PARENT COMPANY FINANCIAL INFORMATION (Tables) - Parent Company
|
12 Months Ended |
Dec. 31, 2019 |
|---|
| 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, 2019 and 2018
(Dollars in thousands)
|
|
|
|
|
|
|
|
|
2019 |
|
2018 |
ASSETS |
|
|
|
|
|
|
Cash |
|
$ |
5,283 |
|
$ |
3,681 |
Premises and equipment, net |
|
|
10,568 |
|
|
10,637 |
Other assets |
|
|
27,438 |
|
|
13,386 |
Investment in subsidiaries |
|
|
2,786,842 |
|
|
2,202,530 |
Total assets |
|
$ |
2,830,131 |
|
$ |
2,230,234 |
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
Short-term borrowings |
|
|
— |
|
|
5,000 |
Long-term borrowings |
|
|
157,155 |
|
|
157,057 |
Trust preferred capital notes |
|
|
140,237 |
|
|
134,342 |
Other liabilities |
|
|
19,637 |
|
|
9,254 |
Total liabilities |
|
|
317,029 |
|
|
305,653 |
Total stockholders' equity |
|
|
2,513,102 |
|
|
1,924,581 |
Total liabilities and stockholders' equity |
|
$ |
2,830,131 |
|
$ |
2,230,234 |
|
| 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, 2019, 2018, and 2017
(Dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
2019 |
|
2018 |
|
|
2017 |
Income: |
|
|
|
|
|
|
|
|
|
Interest and dividend income |
|
$ |
3 |
|
$ |
— |
|
$ |
3 |
Dividends received from subsidiaries |
|
|
160,033 |
|
|
50,750 |
|
|
33,350 |
Other operating income |
|
|
1,484 |
|
|
2,719 |
|
|
1,308 |
Total income |
|
|
161,520 |
|
|
53,469 |
|
|
34,661 |
Expenses: |
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
15,935 |
|
|
15,253 |
|
|
11,423 |
Other operating expenses |
|
|
11,434 |
|
|
13,782 |
|
|
7,130 |
Total expenses |
|
|
27,369 |
|
|
29,035 |
|
|
18,553 |
Income before income taxes and equity in undistributed net income from subsidiaries |
|
|
134,151 |
|
|
24,434 |
|
|
16,108 |
Income tax benefit |
|
|
(6,499) |
|
|
(6,176) |
|
|
(9,169) |
Equity in undistributed net income from subsidiaries |
|
|
52,878 |
|
|
115,638 |
|
|
47,646 |
Net income |
|
$ |
193,528 |
|
$ |
146,248 |
|
$ |
72,923 |
Comprehensive income |
|
$ |
239,376 |
|
$ |
136,905 |
|
$ |
75,848 |
|
| Financial Information for the Parent Company - Statements of Cash Flows |
PARENT COMPANY
CONDENSED STATEMENTS OF CASH FLOWS
YEARS ENDED DECEMBER 31, 2019, 2018, and 2017
(Dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
2019 |
|
2018 |
|
2017 |
Operating activities: |
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
193,528 |
|
$ |
146,248 |
|
$ |
72,923 |
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
|
Equity in undistributed net income of subsidiaries |
|
|
(52,878) |
|
|
(115,638) |
|
|
(47,646) |
Depreciation of premises and equipment |
|
|
424 |
|
|
424 |
|
|
439 |
Acquisition accounting amortization, net |
|
|
662 |
|
|
636 |
|
|
260 |
Gain on sale of investment |
|
|
— |
|
|
(1,416) |
|
|
— |
Issuance of common stock for services |
|
|
910 |
|
|
914 |
|
|
724 |
Net (increase) decrease in other assets |
|
|
(3,256) |
|
|
(584) |
|
|
(4,167) |
Net increase in other liabilities |
|
|
4,964 |
|
|
(4,159) |
|
|
5,283 |
Net cash and cash equivalents provided by (used in) operating activities |
|
|
144,354 |
|
|
26,425 |
|
|
27,816 |
Investing activities: |
|
|
|
|
|
|
|
|
|
Net increase in premises and equipment |
|
|
(355) |
|
|
— |
|
|
(35) |
Proceeds from sale of investment |
|
|
— |
|
|
3,761 |
|
|
— |
Proceeds from (payments for) equity method investment |
|
|
— |
|
|
— |
|
|
72 |
Cash paid in acquisitions |
|
|
(12) |
|
|
— |
|
|
— |
Cash received in acquisitions |
|
|
21,553 |
|
|
25,976 |
|
|
— |
Net cash and cash equivalents provided by (used in) investing activities |
|
|
21,186 |
|
|
29,737 |
|
|
37 |
Financing activities: |
|
|
|
|
|
|
|
|
|
Net increase (decrease) in short-term borrowings |
|
|
(5,000) |
|
|
5,000 |
|
|
— |
Cash dividends paid - common stock |
|
|
(78,345) |
|
|
(58,001) |
|
|
(35,393) |
Cancellation of warrants |
|
|
— |
|
|
(1,530) |
|
|
— |
Issuance (repurchase) of common stock |
|
|
(78,292) |
|
|
2,347 |
|
|
1,037 |
Vesting of restricted stock, net of shares held for taxes |
|
|
(2,301) |
|
|
(2,908) |
|
|
(1,567) |
Net cash and cash equivalents provided by (used in) financing activities |
|
|
(163,938) |
|
|
(55,092) |
|
|
(35,923) |
Increase (decrease) in cash and cash equivalents |
|
|
1,602 |
|
|
1,070 |
|
|
(8,070) |
Cash and cash equivalents at beginning of the period |
|
|
3,681 |
|
|
2,611 |
|
|
10,681 |
Cash and cash equivalents at end of the period |
|
$ |
5,283 |
|
$ |
3,681 |
|
$ |
2,611 |
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 |
|
|
— |
|