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PARENT COMPANY FINANCIAL INFORMATION
12 Months Ended
Dec. 31, 2016
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
PARENT COMPANY FINANCIAL INFORMATION
PARENT COMPANY FINANCIAL INFORMATION
 
The primary source of funds for the dividends paid by Union Bankshares Corporation (for this note only, the “Parent Company”) is dividends received from its subsidiaries. The payments of dividends by the Bank to the Parent Company are subject to certain statutory limitations which contemplate that the current year earnings and earnings retained for the two preceding years may be paid to the Parent Company without regulatory approval. As of December 31, 2016, the aggregate amount of unrestricted funds that could be transferred from the Bank to the Parent Company without prior regulatory approval totaled approximately $37.1 million, or 3.71%, of the consolidated net assets.
 
Financial information for the Parent Company is as follows:
 
PARENT COMPANY
CONDENSED BALANCE SHEETS
AS OF DECEMBER 31, 2016 and 2015
(Dollars in thousands)
 
 
2016
 
2015
ASSETS
 

 
 

Cash
$
10,681

 
$
10,386

Premises and equipment, net
11,470

 
11,875

Other assets
10,864

 
8,462

Investment in subsidiaries
1,213,484

 
1,067,611

Total assets
$
1,246,499

 
$
1,098,334

LIABILITIES AND STOCKHOLDERS' EQUITY
 

 
 

Long-term borrowings
148,000

 
7,500

Trust preferred capital notes
86,559

 
86,312

Other liabilities
10,908

 
9,155

Total liabilities
245,467

 
102,967

Total stockholders' equity
1,001,032

 
995,367

Total liabilities and stockholders' equity
$
1,246,499

 
$
1,098,334


 

PARENT COMPANY
CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
YEARS ENDED DECEMBER 31, 2016, 2015, and 2014
(Dollars in thousands)
 
 
2016
 
2015
 
2014
Income:
 

 
 

 
 

Interest and dividend income
$
23

 
$
8

 
$
5

Dividends received from subsidiaries
51,439

 
51,496

 
75,470

Equity in (distributed) undistributed net income from subsidiaries
31,984

 
20,800

 
(15,909
)
Other operating income
1,314

 
1,228

 
1,393

Total income
84,760

 
73,532

 
60,959

Expenses:
 

 
 

 
 

Interest expense
5,656

 
4,697

 
4,581

Occupancy expenses
549

 
556

 
573

Furniture and equipment expenses
18

 
9

 
20

Other operating expenses
1,061

 
1,191

 
3,621

Total expenses
7,284

 
6,453

 
8,795

Net income
$
77,476

 
$
67,079

 
$
52,164

Comprehensive income
$
67,415

 
$
61,076

 
$
66,609


 
PARENT COMPANY
CONDENSED STATEMENTS OF CASH FLOWS
YEARS ENDED DECEMBER 31, 2016, 2015, and 2014
(Dollars in thousands)
 
 
2016
 
2015
 
2014
Operating activities:
 

 
 

 
 

Net income
$
77,476

 
$
67,079

 
$
52,164

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

 
 

 
 

Equity in distributed (undistributed) net income of subsidiaries
(31,984
)
 
(20,800
)
 
15,909

Depreciation of premises and equipment
438

 
435

 
464

Acquisition accounting amortization, net
247

 
235

 
224

Issuance of common stock grants for services
533

 
564

 
713

Net (increase) decrease in other assets
(2,402
)
 
902

 
2,964

Net (decrease) increase in other liabilities
5,533

 
6,124

 
(7,286
)
Net cash and cash equivalents provided by operating activities
49,841

 
54,539

 
65,152

Investing activities:
 

 
 

 
 

Net decrease (increase) in premises and equipment
(33
)
 
(35
)
 
863

Payments for equity method investment

 
(355
)
 
(60
)
Payments for investments in and advances to subsidiaries
(125,000
)
 

 

Repayment of investments in and advances to subsidiaries
540

 

 

Cash received in acquisitions

 

 
4,735

Net cash and cash equivalents provided by (used in) investing activities
(124,493
)
 
(390
)
 
5,538

Financing activities:
 

 
 

 
 

Advances (repayments) of short-term borrowings

 
(8,000
)
 
8,000

Repayments of long-term borrowings
(7,500
)
 
(625
)
 
(625
)
Proceeds from issuance of long-term borrowings
148,000

 

 

Cash dividends paid
(33,672
)
 
(29,082
)
 
(25,494
)
Net Issuance (repurchase) of common stock
(31,881
)
 
(15,748
)
 
(52,971
)
Net cash and cash equivalents provided by (used in) financing activities
74,947

 
(53,455
)
 
(71,090
)
Net increase (decrease) in cash and cash equivalents
295

 
694

 
(400
)
Cash and cash equivalents at beginning of the period
10,386

 
9,692

 
10,092

Cash and cash equivalents at end of the period
$
10,681

 
$
10,386

 
$
9,692

Supplemental schedule of noncash investing and financing activities
 

 
 

 
 

Issuance of common stock in exchange for net assets in acquisition
$

 
$

 
$
549,523

 
 
 
 
 
 
Transactions related to bank acquisition
 

 
 

 
 

Assets acquired

 

 
2,957,521

Liabilities assumed

 

 
2,642,120