XML 92 R36.htm IDEA: XBRL DOCUMENT v2.4.0.8
Condensed Financial Statements of Parent Company
12 Months Ended
Dec. 31, 2013
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 First Financial Holdings, Inc. is as follows:

Condensed Balance Sheet

 
  December 31,  
(Dollars in thousands)
  2013   2012  

ASSETS

             

Cash

  $ 11,757   $ 6,122  

Investment securities available for sale

    519     354  

Investment in subsidiaries

    1,070,291     554,634  

Other assets

    420     2,680  
           

Total assets

  $ 1,082,987   $ 563,790  
           
           

LIABILITIES AND SHAREHOLDERS' EQUITY

             

Liabilities

  $ 101,518   $ 56,241  

Shareholders' equity

    981,469     507,549  
           

Total liabilities and shareholders' equity

  $ 1,082,987   $ 563,790  
           
           

Condensed Statements of Income

 
  Years Ended December 31,  
(Dollars in thousands)
  2013   2012   2011  

Income:

                   

Dividends from subsidiaries

  $ 18,135   $ 33,669   $ 9,514  

Operating income (loss)

    223     59     (52 )
               

Total income

    18,358     33,728     9,462  

Operating expenses

    7,294     2,482     2,331  
               

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

    11,064     31,246     7,131  

Applicable income tax benefit

    2,360     812     769  

Equity in undistributed earnings of subsidiary (excess distribution)

    35,795     (2,026 )   14,696  
               

Net income

    49,219     30,032     22,595  

Preferred stock dividends

    1,354          
               

Net income available to common shareholders

  $ 47,865   $ 30,032   $ 22,595  
               
               

Condensed Statements of Cash Flows

 
  Years Ended December 31,  
(Dollars in thousands)
  2013   2012   2011  

Cash flows from operating activities:

                   

Net income

  $ 49,219   $ 30,032   $ 22,595  

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

                   

Amortization of discount on junior subordinated debt

    264         28  

Share-based compensation

    3,322     1,741     1,777  

Other-than-temporary impairment on securities

            115  

Decrease (increase) in other assets

    1,231     (83 )   32  

(Decrease) increase in other liabilities

    (788 )   (3,511 )   365  

Undistributed earnings of subsidiary

    (35,795 )   2,026     (14,696 )
               

Net cash provided by operating activities

    17,453     30,205     10,216  
               

Cash flows from investing activities:

                   

Net cash inflow (outlay) for acquisitions

    2,557     (12,357 )    

Proceeds from business divestitures

    520          

Payments for investments in subsidiary

            (34,700 )
               

Net cash (used in) investing activities

    3,077     (12,357 )   (34,700 )
               

Cash flows from financing activities:

                   

Note payable repayment

        (7,155 )    

Common stock issuance

    781     720     35,533  

Common stock repurchased

    (933 )   (836 )   (342 )

Dividends paid on preferred stock

    (1,354 )        

Dividends paid on common stock

    (15,274 )   (10,244 )   (9,514 )

Stock options exercised

    1,885     1,244     731  
               

Net cash provided by (used in) financing activities

    (14,895 )   (16,271 )   26,408  
               

Net increase (decrease) in cash and cash equivalents

    5,635     1,577     1,924  

Cash and cash equivalents at beginning of period

    6,122     4,545     2,621  
               

Cash and cash equivalents at end of period

  $ 11,757   $ 6,122   $ 4,545