PARENT COMPANY CONDENSED FINANCIAL INFORMATION

12 Months Ended

Dec. 31, 2015

PARENT COMPANY CONDENSED FINANCIAL INFORMATION

PARENT COMPANY CONDENSED FINANCIAL INFORMATION

21.PARENT COMPANY CONDENSED FINANCIAL INFORMATION

BALANCE SHEETS

December 31, (in thousands)	2015		2014
Assets:
Cash and cash equivalents	$	132,711	$	133,554
Security available for sale		3,405		—
Investment in bank subsidiary		479,302		462,429
Investment in non-bank subsidiaries		2,851		1,941
Other assets		4,945		6,798
Total assets	$	623,214	$	604,722
Liabilities and Stockholders’ Equity:
Subordinated note	$	41,240	$	41,240
Other liabilities		5,427		4,751
Stockholders’ equity		576,547		558,731
Total liabilities and stockholders’ equity	$	623,214	$	604,722

STATEMENTS OF INCOME

Years Ended December 31, (in thousands)	2015		2014		2013
Income and expenses:
Dividends from subsidiary	$	17,340	$	16,676	$	16,376
Interest income		17		2		2
Other income		45		45		39
Less: Interest expense		2,056		2,515		2,515
Less: Other expenses		568		392		368
Income before income tax benefit		14,778		13,816		13,534
Income tax benefit		876		976		958
Income before equity in undistributed net income of subsidiaries		15,654		14,792		14,492
Equity in undistributed net income of subsidiaries		19,512		13,995		10,931
Net income	$	35,166	$	28,787	$	25,423

STATEMENTS OF CASH FLOWS

Years Ended December 31, (in thousands)	2015		2014		2013
Operating activities:
Net income	$	35,166	$	28,787	$	25,423
Adjustments to reconcile net income to net cash provided by operating activities:
Accretion of investment security		(4)		—		—
Equity in undistributed net income of subsidiaries		(19,512)		(13,995)		(10,931)
Director deferred compensation - Parent Company		108		98		99
Change in other assets		1,853		3,834		(7,895)
Change in other liabilities		201		(1,500)		2,086
Net cash provided by operating activities		17,812		17,224		8,782
Investing activities:
Investment in Republic Insurance Services, Inc.		—		(246)		—
Purchases of security available for sale		(3,401)		—		—
Redemption of Republic Investment Company common stock		—		—		23,621
Net cash provided by (used in) investing activities		(3,401)		(246)		23,621
Financing activities:
Common Stock repurchases		(551)		(347)		(4,095)
Net proceeds from Common Stock options exercised		1,136		1,103		467
Cash dividends paid		(15,839)		(14,930)		(14,009)
Net cash used in financing activities		(15,254)		(14,174)		(17,637)
Net change in cash and cash equivalents		(843)		2,804		14,766
Cash and cash equivalents at beginning of year		133,554		130,750		115,984
Cash and cash equivalents at end of year	$	132,711	$	133,554	$	130,750