PARENT COMPANY CONDENSED FINANCIAL INFORMATION (Tables)
 12 Months Ended
Dec. 31, 2016
PARENT COMPANY CONDENSED FINANCIAL INFORMATION  
Schedule of balance sheets

 

 

 

 

 

 

 

 

December 31, (in thousands)

    

2016

    

2015

 

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$
95,755

 

$
132,711

 

Security available for sale

 

 
3,200

 

 
3,405

 

Investment in bank subsidiary

 

 
541,972

 

 
479,302

 

Investment in non-bank subsidiaries

 

 
2,982

 

 
2,851

 

Other assets

 

 
6,838

 

 
4,945

 

 

 

 

 

 

 

 

 

Total assets

 

$
650,747

 

$
623,214

 

 

 

 

 

 

 

 

 

Liabilities and Stockholders’ Equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Subordinated note

 

$
41,240

 

$
41,240

 

Other liabilities

 

 
5,101

 

 
5,427

 

Stockholders’ equity

 

 
604,406

 

 
576,547

 

 

 

 

 

 

 

 

 

Total liabilities and stockholders’ equity

 

$
650,747

 

$
623,214

 

 

Schedule of statements of income

 

 

 

 

 

 

 

 

 

 

 

Years Ended December 31, (in thousands)

    

2016

    

2015

    

2014

 

 

 

 

 

 

 

 

 

 

 

 

Income and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends from subsidiary

 

$
19,114

 

$
17,340

 

$
16,676

 

Interest income

 

 
162

 

 
17

 

 
2

 

Other income

 

 
45

 

 
45

 

 
45

 

Less: Interest expense

 

 
915

 

 
2,056

 

 
2,515

 

Less: Other expenses

 

 
446

 

 
568

 

 
392

 

 

 

 

 

 

 

 

 

 

 

 

Income before income tax benefit

 

 
17,960

 

 
14,778

 

 
13,816

 

Income tax benefit

 

 
394

 

 
876

 

 
976

 

 

 

 

 

 

 

 

 

 

 

 

Income before equity in undistributed net income of subsidiaries

 

 
18,354

 

 
15,654

 

 
14,792

 

Equity in undistributed net income of subsidiaries

 

 
27,549

 

 
19,512

 

 
13,995

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$
45,903

 

$
35,166

 

$
28,787

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive income

 

$
44,541

 

$
32,900

 

$
29,981

 

 

Schedule of statements of cash flows

 

 

 

 

 

 

 

 

 

 

 

Years Ended December 31, (in thousands)

    

2016

    

2015

    

2014

 

 

 

 

 

 

 

 

 

 

 

 

Operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$
45,903

 

$
35,166

 

$
28,787

 

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

 

 

 

 

 

 

 

 

 

 

Accretion of investment security

 

 
(44)

 

 
(4)

 

 

 —

 

Equity in undistributed net income of subsidiaries

 

 
(27,549)

 

 
(19,512)

 

 
(13,995)

 

Director deferred compensation - Parent Company

 

 
103

 

 
108

 

 
98

 

Change in other assets

 

 
(1,366)

 

 
1,853

 

 
3,834

 

Change in other liabilities

 

 
(313)

 

 
201

 

 
(1,500)

 

Net cash provided by operating activities

 

 
16,734

 

 
17,812

 

 
17,224

 

 

 

 

 

 

 

 

 

 

 

 

Investing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Acquisition of Cornerstone Bancorp, Inc.

 

 
(31,795)

 

 

 —

 

 

 —

 

Investment in Republic Insurance Services, Inc.

 

 

 —

 

 

 —

 

 
(246)

 

Purchases of security available for sale

 

 

 —

 

 
(3,401)

 

 

—

 

Net cash used in investing activities

 

 
(31,795)

 

 
(3,401)

 

 
(246)

 

 

 

 

 

 

 

 

 

 

 

 

Financing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Payoff of subordinated note, net of common security interest

 

 
(4,000)

 

 

 —

 

 

 —

 

Common Stock repurchases

 

 
(1,207)

 

 
(551)

 

 
(347)

 

Net proceeds from Common Stock options exercised

 

 
80

 

 
1,136

 

 
1,103

 

Cash dividends paid

 

 
(16,768)

 

 
(15,839)

 

 
(14,930)

 

Net cash used in financing activities

 

 
(21,895)

 

 
(15,254)

 

 
(14,174)

 

 

 

 

 

 

 

 

 

 

 

 

Net change in cash and cash equivalents

 

 
(36,956)

 

 
(843)

 

 
2,804

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents at beginning of period

 

 
132,711

 

 
133,554

 

 
130,750

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents at end of period

 

$
95,755

 

$
132,711

 

$
133,554