Parent Company Financial Statements (Tables)

12 Months Ended

Dec. 31, 2015

CONDENSED BALANCE SHEETS



	December 31,
	2015		2014
ASSETS
Cash	$	19,112	$	18,726
Securities Available-for-Sale, at Fair Value	353		353
Investment in Subsidiary Bank	227,417		211,988
Investment in Non-banking Subsidiaries	4,399		4,792
Other Assets	11,030		5,613
Total Assets	$	262,311	$	241,472

LIABILITIES
Borrowings	$	5,324	$	9,174
Other Liabilities	4,639		3,474
Total Liabilities	9,963		12,648

SHAREHOLDERS’ EQUITY
Common Stock	13,279		13,216
Additional Paid-in Capital	110,145		108,660
Retained Earnings	125,112		104,058
Accumulated Other Comprehensive Income	3,812		2,890
Total Shareholders’ Equity	252,348		228,824
Total Liabilities and Shareholders’ Equity	$	262,311	$	241,472

CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME



	Years Ended December 31,
	2015			2014			2013
INCOME
Dividends from Subsidiaries
Bank	$	15,900		$	20,000		$	14,000
Non-bank	1,504			—			1,500
Interest Income	30			27			31
Net Gain on Securities	—			—			343
Other Income	21			25			75
Total Income	17,455			20,052			15,949

EXPENSES
Salaries and Employee Benefits	500			462			824
Professional Fees	667			316			485
Occupancy and Equipment Expense	8			7			7
Interest Expense	491			580			1,246
Other Expenses	729			632			615
Total Expenses	2,395			1,997			3,177
INCOME BEFORE INCOME TAXES AND EQUITY IN UNDISTRIBUTED INCOME OF SUBSIDIARIES	15,060			18,055			12,772
Income Tax Benefit	893			791			1,235
INCOME BEFORE EQUITY IN UNDISTRIBUTED INCOME OF SUBSIDIARIES	15,953			18,846			14,007
Equity in Undistributed Income of Subsidiaries	14,111			9,498			11,406
NET INCOME	30,064			28,344			25,413

Other Comprehensive Income:
Changes in Unrealized Gain (Loss) on Securities, Available-for-Sale	932			8,189			(15,874		)
Changes in Unrecognized Amounts in Pension, Net	—			—			231
Changes in Unrecognized Loss in Postretirement Benefit Obligation, Net	(10		)	(36		)	29
TOTAL COMPREHENSIVE INCOME	$	30,986		$	36,497		$	9,799

CONDENSED STATEMENTS OF CASH FLOWS



	Years Ended December 31,
	2015			2014			2013
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income	$	30,064		$	28,344		$	25,413
Adjustments to Reconcile Net Income to Net Cash from Operations
(Gain) on Securities, Net	—			—			(343		)
Change in Other Assets	(5,331		)	654			283
Change in Other Liabilities	1,226			275			(538		)
Equity Based Compensation	963			627			329
Excess Tax Benefit from Restricted Share Grant	89			40			28
Equity in Excess Undistributed Income of Subsidiaries	(14,111		)	(9,498		)	(11,406		)
Net Cash from Operating Activities	12,900			20,442			13,766

CASH FLOWS FROM INVESTING ACTIVITIES
Acquire Banking Entity	—			—			(2,135		)
Net Cash from Investing Activities	—			—			(2,135		)

CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from Issuance of Long-term Debt	—			—			10,000
Repayment of Long-term Debt	(4,000		)	(3,000		)	(33,750		)
Issuance of Common Stock	49			50			20
Employee Stock Purchase Plan	447			(37		)	(9		)
Dividends Paid	(9,010		)	(8,450		)	(7,670		)
Net Cash from Financing Activities	(12,514		)	(11,437		)	(31,409		)

Net Change in Cash and Cash Equivalents	386			9,005			(19,778		)
Cash and Cash Equivalents at Beginning of Year	18,726			9,721			29,499
Cash and Cash Equivalents at End of Year	$	19,112		$	18,726		$	9,721