PARENT COMPANY CONDENSED FINANCIAL STATEMENTS:

12 Months Ended

Dec. 31, 2011

PARENT COMPANY CONDENSED FINANCIAL STATEMENTS:

PARENT COMPANY CONDENSED FINANCIAL STATEMENTS:

18.     PARENT COMPANY CONDENSED FINANCIAL STATEMENTS:

The parent company’s condensed balance sheets as of December 31, 2011 and 2010, and the related condensed statements of income and cash flows for each of the three years in the period ended December 31, 2011, are as follows:

CONDENSED BALANCE SHEETS

	December 31,
(Dollar amounts in thousands)	2011		2010
ASSETS
Cash deposits in affiliated banks	$	8,548	$	9,269
Investments in subsidiaries	348,826		317,415
Land and headquarters building, net	5,004		5,174
Other	3,017		2,980
Total Assets	$	365,395	$	334,838
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities
Borrowings	$	6,196	$	—
Dividends payable	6,203		6,050
Other liabilities	6,035		7,071
TOTAL LIABILITIES	18,434		13,121
Shareholders’ Equity	346,961		321,717
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	365,395	$	334,838

CONDENSED STATEMENTS OF INCOME

	Years Ended December 31,
(Dollar amounts in thousands)	2011			2010			2009
Dividends from subsidiaries	$	11,400		$	16,400		$	14,300
Other income	643			1,279			816
Interest on borrowings	—			(70		)	(121		)
Other operating expenses	(3,616		)	(4,314		)	(3,462		)
Income before income taxes and equity in undistributed earnings of subsidiaries	8,427			13,295			11,533
Income tax benefit	2,311			1,248			1,092
Income before equity in undistributed earnings of subsidiaries	10,738			14,543			12,625
Equity in undistributed earnings of subsidiaries	26,457			13,501			10,095
Net income	$	37,195		$	28,044		$	22,720

CONDENSED STATEMENTS OF CASH FLOWS

	Years Ended December 31,
(Dollar amounts in thousands)	2011			2010			2009
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	$	37,195		$	28,044		$	22,720
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	177			262			250
Equity in undistributed earnings	(26,457		)	(13,501		)	(10,095		)
Contribution of shares to ESOP	1,558			1,347			971
Securities impairment loss recognized in earnings	110			549			—
Securities (gains) losses	(2		)	(1,048		)	—
Increase (decrease) in other liabilities	(1,114		)	655			(167		)
(Increase) decrease in other assets	24			(832		)	638
NET CASH FROM OPERATING ACTIVITIES	11,491			15,476			14,317
CASH FLOWS FROM INVESTING ACTIVITIES:
Sales of securities available-for-sale	25			4,999			—
Purchase of investment securities	—			(12		)	(19		)
Purchase of furniture and fixtures	(6		)	(13		)	(21		)
NET CASH FROM INVESTING ACTIVITIES	19			4,974			(40		)
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal payments on borrowings	—			(7,636		)	—
Purchase of treasury stock	—			(610		)	(616		)
Dividends paid	(12,231		)	(11,940		)	(11,806		)
NET CASH FROM FINANCING ACTIVITES	(12,231		)	(20,186		)	(12,422		)
NET (DECREASE) INCREASE IN CASH	(721		)	264			1,855
CASH, BEGINNING OF YEAR	9,269			9,005			7,150
CASH, END OF YEAR	$	8,548		$	9,269		$	9,005
Supplemental disclosures of cash flow information:
Cash paid during the year for:
Interest	$	—		$	87		$	124
Income taxes	$	16,565		$	15,713		$	13,485