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PARENT COMPANY FINANCIAL INFORMATION (Tables) (Parent Company [Member])
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12 Months Ended |
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Dec. 31, 2014
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Parent Company [Member]
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| Financial Information for the Parent Company - Balance Sheets |
Financial information for the Parent Company is as follows:
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PARENT COMPANY
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CONDENSED BALANCE SHEETS
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AS OF DECEMBER 31, 2014 and 2013
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(Dollars in thousands)
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2014
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2013
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ASSETS
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Cash
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$ 9,692
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$ 10,092
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Bank premises and equipment, net
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12,275
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12,673
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Other assets
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9,498
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6,662
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Investment in subsidiaries
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1,054,345
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486,168
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Total assets
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$ 1,085,810
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$ 515,595
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LIABILITIES & STOCKHOLDERS' EQUITY
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Short-term borrowings
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$ 8,000
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$ -
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Long-term borrowings
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8,125
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8,750
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Trust preferred capital notes
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86,077
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60,310
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Other liabilities
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5,583
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8,296
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Total liabilities
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107,785
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77,356
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Total stockholders' equity
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978,025
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438,239
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Total liabilities and stockholders' equity
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$ 1,085,810
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$ 515,595
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| Financial Information for the Parent Company - Statements of Income |
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PARENT COMPANY
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CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
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YEARS ENDED DECEMBER 31, 2014, 2013, and 2012
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(Dollars in thousands)
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2014
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2013
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2012
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Income:
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Interest and dividend income
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$ 5
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$ 6
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$ 8
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Dividends received from subsidiaries
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75,470
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31,323
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23,141
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Equity in (distributed) undistributed net income from subsidiaries
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(15,482)
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7,685
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15,158
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Other operating income
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1,393
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1,155
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1,155
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Total income
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61,386
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40,169
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39,462
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Expenses:
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Interest expense
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$ 4,581
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3,060
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3,152
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Occupancy expenses
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573
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583
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586
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Furniture and equipment expenses
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20
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-
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-
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Other operating expenses
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3,621
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2,030
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313
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Total expenses
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8,795
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5,673
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4,051
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Net income
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$ 52,591
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$ 34,496
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$ 35,411
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Comprehensive income
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$ 67,036
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$ 22,222
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$ 35,845
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| Financial Information for the Parent Company - Statements of Cash Flows |
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PARENT COMPANY
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CONDENSED STATEMENTS OF CASH FLOWS
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YEARS ENDED DECEMBER 31, 2014, 2013, and 2012
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(Dollars in thousands)
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2014
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2013
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2012
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Operating activities:
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Net income
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$ 52,591
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$ 34,496
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$ 35,411
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Adjustments to reconcile net income to net cash provided by operating activities:
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Equity in distributed (undistributed) net income of subsidiaries
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15,482
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(7,685)
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(15,158)
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Depreciation of bank premises and equipment
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464
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468
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473
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Acquisition accounting amortization, net
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224
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-
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-
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Issuance of common stock grants for services
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713
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477
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565
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Net (increase) decrease in other assets
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2,964
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(2,069)
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(756)
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Net (decrease) increase in other liabilities
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(7,286)
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1,737
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2,781
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Net cash and cash equivalents provided by operating activities
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65,152
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27,424
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23,316
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Investing activities:
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Net decrease (increase) in bank premises and equipment
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863
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-
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(23)
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Payments for equity method investment
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(60)
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(2,000)
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-
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Cash received in acquisitions
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4,735
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-
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-
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Net cash and cash equivalents provided by (used in) investing activities
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5,538
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(2,000)
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(23)
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Financing activities:
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Advances on short-term borrowings
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8,000
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-
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-
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Payments on long-term borrowings
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(625)
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(625)
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(625)
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Cash dividends paid
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(25,494)
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(12,535)
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(8,969)
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Net Issuance (repurchase) of common stock
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(52,971)
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(8,677)
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(14,469)
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Net cash and cash equivalents used in financing activities
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(71,090)
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(21,837)
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(24,063)
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Net increase (decrease) in cash and cash equivalents
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(400)
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3,587
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(770)
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Cash and cash equivalents at beginning of the period
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10,092
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6,505
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7,275
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Cash and cash equivalents at end of the period
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$ 9,692
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$ 10,092
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$ 6,505
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Supplemental schedule of noncash investing and financing activities
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Issuance of common stock in exchange for net assets in acquisition
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$ 549,523
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$ -
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$ -
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Transactions related to bank acquisition
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Assets acquired
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2,957,521
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-
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-
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Liabilities assumed
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2,642,120
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-
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-
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