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
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December 31, |
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(Dollars in thousands)
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2013 |
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2012 |
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ASSETS |
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Cash |
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$ |
11,757 |
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$ |
6,122 |
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Investment securities available for sale |
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519 |
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354 |
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Investment in subsidiaries |
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1,070,291 |
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554,634 |
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Other assets |
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420 |
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2,680 |
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Total assets |
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$ |
1,082,987 |
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$ |
563,790 |
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LIABILITIES AND SHAREHOLDERS' EQUITY |
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Liabilities |
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$ |
101,518 |
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$ |
56,241 |
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Shareholders' equity |
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981,469 |
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507,549 |
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Total liabilities and shareholders' equity |
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$ |
1,082,987 |
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$ |
563,790 |
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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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2013 |
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2012 |
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2011 |
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Income: |
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Dividends from subsidiaries |
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$ |
18,135 |
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$ |
33,669 |
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$ |
9,514 |
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Operating income (loss) |
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223 |
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59 |
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(52 |
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Total income |
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18,358 |
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33,728 |
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9,462 |
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Operating expenses |
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7,294 |
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2,482 |
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2,331 |
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Income before income tax benefit and equity in undistributed earnings of subsidiaries |
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11,064 |
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31,246 |
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7,131 |
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Applicable income tax benefit |
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2,360 |
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812 |
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769 |
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Equity in undistributed earnings of subsidiary (excess distribution) |
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35,795 |
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(2,026 |
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14,696 |
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Net income |
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49,219 |
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30,032 |
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22,595 |
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Preferred stock dividends |
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1,354 |
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— |
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— |
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Net income available to common shareholders |
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$ |
47,865 |
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$ |
30,032 |
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$ |
22,595 |
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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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2013 |
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2012 |
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2011 |
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Cash flows from operating activities: |
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Net income |
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$ |
49,219 |
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$ |
30,032 |
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$ |
22,595 |
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Adjustments to reconcile net income to net cash provided by operating activities: |
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Amortization of discount on junior subordinated debt |
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264 |
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— |
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28 |
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Share-based compensation |
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3,322 |
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1,741 |
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1,777 |
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Other-than-temporary impairment on securities |
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— |
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— |
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115 |
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Decrease (increase) in other assets |
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1,231 |
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(83 |
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32 |
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(Decrease) increase in other liabilities |
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(788 |
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(3,511 |
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365 |
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Undistributed earnings of subsidiary |
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(35,795 |
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2,026 |
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(14,696 |
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Net cash provided by operating activities |
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17,453 |
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30,205 |
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10,216 |
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Cash flows from investing activities: |
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Net cash inflow (outlay) for acquisitions |
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2,557 |
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(12,357 |
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— |
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Proceeds from business divestitures |
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520 |
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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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— |
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(34,700 |
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Net cash (used in) investing activities |
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3,077 |
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(12,357 |
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(34,700 |
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Cash flows from financing activities: |
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Note payable repayment |
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— |
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(7,155 |
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— |
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Common stock issuance |
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781 |
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720 |
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35,533 |
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Common stock repurchased |
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(933 |
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(836 |
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(342 |
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Dividends paid on preferred stock |
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(1,354 |
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— |
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— |
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Dividends paid on common stock |
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(15,274 |
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(10,244 |
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(9,514 |
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Stock options exercised |
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1,885 |
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1,244 |
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731 |
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Net cash provided by (used in) financing activities |
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(14,895 |
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(16,271 |
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26,408 |
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Net increase (decrease) in cash and cash equivalents |
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5,635 |
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1,577 |
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1,924 |
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Cash and cash equivalents at beginning of period |
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6,122 |
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4,545 |
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2,621 |
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Cash and cash equivalents at end of period |
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$ |
11,757 |
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$ |
6,122 |
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$ |
4,545 |
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