Condensed Parent Company Financial Statements

12 Months Ended

Dec. 31, 2016

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

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