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Condensed Financial Statements of Parent Company
12 Months Ended
Dec. 31, 2012
Condensed Financial Statements of Parent Company  
Condensed Financial Statements of Parent Company

Note 27—Condensed Financial Statements of Parent Company

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

Condensed Balance Sheet

 
  December 31,  
 
  2012   2011  
(Dollars in thousands)
 

ASSETS

             

Cash

  $ 6,122   $ 4,545  

Investment securities available for sale

    354     301  

Investment in subsidiaries

    554,634     421,573  

Other assets

    2,680     648  
           

Total assets

  $ 563,790   $ 427,067  
           

LIABILITIES AND SHAREHOLDERS' EQUITY

             

Liabilities

 
$

56,241
 
$

45,287
 

Shareholders' equity

    507,549     381,780  
           

Total liabilities and shareholders' equity

  $ 563,790   $ 427,067  
           

Condensed Statements of Income

 
  Years Ended December 31,  
(Dollars in thousands)
  2012   2011   2010  

Income:

                   

Dividends from subsidiaries

  $ 33,669   $ 9,514   $ 8,683  

Operating income (loss)

    59     (52 )   (52 )
               

Total income

    33,728     9,462     8,631  

Operating expenses

    2,482     2,331     2,470  
               

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

    31,246     7,131     6,161  

Applicable income tax benefit

    812     769     903  

Equity in undistributed earnings of subsidiary (excess distribution)

    (2,026 )   14,696     44,818  
               

Net income

  $ 30,032   $ 22,595   $ 51,882  
               

Condensed Statements of Cash Flows

 
  Years Ended December 31,  
(Dollars in thousands)
  2012   2011   2010  

Cash flows from operating activities:

                   

Net income

  $ 30,032   $ 22,595   $ 51,882  

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

                   

Depreciation and amortization

        28     31  

Share-based compensation

    1,741     1,777     1,625  

Other-than-temporary impairment on securities

        115     120  

Decrease (increase) in other assets

    (83 )   32     78  

(Decrease) increase in other liabilities

    (3,511 )   365     (337 )

Undistributed earnings of subsidiary

    2,026     (14,696 )   (44,818 )
               

Net cash provided by operating activities

    30,205     10,216     8,581  
               

Cash flows from investing activities:

                   

Net cash outlay for acquisitions

    (12,357 )        

Payments for investments in subsidiary

        (34,700 )    
               

Net cash (used in) investing activities

    (12,357 )   (34,700 )    
               

Cash flows from financing activities:

                   

Note payable repayment

    (7,155 )        

Common stock issuance

    720     35,533     669  

Common stock repurchased

    (836 )   (342 )   (255 )

Dividends paid on common stock

    (10,244 )   (9,514 )   (8,683 )

Stock options exercised

    1,244     731     307  
               

Net cash provided by (used in) financing activities

    (16,271 )   26,408     (7,962 )
               

Net increase (decrease) in cash and cash equivalents

    1,577     1,924     619  

Cash and cash equivalents at beginning of period

    4,545     2,621     2,002  
               

Cash and cash equivalents at end of period

  $ 6,122   $ 4,545   $ 2,621