PARENT COMPANY FINANCIAL INFORMATION (Tables) - Parent Company
|
12 Months Ended |
Dec. 31, 2016 |
|---|
| Financial Information for the Parent Company - Balance Sheets |
Financial information for the Parent Company is as follows:
PARENT COMPANY
CONDENSED BALANCE SHEETS
AS OF DECEMBER 31, 2016 and 2015
(Dollars in thousands)
|
|
|
|
|
|
|
|
|
|
2016 |
|
2015 |
ASSETS |
|
|
|
|
|
Cash |
$ |
10,681 |
|
|
$ |
10,386 |
|
Premises and equipment, net |
11,470 |
|
|
11,875 |
|
Other assets |
10,864 |
|
|
8,462 |
|
Investment in subsidiaries |
1,213,484 |
|
|
1,067,611 |
|
Total assets |
$ |
1,246,499 |
|
|
$ |
1,098,334 |
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
Long-term borrowings |
148,000 |
|
|
7,500 |
|
Trust preferred capital notes |
86,559 |
|
|
86,312 |
|
Other liabilities |
10,908 |
|
|
9,155 |
|
Total liabilities |
245,467 |
|
|
102,967 |
|
Total stockholders' equity |
1,001,032 |
|
|
995,367 |
|
Total liabilities and stockholders' equity |
$ |
1,246,499 |
|
|
$ |
1,098,334 |
|
|
| Financial Information for the Parent Company - Statements of Income and Comprehensive Income |
PARENT COMPANY
CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
YEARS ENDED DECEMBER 31, 2016, 2015, and 2014
(Dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2016 |
|
2015 |
|
2014 |
Income: |
|
|
|
|
|
|
|
|
Interest and dividend income |
$ |
23 |
|
|
$ |
8 |
|
|
$ |
5 |
|
Dividends received from subsidiaries |
51,439 |
|
|
51,496 |
|
|
75,470 |
|
Equity in (distributed) undistributed net income from subsidiaries |
31,984 |
|
|
20,800 |
|
|
(15,909 |
) |
Other operating income |
1,314 |
|
|
1,228 |
|
|
1,393 |
|
Total income |
84,760 |
|
|
73,532 |
|
|
60,959 |
|
Expenses: |
|
|
|
|
|
|
|
|
Interest expense |
5,656 |
|
|
4,697 |
|
|
4,581 |
|
Occupancy expenses |
549 |
|
|
556 |
|
|
573 |
|
Furniture and equipment expenses |
18 |
|
|
9 |
|
|
20 |
|
Other operating expenses |
1,061 |
|
|
1,191 |
|
|
3,621 |
|
Total expenses |
7,284 |
|
|
6,453 |
|
|
8,795 |
|
Net income |
$ |
77,476 |
|
|
$ |
67,079 |
|
|
$ |
52,164 |
|
Comprehensive income |
$ |
67,415 |
|
|
$ |
61,076 |
|
|
$ |
66,609 |
|
|
| Financial Information for the Parent Company - Statements of Cash Flows |
PARENT COMPANY
CONDENSED STATEMENTS OF CASH FLOWS
YEARS ENDED DECEMBER 31, 2016, 2015, and 2014
(Dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2016 |
|
2015 |
|
2014 |
Operating activities: |
|
|
|
|
|
|
|
|
Net income |
$ |
77,476 |
|
|
$ |
67,079 |
|
|
$ |
52,164 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
Equity in distributed (undistributed) net income of subsidiaries |
(31,984 |
) |
|
(20,800 |
) |
|
15,909 |
|
Depreciation of premises and equipment |
438 |
|
|
435 |
|
|
464 |
|
Acquisition accounting amortization, net |
247 |
|
|
235 |
|
|
224 |
|
Issuance of common stock grants for services |
533 |
|
|
564 |
|
|
713 |
|
Net (increase) decrease in other assets |
(2,402 |
) |
|
902 |
|
|
2,964 |
|
Net (decrease) increase in other liabilities |
5,533 |
|
|
6,124 |
|
|
(7,286 |
) |
Net cash and cash equivalents provided by operating activities |
49,841 |
|
|
54,539 |
|
|
65,152 |
|
Investing activities: |
|
|
|
|
|
|
|
|
Net decrease (increase) in premises and equipment |
(33 |
) |
|
(35 |
) |
|
863 |
|
Payments for equity method investment |
— |
|
|
(355 |
) |
|
(60 |
) |
Payments for investments in and advances to subsidiaries |
(125,000 |
) |
|
— |
|
|
— |
|
Repayment of investments in and advances to subsidiaries |
540 |
|
|
— |
|
|
— |
|
Cash received in acquisitions |
— |
|
|
— |
|
|
4,735 |
|
Net cash and cash equivalents provided by (used in) investing activities |
(124,493 |
) |
|
(390 |
) |
|
5,538 |
|
Financing activities: |
|
|
|
|
|
|
|
|
Advances (repayments) of short-term borrowings |
— |
|
|
(8,000 |
) |
|
8,000 |
|
Repayments of long-term borrowings |
(7,500 |
) |
|
(625 |
) |
|
(625 |
) |
Proceeds from issuance of long-term borrowings |
148,000 |
|
|
— |
|
|
— |
|
Cash dividends paid |
(33,672 |
) |
|
(29,082 |
) |
|
(25,494 |
) |
Net Issuance (repurchase) of common stock |
(31,881 |
) |
|
(15,748 |
) |
|
(52,971 |
) |
Net cash and cash equivalents provided by (used in) financing activities |
74,947 |
|
|
(53,455 |
) |
|
(71,090 |
) |
Net increase (decrease) in cash and cash equivalents |
295 |
|
|
694 |
|
|
(400 |
) |
Cash and cash equivalents at beginning of the period |
10,386 |
|
|
9,692 |
|
|
10,092 |
|
Cash and cash equivalents at end of the period |
$ |
10,681 |
|
|
$ |
10,386 |
|
|
$ |
9,692 |
|
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 |
|
|