Annual report pursuant to Section 13 and 15(d)

Parent Company Financial Information (Tables)

v2.4.0.6
Parent Company Financial Information (Tables)
12 Months Ended
Dec. 31, 2012
Parent Company Financial Information [Abstract]  
PARENT COMPANY FINANCIAL INFORMATION

PARENT COMPANY

BALANCE SHEETS

AS OF DECEMBER 31, 2012 and 2011

(Dollars in thousands)

 

                 
    2012     2011  
     

ASSETS

               

Cash

  $ 6,505     $ 7,275  

Bank premises and equipment, net

    13,141       13,591  

Other assets

    4,593       3,837  

Investment in subsidiaries

    490,199       474,412  
   

 

 

   

 

 

 

Total assets

  $ 514,438     $ 499,115  
   

 

 

   

 

 

 
     

LIABILITIES & STOCKHOLDERS’ EQUITY

               

Long-term borrowings

  $ 9,375     $ 10,000  

Trust preferred capital notes

    60,310       60,310  

Other liabilities

    8,890       7,166  
   

 

 

   

 

 

 

Total liabilities

    78,575       77,476  
   

 

 

   

 

 

 
     

Common stock

    33,510       34,672  

Surplus

    176,635       187,493  

Retained earnings

    215,634       189,824  

Accumulated other comprehensive income

    10,084       9,650  
   

 

 

   

 

 

 

Total stockholders’ equity

    435,863       421,639  
   

 

 

   

 

 

 

Total liabilities and stockholders’ equity

  $ 514,438     $ 499,115  
   

 

 

   

 

 

 

 

PARENT COMPANY

STATEMENTS OF INCOME

YEARS ENDED DECEMBER 31, 2012, 2011, and 2010

(Dollars in thousands)

 

                         
    2012     2011     2010  

Income:

                       

Interest and dividend income

  $ 8     $ 624     $ 805  

Management fee received from subsidiaries

    —         —         23,957  

Dividends received from subsidiaries

    23,141       8,612       7,094  

Equity in undistributed net income from subsidiaries

    15,158       23,941       18,116  

Gains on sale of securities, net

    —         430       —    

Gains (losses) on sale of fixed assets, net

    —         (1     448  

Other operating income

    1,155       1,616       —    
   

 

 

   

 

 

   

 

 

 

Total income

    39,462       35,222       50,420  
   

 

 

   

 

 

   

 

 

 

Expenses:

                       

Interest expense

    3,152       2,627       2,037  

Salaries and benefits

    —         —         15,423  

Occupancy expenses

    586       590       1,043  

Furniture and equipment expenses

    —         1,023       1,794  

Other operating expenses

    313       537       7,201  
   

 

 

   

 

 

   

 

 

 

Total expenses

    4,051       4,777       27,498  
   

 

 

   

 

 

   

 

 

 

Net income

    35,411       30,445       22,922  

Dividends paid on preferred stock

    —         1,499       1,688  

Amortization of discount on preferred stock

    —         1,177       226  
   

 

 

   

 

 

   

 

 

 

Net income available to common stockholders

  $ 35,411     $ 27,769     $ 21,008  
   

 

 

   

 

 

   

 

 

 

PARENT COMPANY

CONDENSED STATEMENTS OF CASH FLOWS

YEARS ENDED DECEMBER 31, 2012, 2011 and 2010

(Dollars in thousands)

 

                         
    2012     2011     2010  

Operating activities:

                       

Net income

  $ 35,411     $ 30,445     $ 22,922  

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

                       

Equity in undistributed net income of subsidiaries

    (15,158     (23,941     (18,116

Tax benefit from exercise of equity-based awards

    —         15       7  

(Increase) decrease in other assets

    (756     6,135       (3,613

Other, net

    6,544       7,706       5,320  
   

 

 

   

 

 

   

 

 

 

Net cash and cash equivalents provided by operating activities

    26,041       20,360       6,520  
   

 

 

   

 

 

   

 

 

 

Investing activities:

                       

Sale of securities available for sale

    —         12,421       3,994  

Net decrease (increase) in bank premises and equipment

    (2,119     1,455       (274

Payments for investments in and advances to subsidiaries

    (629     (11,287     (5,547
   

 

 

   

 

 

   

 

 

 

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

    (2,748     2,589       (1,827
   

 

 

   

 

 

   

 

 

 

Financing activities:

                       

Net decrease in long-term borrowings

    (625     (625     (625

Cash dividends paid

    (8,969     (9,245     (7,942

Repurchase of preferred stock

    —         (35,595     —    

Net issuance (repurchase) of common stock

    (14,469     574       352  
   

 

 

   

 

 

   

 

 

 

Net cash and cash equivalents used in financing activities

    24,063       (44,891     (8,215
   

 

 

   

 

 

   

 

 

 

Decrease in cash and cash equivalents

    (770     (21,942     (3,522

Cash and cash equivalents at beginning of the period

    7,275       29,217       32,739  
   

 

 

   

 

 

   

 

 

 

Cash and cash equivalents at end of the period

  $ 6,505     $ 7,275     $ 29,217