PARENT COMPANY FINANCIAL INFORMATION (Tables) - Parent Company
|
12 Months Ended |
Dec. 31, 2020 |
|---|
| Financial Information for the Parent Company - Balance Sheets |
Financial information for the Parent Company is as follows:
PARENT COMPANY
CONDENSED BALANCE SHEETS
AS OF DECEMBER 31, 2020 and 2019
(Dollars in thousands)
|
|
|
|
|
|
|
|
|
2020 |
|
2019 |
ASSETS |
|
|
|
|
|
|
Cash |
|
$ |
116,748 |
|
$ |
5,283 |
Premises and equipment, net |
|
|
10,435 |
|
|
10,568 |
Other assets |
|
|
30,429 |
|
|
27,438 |
Investment in subsidiaries |
|
|
2,858,608 |
|
|
2,786,842 |
Total assets |
|
$ |
3,016,220 |
|
$ |
2,830,131 |
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
Long-term borrowings |
|
$ |
148,806 |
|
$ |
157,155 |
Trust preferred capital notes |
|
|
141,023 |
|
|
140,237 |
Other liabilities |
|
|
17,901 |
|
|
19,637 |
Total liabilities |
|
|
307,730 |
|
|
317,029 |
Total stockholders' equity |
|
|
2,708,490 |
|
|
2,513,102 |
Total liabilities and stockholders' equity |
|
$ |
3,016,220 |
|
$ |
2,830,131 |
|
| Financial Information for the Parent Company - Statements of Income and Comprehensive Income |
PARENT COMPANY
CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
YEARS ENDED DECEMBER 31, 2020, 2019, and 2018
(Dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
2020 |
|
2019 |
|
|
2018 |
Income: |
|
|
|
|
|
|
|
|
|
Interest and dividend income |
|
$ |
— |
|
$ |
3 |
|
$ |
— |
Dividends received from subsidiaries |
|
|
97,880 |
|
|
160,033 |
|
|
50,750 |
Other operating income |
|
|
1,338 |
|
|
1,484 |
|
|
2,719 |
Total income |
|
|
99,218 |
|
|
161,520 |
|
|
53,469 |
Expenses: |
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
13,506 |
|
|
15,935 |
|
|
15,253 |
Other operating expenses |
|
|
8,249 |
|
|
11,434 |
|
|
13,782 |
Total expenses |
|
|
21,755 |
|
|
27,369 |
|
|
29,035 |
Income before income taxes and equity in undistributed net income from subsidiaries |
|
|
77,463 |
|
|
134,151 |
|
|
24,434 |
Income tax benefit |
|
|
(5,439) |
|
|
(6,499) |
|
|
(6,176) |
Equity in undistributed net income from subsidiaries |
|
|
75,326 |
|
|
52,878 |
|
|
115,638 |
Net income |
|
$ |
158,228 |
|
$ |
193,528 |
|
$ |
146,248 |
Comprehensive income |
|
$ |
193,668 |
|
$ |
239,376 |
|
$ |
136,905 |
|
| Financial Information for the Parent Company - Statements of Cash Flows |
PARENT COMPANY
CONDENSED STATEMENTS OF CASH FLOWS
YEARS ENDED DECEMBER 31, 2020, 2019, and 2018
(Dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
2020 |
|
2019 |
|
2018 |
Operating activities: |
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
158,228 |
|
$ |
193,528 |
|
$ |
146,248 |
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
|
Equity in undistributed net income of subsidiaries |
|
|
(75,326) |
|
|
(52,878) |
|
|
(115,638) |
Depreciation of premises and equipment |
|
|
439 |
|
|
424 |
|
|
424 |
Acquisition accounting amortization, net |
|
|
735 |
|
|
662 |
|
|
636 |
Gain on sale of investment |
|
|
— |
|
|
— |
|
|
(1,416) |
Issuance of common stock for services |
|
|
804 |
|
|
910 |
|
|
914 |
Net increase in other assets |
|
|
(3,005) |
|
|
(3,256) |
|
|
(584) |
Net increase (decrease) in other liabilities |
|
|
10,038 |
|
|
4,964 |
|
|
(4,159) |
Net cash provided by (used in) operating activities |
|
|
91,913 |
|
|
144,354 |
|
|
26,425 |
Investing activities: |
|
|
|
|
|
|
|
|
|
Net increase in premises and equipment |
|
|
(306) |
|
|
(355) |
|
|
— |
Proceeds from sale of investment |
|
|
— |
|
|
— |
|
|
3,761 |
Increase in equity method investments |
|
|
(2,353) |
|
|
— |
|
|
— |
Cash paid in acquisitions |
|
|
— |
|
|
(12) |
|
|
— |
Cash received in acquisitions |
|
|
— |
|
|
21,553 |
|
|
25,976 |
Net cash provided by (used in) investing activities |
|
|
(2,659) |
|
|
21,186 |
|
|
29,737 |
Financing activities: |
|
|
|
|
|
|
|
|
|
Net increase (decrease) in short-term borrowings |
|
|
— |
|
|
(5,000) |
|
|
5,000 |
Repayments of long-term borrowings |
|
|
(8,500) |
|
|
— |
|
|
— |
Cash dividends paid - common stock |
|
|
(78,860) |
|
|
(78,345) |
|
|
(58,001) |
Cash dividends paid - preferred stock |
|
|
(5,658) |
|
|
— |
|
|
— |
Cancellation of warrants |
|
|
— |
|
|
— |
|
|
(1,530) |
Issuance (repurchase) of common stock |
|
|
(48,866) |
|
|
(78,292) |
|
|
2,347 |
Issuance of preferred stock, net |
|
|
166,356 |
|
|
— |
|
|
— |
Vesting of restricted stock, net of shares held for taxes |
|
|
(2,261) |
|
|
(2,301) |
|
|
(2,908) |
Net cash provided by (used in) financing activities |
|
|
22,211 |
|
|
(163,938) |
|
|
(55,092) |
Increase (decrease) in cash and cash equivalents |
|
|
111,465 |
|
|
1,602 |
|
|
1,070 |
Cash, cash equivalents and restricted cash at beginning of the period |
|
|
5,283 |
|
|
3,681 |
|
|
2,611 |
Cash, cash equivalents and restricted cash at end of the period |
|
$ |
116,748 |
|
$ |
5,283 |
|
$ |
3,681 |
Supplemental schedule of noncash investing and financing activities |
|
|
|
|
|
|
|
|
|
Issuance of common stock in exchange for net assets in acquisition |
|
$ |
— |
|
$ |
499,974 |
|
$ |
794,809 |
|
|
|
|
|
|
|
|
|
|
Transactions related to bank acquisition |
|
|
|
|
|
|
|
|
|
Assets acquired |
|
|
— |
|
|
509,075 |
|
|
859,176 |
Liabilities assumed |
|
|
— |
|
|
9,089 |
|
|
64,367 |
|