Parent Company Financial Statements

12 Months Ended

Dec. 31, 2012

Parent Company Financial Statements [Abstract]

Parent Company Financial Statements

20. Parent Company Financial Statements

Following are the condensed Statements of Condition, Income and Cash Flows for the Company:

STATEMENTS OF CONDITION

	December 31,
	2012		2011
ASSETS
Cash	$	19,510	$	18,661
Trading assets		2,300		2,244
Premises and equipment		4,846		4,896
Investment in subsidiaries:
Bank subsidiary		253,512		239,953
Other subsidiary		11,108		11,205
Amounts receivable from subsidiaries		2,643		1,572
Investments in CCTA and UBCT		1,331		1,331
Other assets		9,765		8,049
Total assets	$	305,015	$	287,911
LIABILITIES AND SHAREHOLDERS' EQUITY
Amounts due to subsidiaries	$	88	$	-
Junior subordinated debentures		43,819		43,717
Accrued interest and other liabilities		27,293		25,318
Shareholders' equity		233,815		218,876
Total liabilities and shareholders' equity	$	305,015	$	287,911

STATEMENTS OF INCOME

	Years Ended December 31,
	2012		2011		2010
Operating Income
Dividend income from subsidiaries	$	13,400	$	15,400	$	12,400
Fees from subsidiaries		20,070		18,048		16,821
Other income		170		13		188
Total operating income		33,640		33,461		29,409
Operating Expenses
Interest on borrowings		2,546		2,614		2,817
Salaries and employee benefits		13,007		11,417		10,316
Net occupancy		492		473		461
Furniture, equipment and data processing		3,971		3,296		3,158
Other operating expenses		2,790		3,041		3,186
Total operating expenses		22,806		20,841		19,938
Income before equity in undistributed earnings of subsidiaries and income taxes		10,834		12,620		9,471
Equity in undistributed earnings of subsidiaries		11,647		12,441		14,372
Income before income taxes		22,481		25,061		23,843
Income tax benefit		947		1,116		923
Net Income	$	23,428	$	26,177	$	24,766

STATEMENTS OF CASH FLOWS

	Years Ended December 31,
	2012			2011			2010
Operating Activities
Net income	$	23,428		$	26,177		$	24,766
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed earnings of subsidiaries		(11,647	)		(12,441	)		(14,372	)
Depreciation and amortization		1,196			1,194			1,182
Stock-based compensation expense		538			1,025			809
Increase in amount receivable from subsidiaries		(983	)		(22	)		(573	)
Increase in other assets		(1,334	)		(35	)		(1,962	)
Increase in accrued expenses		636			3,522			1,992
Net cash provided by operating activities		11,834			19,420			11,842
Investing Activities
Purchase of premises and equipment		(1,009	)		(1,286	)		(2,759	)
Net cash used by investing activities		(1,009	)		(1,286	)		(2,759	)
Financing Activities
Exercise of stock options and restricted stock, net		(212	)		(134	)		114
Common stock repurchase		(2,097	)		(389	)		(49	)
Cash dividends paid on common stock		(7,667	)		(11,524	)		(7,664	)
Net cash used by financing activities		(9,976	)		(12,047	)		(7,599	)
Net increase in cash		849			6,087			1,484
Cash at beginning of year		18,661			12,574			11,090
Cash at end of year	$	19,510		$	18,661		$	12,574