Annual report pursuant to Section 13 and 15(d)

PARENT COMPANY FINANCIAL INFORMATION (Tables)

v3.19.3.a.u2
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