S.Y. Bancorp, Inc. (parent company only)

12 Months Ended

Dec. 31, 2012

S.Y. Bancorp, Inc. (parent company only)

S.Y. Bancorp, Inc. (parent company only)

(22) S.Y. Bancorp, Inc. (parent company only)

Condensed Balance Sheets

	December 31,
(In thousands)	2012		2011
Assets
Cash on deposit with subsidiary bank	$	25,904	$	24,966
Investment in and receivable from subsidiaries	204,431		186,031
Securities available for sale (amortized cost of $1,000 in 2012 and 2011)	1,018		1,002
Other assets	4,707		6,731
Total assets	$	236,060	$	218,730
Liabilities and stockholders’ equity
Other liabilities	$	85	$	144
Subordinated debentures	30,900		30,900
Total stockholders’ equity	205,075		187,686
Total liabilities and stockholders’ equity	$	236,060	$	218,730

Condensed Statements of Income

	Years ended December 31,
(In thousands)	2012			2011			2010
Income - dividends and interest from subsidiaries	$	10,090		$	90		$	90
Income - interest income from securities	80			104			351
Gain on securities sold	—			—			159
Income (loss) - other	637			(402		)	606
Expenses	5,130			4,654			4,531
Income (loss) before income taxes and equity in undistributed net income of subsidiary	5,677			(4,862		)	(3,325		)
Income tax benefit	(1,674		)	(1,889		)	(1,211		)
Income (loss) before equity in undistributed net income of subsidiary	7,351			(2,973		)	(2,114		)
Equity in undistributed net income of subsidiary	18,450			26,577			25,067
Net income	$	25,801		$	23,604		$	22,953

Condensed Statements of Cash Flows

	Years ended December 31
(in thousands)	2012			2011			2010
Operating activities
Net income	$	25,801		$	23,604		$	22,953
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed net income of subsidiaries	(18,450		)	(26,577		)	(25,067		)
Decrease (increase) in receivable from subsidiaries	50			(101		)	(62		)
Stock compensation expense	1,481			1,165			952
Excess tax benefits from share- based compensation arrangements	(83		)	(125		)	(140		)
Depreciation, amortization and accretion, net	—			9			90
Gain on sale of securities available for sale	—			—			(159		)
Decrease (increase) in other assets	1,963			3,983			(1,861		)
Increase (decrease) in other liabilities	28			(17		)	317
Net cash provided by (used in) operating activities	10,790			1,941			(2,977		)
Investing activities
Purchases of securities available for sale	—			—			(74,835		)
Proceeds from sale of securities available for sale	—			—			27,064
Proceeds from maturities of securities available for sale	—			3,630			44,450
Net cash provided by (used in) investing activities	—			3,630			(3,321		)
Financing activities
Proceeds from stock options	961			705			1,106
Excess tax benefit from share-based compensation arrangements	83			125			140
Common stock repurchases	(205		)	(167		)	(396		)
Cash dividends paid	(10,691		)	(9,930		)	(11,765		)
Net cash used in financing activities	(9,852		)	(9,267		)	(10,915		)
Net increase (decrease) in cash	938			(3,696		)	(17,213		)
Cash at beginning of year	24,966			28,662			45,875
Cash at end of year	$	25,904		$	24,966		$	28,662