PARENT COMPANY FINANCIALS ONLY

12 Months Ended

Dec. 31, 2012

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

PARENT COMPANY FINANCIAL STATEMENTS

PARENT COMPANY FINANCIAL STATEMENTS

Condensed financial information relative to the Parent Company’s balance sheets at December 31, 2012 and 2011 and the related statements of income and cash flows for the years ended December 31, 2012, 2011, and 2010 are presented below. The statement of stockholders’ equity is not presented below as the parent company’s stockholders’ equity is that of the consolidated Company.

BALANCE SHEETS

	December 31
	2012		2011
	(Dollars in thousands)
Assets
Cash (1)	$	18,535	$	26,391
Investments in subsidiaries(2)	600,808		513,561
Prepaid income taxes	161		—
Deferred tax asset	4,602		4,471
Deferred stock issuance costs	267		169
Total assets	$	624,373	$	544,592
Liabilities and stockholders’ equity
Dividends payable	$	—	$	4,086
Other Borrowings	12,000		—
Junior subordinated debentures	74,127		61,857
Accrued income taxes	—		41
Derivative instruments(1)	8,834		9,489
Other liabilities	92		62
Total liabilities	95,053		75,535
Stockholders’ equity	529,320		469,057
Total liabilities and stockholders’ equity	$	624,373	$	544,592

(1) Entire balance eliminates in consolidation.

(2) $598,608 and $511,703 eliminate in consolidation at December 31, 2012 and 2011, respectively.

STATEMENTS OF INCOME

	Years Ended December 31
	2012			2011			2010
	(Dollars in thousands)
Income
Dividends received from subsidiaries(1)	$	28,709		$	20,962		$	18,857
Interest income(2)	83			74			85
Total income	28,792			21,036			18,942
Expenses
Interest expense	3,795			3,820			3,692
Other expenses	6			1			1
Total expenses	3,801			3,821			3,693
Income before income taxes and equity in undistributed income of subsidiaries	24,991			17,215			15,249
Income tax benefit	(1,636		)	(1,409		)	(1,184		)
Income of parent company	26,627			18,624			16,433
Equity in undistributed income of subsidiaries	16,000			26,812			23,807
Net income	$	42,627		$	45,436		$	40,240

(1) Income of $28,664, $20,924 and $18,819 eliminated in consolidation for the years ended December 31, 2012, 2011, and 2010, respectively.

(2) Entire balance eliminated in consolidation.

STATEMENTS OF CASH FLOWS

	Years Ended December 31
	2012			2011			2010
	(Dollars in thousands)
Cash flows from operating activities
Net income	$	42,627		$	45,436		$	40,240
Adjustments to reconcile net income to cash provided by operating activities
Amortization	(13		)	8			7
Deferred income tax benefit	(398		)	(42		)	(110		)
Decrease in other assets	5,430			—			—
Increase (decrease) in other liabilities	(240		)	(3,106		)	1,480
Equity in undistributed income of subsidiaries	(16,000		)	(26,812		)	(23,807		)
Net cash provided by operating activities	31,406			15,484			17,810
Cash flows used in investing activities
Cash paid for acquisitions, net of cash acquired	(21,648		)	—			—
Net cash used in investing activities	(21,648		)	—			—
Cash flows used in financing activities
Proceeds from other borrowings	12,000			—			—
Repayment of other borrowings	(10,053		)	—			—
Proceeds from stock issued and stock options exercised	1,242			4,127			743
Issuance of shares under direct stock purchase plan	1,691			824			—
Common Dividend Paid	(22,494		)	(16,038		)	(15,237		)
Net cash used in financing activities	(17,614		)	(11,087		)	(14,494		)
Net increased (decreased) in cash and cash equivalents	(7,856		)	4,397			3,316
Cash and cash equivalents at the beginning of the year	26,391			21,994			18,678
Cash and cash equivalents at the end of the year	$	18,535		$	26,391		$	21,994