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
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December 31, |
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2012 |
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2011 |
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(Dollars in thousands)
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ASSETS |
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Cash |
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$ |
6,122 |
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$ |
4,545 |
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Investment securities available for sale |
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354 |
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301 |
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Investment in subsidiaries |
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554,634 |
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421,573 |
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Other assets |
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2,680 |
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648 |
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Total assets |
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$ |
563,790 |
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$ |
427,067 |
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LIABILITIES AND SHAREHOLDERS' EQUITY |
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Liabilities |
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$ |
56,241 |
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$ |
45,287 |
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Shareholders' equity |
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507,549 |
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381,780 |
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Total liabilities and shareholders' equity |
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$ |
563,790 |
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$ |
427,067 |
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Condensed Statements of Income
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Years Ended December 31, |
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(Dollars in thousands)
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2012 |
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2011 |
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2010 |
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Income: |
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Dividends from subsidiaries |
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$ |
33,669 |
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$ |
9,514 |
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$ |
8,683 |
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Operating income (loss) |
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59 |
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(52 |
) |
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(52 |
) |
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Total income |
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33,728 |
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9,462 |
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8,631 |
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Operating expenses |
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2,482 |
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2,331 |
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2,470 |
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Income before income tax benefit and equity in undistributed earnings of subsidiaries |
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31,246 |
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7,131 |
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6,161 |
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Applicable income tax benefit |
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812 |
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769 |
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903 |
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Equity in undistributed earnings of subsidiary (excess distribution) |
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(2,026 |
) |
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14,696 |
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44,818 |
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Net income |
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$ |
30,032 |
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$ |
22,595 |
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$ |
51,882 |
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Condensed Statements of Cash Flows
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Years Ended December 31, |
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(Dollars in thousands)
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2012 |
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2011 |
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2010 |
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Cash flows from operating activities: |
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Net income |
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$ |
30,032 |
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$ |
22,595 |
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$ |
51,882 |
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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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— |
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28 |
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31 |
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Share-based compensation |
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1,741 |
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1,777 |
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1,625 |
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Other-than-temporary impairment on securities |
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— |
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115 |
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120 |
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Decrease (increase) in other assets |
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(83 |
) |
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32 |
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78 |
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(Decrease) increase in other liabilities |
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(3,511 |
) |
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365 |
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(337 |
) |
Undistributed earnings of subsidiary |
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2,026 |
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(14,696 |
) |
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(44,818 |
) |
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Net cash provided by operating activities |
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30,205 |
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10,216 |
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8,581 |
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Cash flows from investing activities: |
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Net cash outlay for acquisitions |
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(12,357 |
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— |
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— |
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Payments for investments in subsidiary |
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— |
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(34,700 |
) |
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— |
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Net cash (used in) investing activities |
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(12,357 |
) |
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(34,700 |
) |
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— |
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Cash flows from financing activities: |
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Note payable repayment |
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(7,155 |
) |
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— |
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— |
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Common stock issuance |
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720 |
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35,533 |
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669 |
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Common stock repurchased |
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(836 |
) |
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(342 |
) |
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(255 |
) |
Dividends paid on common stock |
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(10,244 |
) |
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(9,514 |
) |
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(8,683 |
) |
Stock options exercised |
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1,244 |
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731 |
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307 |
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Net cash provided by (used in) financing activities |
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(16,271 |
) |
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26,408 |
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(7,962 |
) |
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Net increase (decrease) in cash and cash equivalents |
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1,577 |
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1,924 |
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619 |
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Cash and cash equivalents at beginning of period |
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4,545 |
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2,621 |
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2,002 |
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Cash and cash equivalents at end of period |
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$ |
6,122 |
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$ |
4,545 |
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$ |
2,621 |
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