Parent Company Financial Statements

12 Months Ended

Dec. 31, 2014

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Parent Company Financial Statements

Parent Company Financial Statements

On January 1, 2014, the Company's parent company sold certain assets and liabilities, including premises, equipment, prepaid expenses and short-term liabilities, to the Bank in an arms-length transaction. Also, effective January 1, 2014, all employees of the parent company became Bank employees.

Following are the condensed statements of condition, income and cash flows for the Company's parent company:

STATEMENTS OF CONDITION

	December 31,
	2014		2013
ASSETS
Cash	$	23,259	$	21,788
Trading assets	2,457		2,488
Premises and equipment	—		4,797
Investment in subsidiaries:
Bank subsidiary	266,940		246,213
Other subsidiary	9,450		8,733
Amounts receivable from subsidiaries	25		2,062
Investments in CCTA and UBCT	1,331		1,331
Other assets	8,812		7,278
Total assets	$	312,274	$	294,690
LIABILITIES AND SHAREHOLDERS’ EQUITY
Amounts due to subsidiaries	$	—	$	5
Junior subordinated debentures	44,024		43,922
Other liabilities	23,141		19,667
Shareholders’ equity	245,109		231,096
Total liabilities and shareholders’ equity	$	312,274	$	294,690

STATEMENTS OF INCOME

	For The Years Ended December 31,
	2014		2013		2012
Operating Income
Dividend income from subsidiaries	$	12,800	$	13,500	$	13,400
Fees from subsidiaries	—		20,930		20,070
Other income	104		270		170
Total operating income	12,904		34,700		33,640
Operating Expenses
Interest on borrowings	2,532		2,532		2,546
Fees to Bank	160		—		—
Salaries and employee benefits	—		13,354		13,007
Furniture, equipment and data processing	—		4,570		3,971
Depreciation and amortization	—		1,197		1,196
Stock-based compensation expense	—		596		538
Net occupancy	—		523		492
Other operating expenses	453		1,454		1,056
Total operating expenses	3,145		24,226		22,806
Income before equity in undistributed earnings of subsidiaries and income taxes	9,759		10,474		10,834
Equity in undistributed earnings of subsidiaries	13,799		11,233		11,647
Income before income taxes	23,558		21,707		22,481
Income tax benefit	1,012		1,076		947
Net Income	$	24,570	$	22,783	$	23,428

STATEMENTS OF CASH FLOWS

	For The Years Ended December 31,
	2014			2013			2012
Operating Activities
Net income	$	24,570		$	22,783		$	23,428
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed earnings of subsidiaries	(13,799		)	(11,233		)	(11,647		)
Depreciation and amortization	—			1,197			1,196
Stock-based compensation expense	—			596			538
Decrease (increase) in amount receivable from subsidiaries	2,037			498			(983		)
Decrease (increase) in other assets	165			(845		)	(1,334		)
(Decrease) increase in accrued expenses	(2,106		)	459			636
Net cash provided by operating activities	10,867			13,455			11,834
Investing Activities
Proceeds from sale of assets	5,237			—			—
Purchase of premises and equipment	—			(896		)	(1,009		)
Net cash provided by (used by) investing activities	5,237			(896		)	(1,009		)
Financing Activities
Exercise of stock options and issuance of restricted stock, net of repurchase for tax withholdings and tax benefit	328			300			(212		)
Capital contribution from subsidiaries	599			—			—
Common stock repurchase	(7,475		)	(2,460		)	(2,097		)
Cash dividends paid on common stock	(8,085		)	(8,121		)	(7,667		)
Net cash used by financing activities	(14,633		)	(10,281		)	(9,976		)
Net increase in cash	1,471			2,278			849
Cash at beginning of year	21,788			19,510			18,661
Cash at end of year	$	23,259		$	21,788		$	19,510
Supplemental information
Common stock repurchased not yet settled	$	—		$	320		$	—