Annual report pursuant to Section 13 and 15(d)

PARENT COMPANY FINANCIAL INFORMATION

v2.4.1.9
PARENT COMPANY FINANCIAL INFORMATION
12 Months Ended
Dec. 31, 2014
PARENT COMPANY FINANCIAL INFORMATION [Abstract]  
PARENT COMPANY FINANCIAL INFORMATION

 

19.PARENT COMPANY FINANCIAL INFORMATION

The primary source of funds for the dividends paid by Union Bankshares Corporation (for this note only, the “Parent Company”) is dividends received from its subsidiaries.  The payments of dividends by the Bank to the Parent Company are subject to certain statutory limitations which contemplate that the current year earnings and earnings retained for the two preceding years may be paid to the Parent Company without regulatory approval.  As of December 31, 2014, the aggregate amount of unrestricted funds, which could be transferred from the Bank to the Parent Company, without prior regulatory approval, totaled approximately $7.4 million, or 0.75%, of the consolidated net assets.

Financial information for the Parent Company is as follows: 

 

 

 

 

 

 

PARENT COMPANY

CONDENSED BALANCE SHEETS

AS OF DECEMBER 31, 2014 and 2013

(Dollars in thousands)

 

 

 

 

 

2014

 

2013

ASSETS

 

 

 

Cash

$                   9,692

 

$                 10,092

Bank premises and equipment, net

12,275 

 

12,673 

Other assets

9,498 

 

6,662 

Investment in subsidiaries

1,054,345 

 

486,168 

Total assets

$            1,085,810

 

$               515,595

LIABILITIES & STOCKHOLDERS' EQUITY

 

 

 

Short-term borrowings

$                   8,000

 

$                          -

Long-term borrowings

8,125 

 

8,750 

Trust preferred capital notes

86,077 

 

60,310 

Other liabilities

5,583 

 

8,296 

Total liabilities

107,785 

 

77,356 

 

 

 

 

Total stockholders' equity

978,025 

 

438,239 

Total liabilities and stockholders' equity

$            1,085,810

 

$               515,595

 

 

 

 

 

 

 

 

 

 

 

 

 

PARENT COMPANY

CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

YEARS ENDED DECEMBER 31, 2014, 2013, and 2012

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

2014

 

2013

 

2012

Income:

 

 

 

 

 

Interest and dividend income

$                    5

 

$                    6

 

$                    8

Dividends received from subsidiaries

75,470 

 

31,323 

 

23,141 

Equity in (distributed) undistributed net income from subsidiaries

(15,482)

 

7,685 

 

15,158 

Other operating income

1,393 

 

1,155 

 

1,155 

Total income

61,386 

 

40,169 

 

39,462 

Expenses:

 

 

 

 

 

Interest expense

$             4,581

 

3,060 

 

3,152 

Occupancy expenses

573 

 

583 

 

586 

Furniture and equipment expenses

20 

 

 -

 

 -

Other operating expenses

3,621 

 

2,030 

 

313 

Total expenses

8,795 

 

5,673 

 

4,051 

Net income

$           52,591

 

$           34,496

 

$           35,411

 

 

 

 

 

 

Comprehensive income

$           67,036

 

$           22,222

 

$           35,845

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PARENT COMPANY

CONDENSED STATEMENTS OF CASH FLOWS

YEARS ENDED DECEMBER 31, 2014, 2013, and 2012

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

2014

 

2013

 

2012

Operating activities:

 

 

 

 

 

Net income

$            52,591 

 

$            34,496 

 

$            35,411 

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

 

 

 

 

 

Equity in distributed (undistributed) net income of subsidiaries

15,482 

 

(7,685)

 

(15,158)

Depreciation of bank premises and equipment

464 

 

468 

 

473 

Acquisition accounting amortization, net

224 

 

 -

 

 -

Issuance of common stock grants for services

713 

 

477 

 

565 

Net (increase) decrease in other assets

2,964 

 

(2,069)

 

(756)

Net (decrease) increase in other liabilities

(7,286)

 

1,737 

 

2,781 

Net cash and cash equivalents provided by operating activities

65,152 

 

27,424 

 

23,316 

Investing activities:

 

 

 

 

 

Net decrease (increase) in bank premises and equipment

863 

 

 -

 

(23)

Payments for equity method investment

(60)

 

(2,000)

 

 -

Cash received in acquisitions

4,735 

 

 -

 

 -

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

5,538 

 

(2,000)

 

(23)

Financing activities:

 

 

 

 

 

Advances on short-term borrowings

8,000 

 

 -

 

 -

Payments on long-term borrowings

(625)

 

(625)

 

(625)

Cash dividends paid

(25,494)

 

(12,535)

 

(8,969)

Net Issuance (repurchase) of common stock

(52,971)

 

(8,677)

 

(14,469)

Net cash and cash equivalents used in financing activities

(71,090)

 

(21,837)

 

(24,063)

Net increase (decrease) in cash and cash equivalents

(400)

 

3,587 

 

(770)

Cash and cash equivalents at beginning of the period

10,092 

 

6,505 

 

7,275 

Cash and cash equivalents at end of the period

$              9,692 

 

$            10,092 

 

$              6,505 

 

 

 

 

 

 

Supplemental schedule of noncash investing and financing activities

 

 

 

 

 

Issuance of common stock in exchange for net assets in acquisition

$          549,523 

 

$                     - 

 

$                     - 

 

 

 

 

 

 

Transactions related to bank acquisition

 

 

 

 

 

Assets acquired

2,957,521 

 

 -

 

 -

Liabilities assumed

2,642,120 

 

 -

 

 -