PARENT COMPANY CONDENSED FINANCIAL INFORMATION (Tables)

12 Months Ended

Dec. 31, 2017

PARENT COMPANY CONDENSED FINANCIAL INFORMATION

Schedule of balance sheets

December 31, (in thousands)	2017		2016
Assets:
Cash and cash equivalents	$	98,943	$	95,755
Security available for sale		3,600		3,200
Investment in bank subsidiary		569,162		541,972
Investment in non-bank subsidiaries		3,211		2,982
Other assets		5,512		6,838
Total assets	$	680,428	$	650,747
Liabilities and Stockholders’ Equity:
Subordinated note	$	41,240	$	41,240
Other liabilities		6,764		5,101
Stockholders’ equity		632,424		604,406
Total liabilities and stockholders’ equity	$	680,428	$	650,747

Schedule of statements of income

Years Ended December 31, (in thousands)	2017		2016		2015
Income and expenses:
Dividends from subsidiary	$	20,063	$	19,114	$	17,340
Interest income		186		162		17
Other income		45		45		45
Less: Interest expense		1,094		915		2,056
Less: Other expenses		394		446		568
Income before income tax benefit		18,806		17,960		14,778
Income tax benefit		116		394		876
Income before equity in undistributed net income of subsidiaries		18,922		18,354		15,654
Equity in undistributed net income of subsidiaries		26,710		27,549		19,512
Net income	$	45,632	$	45,903	$	35,166
Comprehensive income	$	45,361	$	44,541	$	32,900

Schedule of statements of cash flows

Years Ended December 31, (in thousands)	2017		2016		2015
Operating activities:
Net income	$	45,632	$	45,903	$	35,166
Adjustments to reconcile net income to net cash provided by operating activities:
Accretion of investment security		(44)		(44)		(4)
Equity in undistributed net income of subsidiaries		(26,710)		(27,549)		(19,512)
Director deferred compensation - Parent Company		108		103		108
Change in other assets		1,215		(1,366)		1,853
Change in other liabilities		1,623		(313)		201
Net cash provided by operating activities		21,824		16,734		17,812
Investing activities:
Acquisition of Cornerstone Bancorp, Inc.		—		(31,795)		—
Purchases of security available for sale		—		—		(3,401)
Net cash used in investing activities		—		(31,795)		(3,401)
Financing activities:
Payoff of subordinated note, net of common security interest		—		(4,000)		—
Common Stock repurchases		(1,048)		(1,207)		(551)
Net proceeds from Common Stock options exercised		68		80		1,136
Cash dividends paid		(17,656)		(16,768)		(15,839)
Net cash used in financing activities		(18,636)		(21,895)		(15,254)
Net change in cash and cash equivalents		3,188		(36,956)		(843)
Cash and cash equivalents at beginning of period		95,755		132,711		133,554
Cash and cash equivalents at end of period	$	98,943	$	95,755	$	132,711