| Parent Company Only Financial Information |
Note 22 – Parent Company Only Financial Information
($ in thousands)
|
Condensed Balance Sheets |
|
December 31, |
|
|
|
|
2015 |
|
|
2014 |
|
|
Assets: |
|
|
|
|
|
|
|
|
|
Investment in banks |
|
$ |
1,518,292 |
|
|
$ |
1,463,676 |
|
|
Other assets |
|
|
17,339 |
|
|
|
18,663 |
|
|
Total Assets |
|
$ |
1,535,631 |
|
|
$ |
1,482,339 |
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Shareholders' Equity: |
|
|
|
|
|
|
|
|
|
Accrued expense |
|
$ |
718 |
|
|
$ |
543 |
|
|
Junior subordinated debt securities |
|
|
61,856 |
|
|
|
61,856 |
|
|
Shareholders' equity |
|
|
1,473,057 |
|
|
|
1,419,940 |
|
|
Total Liabilities and Shareholders' Equity |
|
$ |
1,535,631 |
|
|
$ |
1,482,339 |
|
|
Condensed Statements of Income |
|
Years Ended December 31, |
|
|
|
|
2015 |
|
|
2014 |
|
|
2013 |
|
|
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends received from banks |
|
$ |
64,752 |
|
|
$ |
64,351 |
|
|
$ |
64,155 |
|
|
Earnings of subsidiaries over distributions |
|
|
53,562 |
|
|
|
60,783 |
|
|
|
54,195 |
|
|
Other income |
|
|
55 |
|
|
|
55 |
|
|
|
64 |
|
|
Total Revenue |
|
|
118,369 |
|
|
|
125,189 |
|
|
|
118,414 |
|
|
Expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other expense |
|
|
2,331 |
|
|
|
1,627 |
|
|
|
1,354 |
|
|
Total Expense |
|
|
2,331 |
|
|
|
1,627 |
|
|
|
1,354 |
|
|
Net Income |
|
$ |
116,038 |
|
|
$ |
123,562 |
|
|
$ |
117,060 |
|
|
Condensed Statements of Cash Flows |
|
Years Ended December 31, |
|
|
|
|
2015 |
|
|
2014 |
|
|
2013 |
|
|
Operating Activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
116,038 |
|
|
$ |
123,562 |
|
|
$ |
117,060 |
|
|
Adjustments to reconcile net income to net cash provided
by operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase in investment in subsidiaries |
|
|
(53,562 |
) |
|
|
(60,783 |
) |
|
|
(54,195 |
) |
|
Other |
|
|
(761 |
) |
|
|
(2,158 |
) |
|
|
962 |
|
|
Net cash provided by operating activities |
|
|
61,715 |
|
|
|
60,621 |
|
|
|
63,827 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investing Activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Payment for investments in subsidiaries |
|
|
— |
|
|
|
— |
|
|
|
(73,263 |
) |
|
Repayment for investments in subsidiaries |
|
|
— |
|
|
|
— |
|
|
|
106,000 |
|
|
Net cash provided by investing activities |
|
|
— |
|
|
|
— |
|
|
|
32,737 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing Activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Repayments of advances from subsidiaries |
|
|
— |
|
|
|
— |
|
|
|
(33,000 |
) |
|
Cash dividends paid on common stock |
|
|
(62,605 |
) |
|
|
(62,474 |
) |
|
|
(62,276 |
) |
|
Other common stock transactions, net |
|
|
(211 |
) |
|
|
(1,502 |
) |
|
|
2,832 |
|
|
Net cash used in financing activities |
|
|
(62,816 |
) |
|
|
(63,976 |
) |
|
|
(92,444 |
) |
|
(Decrease) increase in cash and cash equivalents |
|
|
(1,101 |
) |
|
|
(3,355 |
) |
|
|
4,120 |
|
|
Cash and cash equivalents at beginning of year |
|
|
18,421 |
|
|
|
21,776 |
|
|
|
17,656 |
|
|
Cash and cash equivalents at end of year |
|
$ |
17,320 |
|
|
$ |
18,421 |
|
|
$ |
21,776 |
|
Trustmark (parent company only) paid income taxes of approximately $16.3 million in 2015, $13.7 million in 2014 and $14.5 million in 2013. During 2015, interest paid was $837 thousand compared to no interest paid during 2014 or 2013.
|