Condensed Parent Company Financial Statements |
NOTE 22.
CONDENSED PARENT COMPANY FINANCIAL STATEMENTS
Presented
below are the Condensed Balance Sheets, Statements of Income and
Statements of Cash Flows for the parent company:
BALANCE
SHEETS
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
(in
thousands)
|
|
2016 |
|
|
2015 |
|
ASSETS
|
|
|
|
|
|
|
|
|
Cash and short-term
investments
|
|
$ |
47,035 |
|
|
$ |
33,172 |
|
Investment in
subsidiaries—Bank
|
|
|
1,404,565 |
|
|
|
1,175,005 |
|
Investment in
subsidiaries—Nonbank
|
|
|
8,228 |
|
|
|
5,604 |
|
Securities available-for-sale, at fair value
|
|
|
2,133 |
|
|
|
1,891 |
|
Other assets
|
|
|
28,602 |
|
|
|
21,817 |
|
|
|
|
|
|
|
|
|
|
Total
Assets
|
|
$ |
1,490,563 |
|
|
$ |
1,237,489 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
Junior subordinated debt
owed to unconsolidated subsidiary trusts
|
|
$ |
137,559 |
|
|
$ |
106,196 |
|
Dividends payable and
other liabilities
|
|
|
11,596 |
|
|
|
9,161 |
|
|
|
|
|
|
|
|
|
|
Total
Liabilities
|
|
|
149,155 |
|
|
|
115,357 |
|
SHAREHOLDERS’
EQUITY
|
|
|
1,341,408 |
|
|
|
1,122,132 |
|
|
|
|
|
|
|
|
|
|
Total Liabilities and
Shareholders’ Equity
|
|
$ |
1,490,563 |
|
|
$ |
1,237,489 |
|
|
|
|
|
|
|
|
|
|
STATEMENTS
OF INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the years ended
December 31, |
|
(in
thousands)
|
|
2016 |
|
|
2015 |
|
|
2014 |
|
Dividends from
subsidiaries—Bank
|
|
$ |
85,000 |
|
|
$ |
60,000 |
|
|
$ |
59,500 |
|
Dividends from
subsidiaries—Nonbank
|
|
|
800 |
|
|
|
500 |
|
|
|
1,200 |
|
Income from
securities
|
|
|
75 |
|
|
|
75 |
|
|
|
128 |
|
Net securities
gain
|
|
|
— |
|
|
|
— |
|
|
|
745 |
|
Other income
|
|
|
147 |
|
|
|
104 |
|
|
|
416 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total income
|
|
|
86,022 |
|
|
|
60,679 |
|
|
|
61,989 |
|
Interest
expense
|
|
|
4,136 |
|
|
|
3,315 |
|
|
|
3,199 |
|
Other expense
|
|
|
5,628 |
|
|
|
5,547 |
|
|
|
3,940 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total expense
|
|
|
9,764 |
|
|
|
8,862 |
|
|
|
7,139 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income tax
benefit and undistributed net income of subsidiaries
|
|
|
76,258 |
|
|
|
51,817 |
|
|
|
54,850 |
|
Income tax
benefit
|
|
|
(3,149 |
) |
|
|
(2,971 |
) |
|
|
(2,006 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before
undistributed net income of subsidiaries
|
|
|
79,407 |
|
|
|
54,788 |
|
|
|
56,856 |
|
Equity in undistributed
net income of subsidiaries
|
|
|
7,228 |
|
|
|
25,974 |
|
|
|
13,118 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
INCOME
|
|
$ |
86,635 |
|
|
$ |
80,762 |
|
|
$ |
69,974 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The details
of other comprehensive income and accumulated other comprehensive
income are included in the consolidated financial
statements.
STATEMENTS
OF CASH FLOWS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the years ended
December 31, |
|
(in
thousands)
|
|
2016 |
|
|
2015 |
|
|
2014 |
|
OPERATING
ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$ |
86,635 |
|
|
$ |
80,762 |
|
|
$ |
69,974 |
|
Adjustments to reconcile
net income to net cash provided by operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity in undistributed
net income
|
|
|
(7,228 |
) |
|
|
(25,974 |
) |
|
|
(13,118 |
) |
Gain on
securities
|
|
|
— |
|
|
|
— |
|
|
|
(745 |
) |
Decrease in other
assets
|
|
|
14,679 |
|
|
|
199 |
|
|
|
1,908 |
|
Other—net
|
|
|
2,094 |
|
|
|
1,657 |
|
|
|
1,968 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by
operating activities
|
|
|
96,180 |
|
|
|
56,644 |
|
|
|
59,987 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INVESTING
ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceed from
sales—securities available-for-sale
|
|
|
— |
|
|
|
210 |
|
|
|
1,990 |
|
Acquisitions and
additional capitalization of subsidiaries, net of cash (paid)
acquired
|
|
|
(43,199 |
) |
|
|
1,465 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash (used in)
provided by investing activities
|
|
|
(43,199 |
) |
|
|
1,675 |
|
|
|
1,990 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCING
ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
Repayment of junior
subordinated debt
|
|
|
— |
|
|
|
(36,083 |
) |
|
|
— |
|
Repayment of other
borrowings
|
|
|
— |
|
|
|
(13,000 |
) |
|
|
— |
|
Issuance of common
stock
|
|
|
1,713 |
|
|
|
— |
|
|
|
— |
|
Repurchase of common
stock warrant
|
|
|
— |
|
|
|
(2,247 |
) |
|
|
— |
|
Treasury shares
(purchased) sold—net
|
|
|
(3,026 |
) |
|
|
(2,542 |
) |
|
|
1,918 |
|
Dividends paid to common
and preferred shareholders
|
|
|
(37,805 |
) |
|
|
(33,007 |
) |
|
|
(25,136 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used in
financing activities
|
|
|
(39,118 |
) |
|
|
(86,879 |
) |
|
|
(23,218 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease)
in cash and cash equivalents
|
|
|
13,863 |
|
|
|
(28,560 |
) |
|
|
38,759 |
|
Cash and short-term
investments at beginning of year
|
|
|
33,172 |
|
|
|
61,732 |
|
|
|
22,973 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and short-term
investments at end of year
|
|
$ |
47,035 |
|
|
$ |
33,172 |
|
|
$ |
61,732 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|