PARENT COMPANY CONDENSED FINANCIAL INFORMATION (Tables)

12 Months Ended

Dec. 31, 2016

PARENT COMPANY CONDENSED FINANCIAL INFORMATION

Schedule of balance sheets

December 31, (in thousands)	2016		2015
Assets:
Cash and cash equivalents	$	95,755	$	132,711
Security available for sale		3,200		3,405
Investment in bank subsidiary		541,972		479,302
Investment in non-bank subsidiaries		2,982		2,851
Other assets		6,838		4,945
Total assets	$	650,747	$	623,214
Liabilities and Stockholders’ Equity:
Subordinated note	$	41,240	$	41,240
Other liabilities		5,101		5,427
Stockholders’ equity		604,406		576,547
Total liabilities and stockholders’ equity	$	650,747	$	623,214

Schedule of statements of income

Years Ended December 31, (in thousands)	2016		2015		2014
Income and expenses:
Dividends from subsidiary	$	19,114	$	17,340	$	16,676
Interest income		162		17		2
Other income		45		45		45
Less: Interest expense		915		2,056		2,515
Less: Other expenses		446		568		392
Income before income tax benefit		17,960		14,778		13,816
Income tax benefit		394		876		976
Income before equity in undistributed net income of subsidiaries		18,354		15,654		14,792
Equity in undistributed net income of subsidiaries		27,549		19,512		13,995
Net income	$	45,903	$	35,166	$	28,787
Comprehensive income	$	44,541	$	32,900	$	29,981

Schedule of statements of cash flows

Years Ended December 31, (in thousands)	2016		2015		2014
Operating activities:
Net income	$	45,903	$	35,166	$	28,787
Adjustments to reconcile net income to net cash provided by operating activities:
Accretion of investment security		(44)		(4)		—
Equity in undistributed net income of subsidiaries		(27,549)		(19,512)		(13,995)
Director deferred compensation - Parent Company		103		108		98
Change in other assets		(1,366)		1,853		3,834
Change in other liabilities		(313)		201		(1,500)
Net cash provided by operating activities		16,734		17,812		17,224
Investing activities:
Acquisition of Cornerstone Bancorp, Inc.		(31,795)		—		—
Investment in Republic Insurance Services, Inc.		—		—		(246)
Purchases of security available for sale		—		(3,401)		—
Net cash used in investing activities		(31,795)		(3,401)		(246)
Financing activities:
Payoff of subordinated note, net of common security interest		(4,000)		—		—
Common Stock repurchases		(1,207)		(551)		(347)
Net proceeds from Common Stock options exercised		80		1,136		1,103
Cash dividends paid		(16,768)		(15,839)		(14,930)
Net cash used in financing activities		(21,895)		(15,254)		(14,174)
Net change in cash and cash equivalents		(36,956)		(843)		2,804
Cash and cash equivalents at beginning of period		132,711		133,554		130,750
Cash and cash equivalents at end of period	$	95,755	$	132,711	$	133,554