PARENT COMPANY FINANCIAL INFORMATION (Tables) - Parent Company
|
12 Months Ended |
Dec. 31, 2018 |
|---|
| 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, 2018 and 2017
(Dollars in thousands)
|
|
|
|
|
|
|
|
|
|
2018 |
|
2017 |
ASSETS |
|
|
|
|
|
Cash |
$ |
3,681 |
|
|
$ |
2,611 |
|
Premises and equipment, net |
10,637 |
|
|
11,061 |
|
Other assets |
13,386 |
|
|
15,036 |
|
Investment in subsidiaries |
2,202,530 |
|
|
1,263,545 |
|
Total assets |
$ |
2,230,234 |
|
|
$ |
1,292,253 |
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
Short-term borrowings |
5,000 |
|
|
— |
|
Long-term borrowings |
157,057 |
|
|
148,201 |
|
Trust preferred capital notes |
134,342 |
|
|
86,819 |
|
Other liabilities |
9,254 |
|
|
10,904 |
|
Total liabilities |
305,653 |
|
|
245,924 |
|
Total stockholders' equity |
1,924,581 |
|
|
1,046,329 |
|
Total liabilities and stockholders' equity |
$ |
2,230,234 |
|
|
$ |
1,292,253 |
|
|
| 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, 2018, 2017, and 2016
(Dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2018 |
|
2017 |
|
2016 |
Income: |
|
|
|
|
|
|
|
|
Interest and dividend income |
$ |
— |
|
|
$ |
3 |
|
|
$ |
23 |
|
Dividends received from subsidiaries |
50,750 |
|
|
33,350 |
|
|
51,439 |
|
Other operating income |
2,719 |
|
|
1,308 |
|
|
1,314 |
|
Total income |
53,469 |
|
|
34,661 |
|
|
52,776 |
|
Expenses: |
|
|
|
|
|
|
|
|
Interest expense |
15,253 |
|
|
11,423 |
|
|
5,656 |
|
Other operating expenses |
13,782 |
|
|
7,130 |
|
|
5,214 |
|
Total expenses |
29,035 |
|
|
18,553 |
|
|
10,870 |
|
Income before income taxes and equity in undistributed net income from subsidiaries |
24,434 |
|
|
16,108 |
|
|
41,906 |
|
Income tax benefit |
(6,176 |
) |
|
(9,169 |
) |
|
(3,586 |
) |
Equity in undistributed net income from subsidiaries |
115,638 |
|
|
47,646 |
|
|
31,984 |
|
Net income |
$ |
146,248 |
|
|
$ |
72,923 |
|
|
$ |
77,476 |
|
Comprehensive income |
$ |
136,905 |
|
|
$ |
75,848 |
|
|
$ |
67,415 |
|
|
| Financial Information for the Parent Company - Statements of Cash Flows |
PARENT COMPANY
CONDENSED STATEMENTS OF CASH FLOWS
YEARS ENDED DECEMBER 31, 2018, 2017, and 2016
(Dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2018 |
|
2017 |
|
2016 |
Operating activities: |
|
|
|
|
|
|
|
|
Net income |
$ |
146,248 |
|
|
$ |
72,923 |
|
|
$ |
77,476 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
Equity in undistributed net income of subsidiaries |
(115,638 |
) |
|
(47,646 |
) |
|
(31,984 |
) |
Depreciation of premises and equipment |
424 |
|
|
439 |
|
|
438 |
|
Acquisition accounting amortization, net |
636 |
|
|
260 |
|
|
247 |
|
Gain on sale of investment |
(1,416 |
) |
|
— |
|
|
— |
|
Issuance of common stock grants for services |
914 |
|
|
724 |
|
|
533 |
|
Net (increase) decrease in other assets |
(584 |
) |
|
(4,167 |
) |
|
(2,402 |
) |
Net increase in other liabilities |
(4,159 |
) |
|
5,283 |
|
|
5,533 |
|
Net cash and cash equivalents provided by operating activities |
26,425 |
|
|
27,816 |
|
|
49,841 |
|
Investing activities: |
|
|
|
|
|
|
|
|
Net increase in premises and equipment |
— |
|
|
(35 |
) |
|
(33 |
) |
Proceeds from sale of investment |
3,761 |
|
|
— |
|
|
— |
|
Proceeds from (payments for) equity method investment |
— |
|
|
72 |
|
|
— |
|
Payments for investments in and advances to subsidiaries |
— |
|
|
— |
|
|
(125,000 |
) |
Repayment of investments in and advances to subsidiaries |
— |
|
|
— |
|
|
540 |
|
Cash received in acquisitions |
25,976 |
|
|
— |
|
|
— |
|
Net cash and cash equivalents provided by (used in) investing activities |
29,737 |
|
|
37 |
|
|
(124,493 |
) |
Financing activities: |
|
|
|
|
|
|
|
|
Repayments of short-term borrowings |
5,000 |
|
|
— |
|
|
— |
|
Repayments of long-term borrowings |
— |
|
|
— |
|
|
(7,500 |
) |
Proceeds from issuance of long-term borrowings |
— |
|
|
— |
|
|
148,000 |
|
Cash dividends paid |
(58,001 |
) |
|
(35,393 |
) |
|
(33,672 |
) |
Cancellation of warrants |
(1,530 |
) |
|
— |
|
|
— |
|
Issuance (repurchase) of common stock |
2,347 |
|
|
1,037 |
|
|
(31,295 |
) |
Vesting of restricted stock, including tax effects |
(2,908 |
) |
|
(1,567 |
) |
|
(586 |
) |
Net cash and cash equivalents provided by (used in) financing activities |
(55,092 |
) |
|
(35,923 |
) |
|
74,947 |
|
Net increase (decrease) in cash and cash equivalents |
1,070 |
|
|
(8,070 |
) |
|
295 |
|
Cash and cash equivalents at beginning of the period |
2,611 |
|
|
10,681 |
|
|
10,386 |
|
Cash and cash equivalents at end of the period |
$ |
3,681 |
|
|
$ |
2,611 |
|
|
$ |
10,681 |
|
Supplemental schedule of noncash investing and financing activities |
|
|
|
|
|
|
|
|
Issuance of common stock in exchange for net assets in acquisition |
$ |
794,809 |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
|
|
|
|
Transactions related to bank acquisition |
|
|
|
|
|
|
|
|
Assets acquired |
859,176 |
|
|
— |
|
|
— |
|
Liabilities assumed |
64,367 |
|
|
— |
|
|
— |
|
|