share-based compensation		5,803		3,908		3,322
Decrease (increase) in other assets		(296)		852		1,231
Decrease in other liabilities		(1,648)		(715)		(788)
Undistributed earnings of subsidiary		(22,578)		6,670		(35,795)
Net cash provided by operating activities		81,109		86,491		17,453
Cash flows from investing activities:
Proceeds from calls of other investment securities		1,392		—		—
Payments for investments in subsidiaries		(384)		—		—
Net cash outlay for acquisitions		—		—		2,557
Proceeds from business divestitures		—		—		520
Other, net		—		177		—
Net cash provided by investing activities		1,008		177		3,077
Cash flows from financing activities:
Repayment of other borrowings		(46,392)		—		—
Common stock issuance		908		826		781
Common stock repurchased		(5,631)		(917)		(933)
Preferred stock redeemed		—		(65,000)		—
Dividends paid on preferred stock		—		(1,073)		(1,354)
Dividends paid on common stock		(23,710)		(19,785)		(15,274)
Stock options exercised		1,115		709		1,885
Net cash used in financing activities		(73,710)		(85,240)		(14,895)
Net increase in cash and cash equivalents		8,407		1,428		5,635
Cash and cash equivalents at beginning of period		13,185		11,757		6,122
Cash and cash equivalents at end of period	$	21,592	$	13,185	$	11,757