Condensed Parent Company Financial Statements

12 Months Ended

Dec. 31, 2011

Condensed Parent Company Financial Statements [Abstract]

Condensed Parent Company Financial Statements

(17) CONDENSED PARENT COMPANY FINANCIAL STATEMENTS

BALANCE SHEETS

	December 31,
	2011		2010
	(Dollars in thousands)
ASSETS
Cash	$	4,774	$	3,088
Securities		199		217
Premises and equipment, net		—		240
Investments in subsidiaries		511,698		493,487
Intangible assets		450		498
Dividends receivable		5,138		4,800
Other assets		1,654		4,827
Total assets	$	523,913	$	507,157
LIABILITIES AND STOCKHOLDERS' EQUITY
Other liabilities	$	4,789	$	5,197
Long-term borrowings		—		14,500
Junior subordinated debentures		36,083		28,866
Stockholders' equity		483,041		458,594
Total liabilities and stockholders' equity	$	523,913	$	507,157

STATEMENTS OF INCOME

	Year Ended December 31,
	2011		2010			2009
	(Dollars in thousands)
OPERATING INCOME
Dividends from subsidiaries	$	19,011	$	17,762		$	16,609
Interest on interest-bearing deposits		20		153			228
Other		88		(190	)		—
Total operating income		19,119		17,725			16,837
OPERATING EXPENSE
Interest		2,501		2,016			1,966
Other		740		299			236
Total operating expense		3,241		2,315			2,202
Income before taxes and equity in undistributed earnings of subsidiaries		15,878		15,410			14,635
Allocated income tax benefit		886		689			733
Income before equity in undistributed earnings of subsidiaries		16,764		16,099			15,368
Equity in undistributed earnings of subsidiaries		28,857		26,210			17,241
Net income	$	45,621	$	42,309		$	32,609

STATEMENTS OF CASH FLOW

	Year Ended December 31,
	2011			2010			2009
	(Dollars in thousands)
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	45,621		$	42,309		$	32,609
Adjustments to reconcile to net cash provided by operating activities:
Equity in undistributed earnings of subsidiaries		(31,856	)		(27,428	)		(18,280	)
Amortization of stock based compensation arrangements		3,075			1,218			1,038
Other, net		12,326			(1,790	)		450
Net cash provided by operating activities		29,166			14,309			15,817
INVESTING ACTIVITIES
Net cash used for acquisitions		11,748			(26,934	)		(5,452	)
Purchases of securities		(2	)		—			—
Sales and maturities of held for investment and available for sale securities		28			200			—
Other, net		240			—			—
Net cash provided by (used for) investing activities		12,014			(26,734	)		(5,452	)
FINANCING ACTIVITIES
Issuance of common stock		1,398			2,173			740
Acquisition of common stock		(10,799	)		(605	)		—
Cash dividends paid		(15,593	)		(14,733	)		(13,774	)
(Paydown)/issuance of long-term borrowings		(14,500	)		14,500			—
Net cash (used for) provided by financing activities		(39,494	)		1,335			(13,034	)
Net increase (decrease) in cash		1,686			(11,090	)		(2,669	)
Cash at the beginning of the period		3,088			14,178			16,847
Cash at the end of the period	$	4,774		$	3,088		$	14,178
SUPPLEMENTAL DISCLOSURE
Cash paid during the period for interest	$	2,818		$	2,039		$	1,966
Cash received during the period for income taxes, net	$	1,195		$	1,089		$	1,366