PARENT COMPANY FINANCIAL INFORMATION (Tables) - Parent Company
|
12 Months Ended |
Dec. 31, 2017 |
|---|
| 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, 2017 and 2016
(Dollars in thousands)
|
|
|
|
|
|
|
|
|
|
2017 |
|
2016 |
ASSETS |
|
|
|
|
|
Cash |
$ |
2,611 |
|
|
$ |
10,681 |
|
Premises and equipment, net |
11,061 |
|
|
11,470 |
|
Other assets |
15,036 |
|
|
10,864 |
|
Investment in subsidiaries |
1,263,545 |
|
|
1,213,484 |
|
Total assets |
$ |
1,292,253 |
|
|
$ |
1,246,499 |
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
Long-term borrowings |
148,201 |
|
|
148,000 |
|
Trust preferred capital notes |
86,819 |
|
|
86,559 |
|
Other liabilities |
10,904 |
|
|
10,908 |
|
Total liabilities |
245,924 |
|
|
245,467 |
|
Total stockholders' equity |
1,046,329 |
|
|
1,001,032 |
|
Total liabilities and stockholders' equity |
$ |
1,292,253 |
|
|
$ |
1,246,499 |
|
|
| 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, 2017, 2016, and 2015
(Dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2017 |
|
2016 |
|
2015 |
Income: |
|
|
|
|
|
|
|
|
Interest and dividend income |
$ |
3 |
|
|
$ |
23 |
|
|
$ |
8 |
|
Dividends received from subsidiaries |
33,350 |
|
|
51,439 |
|
|
51,496 |
|
Other operating income |
1,308 |
|
|
1,314 |
|
|
1,228 |
|
Total income |
34,661 |
|
|
52,776 |
|
|
52,732 |
|
Expenses: |
|
|
|
|
|
|
|
|
Interest expense |
11,423 |
|
|
5,656 |
|
|
4,697 |
|
Other operating expenses |
7,130 |
|
|
5,214 |
|
|
4,807 |
|
Total expenses |
18,553 |
|
|
10,870 |
|
|
9,504 |
|
Income before income taxes and equity in undistributed net income from subsidiaries |
16,108 |
|
|
41,906 |
|
|
43,228 |
|
Income tax benefit |
(9,169 |
) |
|
(3,586 |
) |
|
(3,051 |
) |
Equity in undistributed net income from subsidiaries |
47,646 |
|
|
31,984 |
|
|
20,800 |
|
Net income |
$ |
72,923 |
|
|
$ |
77,476 |
|
|
$ |
67,079 |
|
Comprehensive income |
$ |
75,848 |
|
|
$ |
67,415 |
|
|
$ |
61,076 |
|
|
| Financial Information for the Parent Company - Statements of Cash Flows |
PARENT COMPANY
CONDENSED STATEMENTS OF CASH FLOWS
YEARS ENDED DECEMBER 31, 2017, 2016, and 2015
(Dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2017 |
|
2016 |
|
2015 |
Operating activities: |
|
|
|
|
|
|
|
|
Net income |
$ |
72,923 |
|
|
$ |
77,476 |
|
|
$ |
67,079 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
Equity in undistributed net income of subsidiaries |
(47,646 |
) |
|
(31,984 |
) |
|
(20,800 |
) |
Depreciation of premises and equipment |
439 |
|
|
438 |
|
|
435 |
|
Acquisition accounting amortization, net |
260 |
|
|
247 |
|
|
235 |
|
Issuance of common stock grants for services |
724 |
|
|
533 |
|
|
564 |
|
Net (increase) decrease in other assets |
(4,167 |
) |
|
(2,402 |
) |
|
902 |
|
Net increase in other liabilities |
5,283 |
|
|
5,533 |
|
|
6,124 |
|
Net cash and cash equivalents provided by operating activities |
27,816 |
|
|
49,841 |
|
|
54,539 |
|
Investing activities: |
|
|
|
|
|
|
|
|
Net increase in premises and equipment |
(35 |
) |
|
(33 |
) |
|
(35 |
) |
Proceeds from (payments for) equity method investment |
72 |
|
|
— |
|
|
(355 |
) |
Payments for investments in and advances to subsidiaries |
— |
|
|
(125,000 |
) |
|
— |
|
Repayment of investments in and advances to subsidiaries |
— |
|
|
540 |
|
|
— |
|
Net cash and cash equivalents provided by (used in) investing activities |
37 |
|
|
(124,493 |
) |
|
(390 |
) |
Financing activities: |
|
|
|
|
|
|
|
|
Repayments of short-term borrowings |
— |
|
|
— |
|
|
(8,000 |
) |
Repayments of long-term borrowings |
— |
|
|
(7,500 |
) |
|
(625 |
) |
Proceeds from issuance of long-term borrowings |
— |
|
|
148,000 |
|
|
— |
|
Cash dividends paid |
(35,393 |
) |
|
(33,672 |
) |
|
(29,082 |
) |
Issuance (repurchase) of common stock |
1,037 |
|
|
(31,295 |
) |
|
(15,332 |
) |
Vesting of restricted stock, including tax effects |
(1,567 |
) |
|
(586 |
) |
|
(416 |
) |
Net cash and cash equivalents provided by (used in) financing activities |
(35,923 |
) |
|
74,947 |
|
|
(53,455 |
) |
Net increase (decrease) in cash and cash equivalents |
(8,070 |
) |
|
295 |
|
|
694 |
|
Cash and cash equivalents at beginning of the period |
10,681 |
|
|
10,386 |
|
|
9,692 |
|
Cash and cash equivalents at end of the period |
$ |
2,611 |
|
|
$ |
10,681 |
|
|
$ |
10,386 |
|
|