Annual report pursuant to Section 13 and 15(d)

PARENT COMPANY FINANCIAL INFORMATION (Tables)

v2.4.0.8
PARENT COMPANY FINANCIAL INFORMATION (Tables) (Parent Company [Member])
12 Months Ended
Dec. 31, 2013
Parent Company [Member]
 
Financial Information for the Parent Company - Balance Sheets

Financial information for the Parent Company is as follows: 

 

 

 

 

 

 

PARENT COMPANY

BALANCE SHEETS

AS OF DECEMBER 31, 2013 and 2012

(Dollars in thousands)

 

 

 

 

 

2013

 

2012

ASSETS

 

 

 

Cash

$                 10,092

 

$                   6,505

Bank premises and equipment, net

12,673 

 

13,141 

Other assets

6,662 

 

4,593 

Investment in subsidiaries

486,168 

 

490,199 

Total assets

$               515,595

 

$               514,438

LIABILITIES & STOCKHOLDERS' EQUITY

 

 

 

Long-term borrowings

$                   8,750

 

$                   9,375

Trust preferred capital notes

60,310 

 

60,310 

Other liabilities

8,296 

 

8,890 

Total liabilities

77,356 

 

78,575 

 

 

 

 

Common stock

33,020 

 

33,510 

Surplus

170,770 

 

176,635 

Retained earnings

236,639 

 

215,634 

Accumulated other comprehensive income (loss)

(2,190)

 

10,084 

Total stockholders' equity

438,239 

 

435,863 

Total liabilities and stockholders' equity

$               515,595

 

$               514,438

 

 

 

 

 

Financial Information for the Parent Company - Statements of Income

 

 

 

 

 

 

PARENT COMPANY

STATEMENTS OF INCOME

YEARS ENDED DECEMBER 31, 2013, 2012 and 2011

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

 

2012

 

2011

Income:

 

 

 

 

 

Interest and dividend income

$                    6

 

$                    8

 

$                624

Dividends received from subsidiaries

31,323 

 

23,141 

 

8,612 

Equity in undistributed net income from subsidiaries

7,685 

 

15,158 

 

23,941 

Gains on sale of securities, net

 -

 

 -

 

430 

Gains (losses) on sale of fixed assets, net

 -

 

 -

 

(1)

Other operating income

1,155 

 

1,155 

 

1,616 

Total income

40,169 

 

39,462 

 

35,222 

Expenses:

 

 

 

 

 

Interest expense

$             3,060

 

3,152 

 

2,627 

Occupancy expenses

583 

 

586 

 

590 

Furniture and equipment expenses

 -

 

 -

 

1,023 

Other operating expenses

2,030 

 

313 

 

537 

Total expenses

5,673 

 

4,051 

 

4,777 

Net income

34,496 

 

35,411 

 

30,445 

Dividends paid on preferred stock

$                    -

 

 -

 

1,499 

Amortization of discount on preferred stock

$                    -

 

 -

 

1,177 

Net income available to common stockholders

$           34,496

 

$           35,411

 

$           27,769

 

 

 

 

 

 

 

Financial Information for the Parent Company - Statements of Cash Flows

 

 

 

 

 

 

PARENT COMPANY

CONDENSED STATEMENTS OF CASH FLOWS

YEARS ENDED DECEMBER 31, 2013, 2012 and 2011

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

 

2012

 

2011

Operating activities:

 

 

 

 

 

Net income

$            34,496 

 

$            35,411 

 

$            30,445 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

Equity in undistributed net income of subsidiaries

(7,685)

 

(15,158)

 

(23,941)

Depreciation of bank premises and equipment

468 

 

473 

 

1,089 

Gains on sale of investment securities

 -

 

 -

 

(430)

Tax benefit from exercise of equity-based awards

 -

 

 -

 

15 

Issuance of common stock grants for services

477 

 

565 

 

564 

Net (increase) decrease in other assets

(2,069)

 

(756)

 

811 

Net (decrease) increase in other liabilities

1,737 

 

2,781 

 

1,744 

Net cash and cash equivalents provided by operating activities

27,424 

 

23,316 

 

10,297 

Investing activities:

 

 

 

 

 

Sale of securities available for sale

 -

 

 -

 

13,588 

Net decrease (increase) in bank premises and equipment

 -

 

(23)

 

1,455 

Payments for equity method investment

(2,000)

 

 -

 

 -

Payments for investments in and advances to subsidiaries

 -

 

 -

 

(2,391)

Net cash and cash equivalents provided by (used in) investing activities

(2,000)

 

(23)

 

12,652 

Financing activities:

 

 

 

 

 

Payments on long-term borrowings

(625)

 

(625)

 

(625)

Cash dividends paid

(12,535)

 

(8,969)

 

(9,245)

Repurchase of preferred stock

 -

 

 -

 

(35,595)

Net Issuance (repurchase) of common stock

(8,677)

 

(14,469)

 

574 

Net cash and cash equivalents used in financing activities

(21,837)

 

(24,063)

 

(44,891)

Net increase (decrease) in cash and cash equivalents

3,587 

 

(770)

 

(21,942)

Cash and cash equivalents at beginning of the period

6,505 

 

7,275 

 

29,217 

Cash and cash equivalents at end of the period

$            10,092 

 

$              6,505 

 

$              7,275