Condensed Parent Company Financial Statements (Tables)

12 Months Ended

Dec. 31, 2016

BALANCE SHEETS

	December 31,
	2016		2015
	(Dollars in thousands)
ASSETS
Cash	$	57,537	$	45,437
Securities		97		103
Investments in subsidiaries		681,861		639,119
Goodwill		450		450
Dividends receivable		6,998		6,773
Other assets		2,610		1,688
Total assets	$	749,553	$	693,570
LIABILITIES AND STOCKHOLDERS’ EQUITY
Other liabilities	$	6,500	$	6,101
Junior subordinated debentures		31,959		31,959
Stockholders’ equity		711,094		655,510
Total liabilities and stockholders’ equity	$	749,553	$	693,570

STATEMENTS OF INCOME

	Year Ended December 31,
	2016			2015			2014
	(Dollars in thousands)
OPERATING INCOME
Dividends from subsidiaries	$	28,175		$	26,043		$	24,851
Interest on interest-bearing deposits		160			66			62
Other		3			2			14
Total operating income		28,338			26,111			24,927
OPERATING EXPENSE
Interest		2,096			1,998			1,965
Other		583			628			667
Total operating expense		2,679			2,626			2,632
Income before taxes and equity in undistributed earnings of subsidiaries		25,659			23,485			22,295
Allocated income tax benefit/(expense)		1,244			(796	)		472
Income before equity in undistributed earnings of subsidiaries		26,903			22,689			22,767
Equity in undistributed earnings of subsidiaries		44,172			44,653			42,196
Amortization of stock-based compensation arrangements of subsidiaries		(401	)		(1,172	)		(1,076	)
Net income	$	70,674		$	66,170		$	63,887

STATEMENTS OF CASH FLOW

	Year Ended December 31,
	2016			2015			2014
	(Dollars in thousands)
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	70,674		$	66,170		$	63,887
Adjustments to reconcile to net cash provided by operating activities:
Equity in undistributed earnings of subsidiaries		(44,172	)		(44,653	)		(42,196	)
Amortization of stock-based compensation arrangements		401			1,172			1,076
Other, net		136			(343	)		(656	)
Net cash provided by operating activities		27,039			22,346			22,111
INVESTING ACTIVITIES
Net cash provided by acquisitions		—			5,066			—
Sales and maturities of held for investment and available for sale securities		—			—			8
Net cash provided by investing activities		—			5,066			8
FINANCING ACTIVITIES
Issuance of common stock		13,354			4,428			6,532
Common stock acquired		(5,523	)		(1,654	)		—
Cash dividends paid		(22,770	)		(21,449	)		(19,543	)
Net cash used for financing activities		(14,939	)		(18,675	)		(13,011	)
Net increase in cash		12,100			8,737			9,108
Cash and due from banks at the beginning of the period		45,437			36,700			27,592
Cash and due from banks at the end of the period	$	57,537		$	45,437		$	36,700
SUPPLEMENTAL DISCLOSURE
Cash paid during the period for interest	$	2,096		$	1,998		$	1,965
Cash received during the period for income taxes, net	$	5,031		$	1,131		$	1,822