Parent Company Financial Information (Tables)

12 Months Ended

Dec. 31, 2014

Condensed Balance Sheets

The following table presents condensed financial information for the parent company as of the dates and in the periods indicated:

	CONDENSED BALANCE SHEETS
	December 31,
(Amounts in thousands)	2014			2013
Assets
Cash and due from banks	$	21,646		$	10,872
Securities available for sale		8,172			13,335
Investment in subsidiary		334,155			310,748
Other assets		5,100			9,697
Total assets	$	369,073		$	344,652
Liabilities
Other borrowings	$	2,235		$	582
Subordinated debt		15,464			15,464
Total liabilities		17,699			16,046
Stockholders’ Equity
Preferred stock		15,151			15,251
Common stock		20,500			20,493
Additional paid-in capital		215,873			215,663
Retained earnings		140,014			124,535
Treasury stock		(35,751	)		(33,887	)
Accumulated other comprehensive loss		(4,413	)		(13,449	)
Total stockholders’ equity		351,374			328,606
Total liabilities and stockholders’ equity	$	369,073		$	344,652

Condensed Statements of Income

	CONDENSED STATEMENTS OF INCOME
	Years Ended December 31,
(Amounts in thousands)	2014			2013			2012
Cash dividends received from subsidiary bank	$	14,148		$	43,900		$	8,105
Other income		515			726			445
Operating expense		(1,793	)		(1,647	)		(1,318	)
Income tax expense		511			368			(55	)
Equity in undistributed earnings of subsidiary		12,109			(20,035	)		21,400
Net income		25,490			23,312			28,577
Dividends on preferred stock		910			1,024			1,058
Net income available to common shareholders	$	24,580		$	22,288		$	27,519

Condensed Statements of Cash Flows

	CONDENSED STATEMENTS OF CASH FLOWS
	Years Ended December 31,
(Amounts in thousands)	2014			2013			2012
Operating activities
Net income	$	25,490		$	23,312		$	28,577
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed earnings of subsidiary		(12,109	)		20,035			(21,400	)
Loss (gain) on sale of securities		2			(193	)		(49	)
Decrease (increase) in other assets		4,624			(5,293	)		123
(Decrease) increase in other liabilities		(347	)		333			588
Increase in other operating activities		(65	)		(106	)		(58	)
Net cash provided by operating activities		17,595			38,088			7,781
Investing activities
Proceeds from sales of securities available-for-sale		5,030			3,380			2,151
Payments to acquire securities available-for-sale		—			(5,000	)		(5,137	)
Investment in subsidiary		(2,000	)		—			—
Net cash provided by (used in) investing activities		3,030			(1,620	)		(2,986	)
Financing activities
Proceeds from other borrowings		2,000			—			—
Proceeds from stock options exercised		89			789			144
Payments for repurchase of treasury stock		(2,168	)		(28,421	)		(1,012	)
Payments of common dividends		(9,200	)		(9,476	)		(8,162	)
Payments of preferred dividends		(910	)		(992	)		(1,120	)
Proceeds from other financing activities		338			28			137
Net cash used in financing activities		(9,851	)		(38,072	)		(10,013	)
Net increase (decrease) in cash and cash equivalents		10,774			(1,604	)		(5,218	)
Cash and cash equivalents at beginning of year		10,872			12,476			17,694
Cash and cash equivalents at end of year	$	21,646		$	10,872		$	12,476