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

12 Months Ended

Dec. 31, 2013

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

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

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

Condensed Balance Sheets

	December 31,
(In thousands)	2013		2012
Assets
Cash on deposit with subsidiary bank	$	7,453	$	25,904
Investment in and receivable from subsidiaries	216,916		204,431
Securities available for sale (amortized cost of $1,000 in 2012)	—		1,018
Other assets	5,234		4,707
Total assets	$	229,603	$	236,060
Liabilities and stockholders’ equity
Other liabilities	$	159	$	85
Subordinated debentures	—		30,900
Total stockholders’ equity	229,444		205,075
Total liabilities and stockholders’ equity	$	229,603	$	236,060

Condensed Statements of Income

	Years ended December 31,
(In thousands)	2013			2012			2011
Income - dividends and interest from subsidiaries	$	30,090		$	10,090		$	90
Income - interest income from securities	27			80			104
Income (loss) - other	174			637			(402		)
Expenses	7,260			5,130			4,654
Income (loss) before income taxes and equity in undistributed net income of subsidiary	23,031			5,677			(4,862		)
Income tax benefit	(2,583		)	(1,674		)	(1,889		)
Income (loss) before equity in undistributed net income of subsidiary	25,614			7,351			(2,973		)
Equity in undistributed net income of subsidiary	1,556			18,450			26,577
Net income	$	27,170		$	25,801		$	23,604

Condensed Statements of Cash Flows

	Years ended December 31
(in thousands)	2013			2012			2011
Operating activities
Net income	$	27,170		$	25,801		$	23,604
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed net income of subsidiaries	(1,556		)	(18,450		)	(26,577		)
Decrease (increase) in receivable from subsidiaries	(21,896		)	50			(101		)
Stock compensation expense	1,940			1,481			1,165
Excess tax benefits from share- based compensation arrangements	(265		)	(83		)	(125		)
Depreciation, amortization and accretion, net	1,396			—			9
Decrease in other assets	4,453			1,963			3,983
Increase (decrease) in other liabilities	545			28			(17		)
Net cash provided by operating activities	11,787			10,790			1,941
Investing activities
Proceeds from maturities of securities available for sale	1,000			—			3,630
Cash for acquisition, net of cash acquired	8,963			—			—
Net cash provided by investing activities	9,963			—			3,630
Financing activities
Repayments of subordinated debentures	(30,900		)	—			—
Proceeds from stock options	2,435			961			705
Excess tax benefit from share-based compensation arrangements	265			83			125
Common stock repurchases	(331		)	(205		)	(167		)
Cash dividends paid	(11,670		)	(10,691		)	(9,930		)
Net cash used in financing activities	(40,201		)	(9,852		)	(9,267		)
Net (decrease) increase in cash	(18,451		)	938			(3,696		)
Cash at beginning of year	25,904			24,966			28,662
Cash at end of year	$	7,453		$	25,904		$	24,966