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Condensed Financial Statements of Parent Company
12 Months Ended
Dec. 31, 2011
Condensed Financial Statements of Parent Company  
Condensed Financial Statements of Parent Company

Note 28—Condensed Financial Statements of Parent Company

        Financial information pertaining only to SCBT Financial Corporation is as follows:

Condensed Balance Sheet

 
  December 31,  
(Dollars in thousands)
  2011   2010  

ASSETS

             

Cash

  $ 4,545   $ 2,621  

Investment securities available for sale

    301     337  

Investment in subsidiaries

    421,573     370,670  

Other assets

    648     1,142  
           

Total assets

  $ 427,067   $ 374,770  
           

LIABILITIES AND SHAREHOLDERS' EQUITY

             

Liabilities

 
$

45,287
 
$

44,813
 

Shareholders' equity

    381,780     329,957  
           

Total liabilities and shareholders' equity

  $ 427,067   $ 374,770  
           

Condensed Statements of Income

 
  Years Ended December 31,  
 
  2011   2010   2009  

Income:

                   

Dividends from subsidiaries

  $ 9,514   $ 8,683   $ 8,242  

Operating income

    (52 )   (52 )   138  
               

Total income

    9,462     8,631     8,380  

Operating expenses

    2,331     2,470     2,699  
               

Income before income tax benefit and equity in undistributed earnings of subsidiaries

    7,131     6,161     5,681  

Applicable income tax benefit

    769     903     875  

Equity in undistributed earnings of subsidiary

    14,696     44,818     7,039  
               

Net income

    22,595     51,882     13,595  

Preferred stock dividends

            1,115  

Accretion on preferred stock discount

            3,559  
               

Net income available to common shareholders

  $ 22,595   $ 51,882   $ 8,921  
               

Condensed Statements of Cash Flows

 
  Years Ended December 31,  
 
  2011   2010   2009  

Cash flows from operating activities:

                   

Net income

  $ 22,595   $ 51,882   $ 13,595  

Adjustments to reconcile net income to net cash provided by operating activities:

                   

Depreciation and amortization

    28     31     31  

Provision for loan losses

            (34 )

Share-based compensation

    1,777     1,625     1,431  

Other-than-temporary impairment on securities

    115     120     84  

Decrease (increase) in other assets

    32     78     (111 )

(Decrease) increase in other liabilities

    365     (337 )   996  

Undistributed earnings of subsidiary

    (14,696 )   (44,818 )   (7,039 )
               

Net cash provided by operating activities

    10,216     8,581     8,953  
               

Cash flows from investing activities:

                   

Payments for investments in subsidiary

    (34,700 )       (28,500 )
               

Net cash used in investing activities

    (34,700 )       (28,500 )
               

Cash flows from financing activities:

                   

Preferred stock issuance, net of issuance costs

            64,632  

Preferred stock repurchase

            (64,779 )

Common stock warrant repurchase

            (1,400 )

Common stock issuance

    35,533     669     29,815  

Common stock repurchased

    (342 )   (255 )   (446 )

Dividends paid on preferred stock

            (1,115 )

Dividends paid on common stock

    (9,514 )   (8,683 )   (8,177 )

Stock options exercised

    731     307     532  
               

Net cash provided by (used in) financing activities

    26,408     (7,962 )   19,062  
               

Net increase (decrease) in cash and cash equivalents

    1,924     619     (485 )

Cash and cash equivalents at beginning of period

    2,621     2,002     2,487  
               

Cash and cash equivalents at end of period

  $ 4,545   $ 2,621   $ 2,002