Note 28—Condensed Financial Statements of Parent Company
Financial information pertaining only to SCBT Financial Corporation is as follows:
Condensed Balance Sheet
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December 31, |
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(Dollars in thousands)
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2011 |
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2010 |
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ASSETS |
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Cash |
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$ |
4,545 |
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$ |
2,621 |
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Investment securities available for sale |
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301 |
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337 |
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Investment in subsidiaries |
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421,573 |
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370,670 |
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Other assets |
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648 |
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1,142 |
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Total assets |
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$ |
427,067 |
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$ |
374,770 |
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LIABILITIES AND SHAREHOLDERS' EQUITY |
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Liabilities |
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$ |
45,287 |
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$ |
44,813 |
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Shareholders' equity |
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381,780 |
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329,957 |
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Total liabilities and shareholders' equity |
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$ |
427,067 |
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$ |
374,770 |
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Condensed Statements of Income
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Years Ended December 31, |
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2011 |
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2010 |
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2009 |
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Income: |
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Dividends from subsidiaries |
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$ |
9,514 |
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$ |
8,683 |
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$ |
8,242 |
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Operating income |
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(52 |
) |
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(52 |
) |
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138 |
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Total income |
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9,462 |
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8,631 |
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8,380 |
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Operating expenses |
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2,331 |
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2,470 |
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2,699 |
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Income before income tax benefit and equity in undistributed earnings of subsidiaries |
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7,131 |
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6,161 |
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5,681 |
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Applicable income tax benefit |
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769 |
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903 |
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875 |
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Equity in undistributed earnings of subsidiary |
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14,696 |
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44,818 |
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7,039 |
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Net income |
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22,595 |
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51,882 |
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13,595 |
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Preferred stock dividends |
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— |
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— |
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1,115 |
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Accretion on preferred stock discount |
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— |
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— |
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3,559 |
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Net income available to common shareholders |
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$ |
22,595 |
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$ |
51,882 |
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$ |
8,921 |
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Condensed Statements of Cash Flows
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Years Ended December 31, |
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2011 |
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2010 |
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2009 |
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Cash flows from operating activities: |
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Net income |
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$ |
22,595 |
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$ |
51,882 |
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$ |
13,595 |
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Adjustments to reconcile net income to net cash provided by operating activities: |
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Depreciation and amortization |
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28 |
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31 |
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31 |
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Provision for loan losses |
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— |
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— |
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(34 |
) |
Share-based compensation |
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1,777 |
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1,625 |
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1,431 |
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Other-than-temporary impairment on securities |
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115 |
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120 |
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84 |
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Decrease (increase) in other assets |
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32 |
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78 |
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(111 |
) |
(Decrease) increase in other liabilities |
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365 |
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(337 |
) |
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996 |
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Undistributed earnings of subsidiary |
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(14,696 |
) |
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(44,818 |
) |
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(7,039 |
) |
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Net cash provided by operating activities |
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10,216 |
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8,581 |
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8,953 |
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Cash flows from investing activities: |
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Payments for investments in subsidiary |
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(34,700 |
) |
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— |
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(28,500 |
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Net cash used in investing activities |
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(34,700 |
) |
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— |
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(28,500 |
) |
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Cash flows from financing activities: |
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Preferred stock issuance, net of issuance costs |
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— |
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— |
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64,632 |
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Preferred stock repurchase |
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— |
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— |
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(64,779 |
) |
Common stock warrant repurchase |
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— |
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— |
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(1,400 |
) |
Common stock issuance |
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35,533 |
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669 |
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29,815 |
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Common stock repurchased |
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(342 |
) |
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(255 |
) |
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(446 |
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Dividends paid on preferred stock |
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— |
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— |
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(1,115 |
) |
Dividends paid on common stock |
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(9,514 |
) |
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(8,683 |
) |
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(8,177 |
) |
Stock options exercised |
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731 |
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307 |
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532 |
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Net cash provided by (used in) financing activities |
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26,408 |
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(7,962 |
) |
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19,062 |
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Net increase (decrease) in cash and cash equivalents |
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1,924 |
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619 |
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(485 |
) |
Cash and cash equivalents at beginning of period |
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2,621 |
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2,002 |
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2,487 |
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Cash and cash equivalents at end of period |
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$ |
4,545 |
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$ |
2,621 |
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$ |
2,002 |
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