PARENT COMPANY FINANCIALS ONLY

12 Months Ended

Dec. 31, 2014

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

PARENT COMPANY FINANCIAL STATEMENTS

PARENT COMPANY FINANCIAL STATEMENTS

Condensed financial information relative to the Parent Company’s balance sheets at December 31, 2014 and 2013 and the related statements of income and cash flows for the years ended December 31, 2014, 2013, and 2012 are presented below. The statement of stockholders’ equity is not presented below as the parent company’s stockholders’ equity is that of the consolidated Company.

BALANCE SHEETS

	December 31
	2014		2013
	(Dollars in thousands)
Assets
Cash (1)	$	64,791	$	16,855
Investments in subsidiaries(2)	691,406		661,257
Prepaid income taxes	285		—
Deferred tax asset	2,620		3,777
Deferred stock issuance costs	467		201
Total assets	$	759,569	$	682,090
Liabilities and stockholders’ equity
Dividends payable	$	5,761	$	5,243
Short-term borrowings	—		5,000
Junior subordinated debentures	73,685		73,906
Subordinated debentures	35,000		—
Accrued income taxes	—		8
Derivative instruments(1)	4,187		6,303
Other liabilities	409		90
Total liabilities	119,042		90,550
Stockholders’ equity	640,527		591,540
Total liabilities and stockholders’ equity	$	759,569	$	682,090

(1) Entire balance eliminates in consolidation.

(2) 689.2 million and $659.1 million eliminate in consolidation at December 31, 2014 and 2013, respectively.

STATEMENTS OF INCOME

	Years Ended December 31
	2014			2013			2012
	(Dollars in thousands)
Income
Dividends received from subsidiaries(1)	$	40,170		$	30,694		$	28,709
Interest income(2)	57			50			83
Total income	40,227			30,744			28,792
Expenses
Interest expense	4,225			4,122			3,795
Other expenses	—			15			6
Total expenses	4,225			4,137			3,801
Income before income taxes and equity in undistributed income of subsidiaries	36,002			26,607			24,991
Income tax benefit	(1,298		)	(1,342		)	(1,636		)
Income of parent company	37,300			27,949			26,627
Equity in undistributed income of subsidiaries	22,545			22,305			16,000
Net income	$	59,845		$	50,254		$	42,627

(1) Income of $53,000, $54,000 and $45,000 was not eliminated in consolidation for the years ended December 31, 2014, 2013, and 2012, respectively.

(2) Entire balance eliminated in consolidation.

STATEMENTS OF CASH FLOWS

	Years Ended December 31
	2014			2013			2012
	(Dollars in thousands)
Cash flows from operating activities
Net income	$	59,845		$	50,254		$	42,627
Adjustments to reconcile net income to cash provided by operating activities
Accretion	(486		)	(155		)	(13		)
Deferred income tax expense (benefit)	293			203			(398		)
Change in other assets	—			(373		)	5,430
Change in other liabilities	25			206			(240		)
Equity in undistributed income of subsidiaries	(22,545		)	(22,305		)	(16,000		)
Net cash provided by operating activities	37,132			27,830			31,406
Cash flows used in investing activities
Cash paid for acquisitions, net of cash acquired	—			(10,832		)	(21,648		)
Net cash used in investing activities	—			(10,832		)	(21,648		)
Cash flows used in financing activities
Proceeds from short-term borrowings	—			10,000			12,000
Repayment of short-term borrowings	(5,000		)	(17,000		)	(10,053		)
Proceeds from subordinated debentures	35,000			—			—
Proceeds from stock issued and stock options exercised	1,692			2,475			1,242
Issuance of shares under direct stock purchase plan	1,555			969			1,691
Common dividend paid	(22,443		)	(15,122		)	(22,494		)
Net cash provided by (used in) financing activities	10,804			(18,678		)	(17,614		)
Net increase (decrease) in cash and cash equivalents	47,936			(1,680		)	(7,856		)
Cash and cash equivalents at the beginning of the year	16,855			18,535			26,391
Cash and cash equivalents at the end of the year	$	64,791		$	16,855		$	18,535