PARENT COMPANY FINANCIALS ONLY

12 Months Ended

Dec. 31, 2015

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

PARENT COMPANY FINANCIAL STATEMENTS

densed financial information relative to the Parent Company’s balance sheets at December 31, 2015 and 2014 and the related statements of income and cash flows for the years ended December 31, 2015, 2014, and 2013 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
	2015		2014
	(Dollars in thousands)
Assets
Cash (1)	$	35,428	$	64,791
Investments in subsidiaries(2)	851,743		691,406
Prepaid income taxes	530		285
Deferred tax asset	2,229		2,620
Deferred stock issuance costs	569		467
Total assets	$	890,499	$	759,569
Liabilities and stockholders’ equity
Dividends payable	$	6,824	$	5,761
Junior subordinated debentures	73,464		73,685
Subordinated debentures	35,000		35,000
Derivative instruments(1)	2,109		4,187
Other liabilities	1,639		409
Total liabilities	119,036		119,042
Stockholders’ equity	771,463		640,527
Total liabilities and stockholders’ equity	$	890,499	$	759,569

(1) Entire balance eliminates in consolidation.

(2) $849.5 million and $689.2 million eliminate in consolidation at December 31, 2015 and 2014, respectively.

STATEMENTS OF INCOME

	Years Ended December 31
	2015			2014			2013
	(Dollars in thousands)
Income
Dividends received from subsidiaries(1)	$	38,153		$	40,170		$	30,694
Interest income(2)	78			57			50
Total income	38,231			40,227			30,744
Expenses
Interest expense	5,769			4,225			4,122
Other expenses	29			—			15
Total expenses	5,798			4,225			4,137
Income before income taxes and equity in undistributed income of subsidiaries	32,433			36,002			26,607
Income tax benefit	(2,301		)	(1,298		)	(1,342		)
Income of parent company	34,734			37,300			27,949
Equity in undistributed income of subsidiaries	30,226			22,545			22,305
Net income	$	64,960		$	59,845		$	50,254

(1) Income of $55,000, $53,000 and $54,000 was not eliminated in consolidation for the years ended December 31, 2015, 2014, and 2013, respectively.

(2) Entire balance eliminated in consolidation.

STATEMENTS OF CASH FLOWS

	Years Ended December 31
	2015			2014			2013
	(Dollars in thousands)
Cash flows from operating activities
Net income	$	64,960		$	59,845		$	50,254
Adjustments to reconcile net income to cash provided by operating activities
Accretion	(150		)	(486		)	(155		)
Deferred income tax expense	3,266			293			203
Change in other assets	7,314			—			(373		)
Change in other liabilities	(80		)	25			206
Equity in undistributed income of subsidiaries	(30,226		)	(22,545		)	(22,305		)
Net cash provided by operating activities	45,084			37,132			27,830
Cash flows used in investing activities
Cash paid for acquisitions, net of cash acquired	(51,680		)	—			(10,832		)
Net cash used in investing activities	(51,680		)	—			(10,832		)
Cash flows used in financing activities
Proceeds from short-term borrowings	—			—			10,000
Repayment of short-term borrowings	—			(5,000		)	(17,000		)
Proceeds from issuance of subordinated debentures	—			35,000			—
Restricted stock awards issued, net of awards surrendered	(657		)	(641		)	—
Net proceeds from exercise of stock options	1,367			2,333			2,475
Proceeds from shares issued under the direct stock purchase plan	2,695			1,555			969
Common dividends paid	(26,172		)	(22,443		)	(15,122		)
Net cash provided by (used in) financing activities	(22,767		)	10,804			(18,678		)
Net increase (decrease) in cash and cash equivalents	(29,363		)	47,936			(1,680		)
Cash and cash equivalents at the beginning of the year	64,791			16,855			18,535
Cash and cash equivalents at the end of the year	$	35,428		$	64,791		$	16,855