Condensed Parent Company Financial Statements (Tables)

12 Months Ended

Dec. 31, 2016

WBCDC [Member]

Schedule of Condensed Balance Sheet

BALANCE SHEET

(in thousands)	December 31, 2016
Assets
Cash and due from banks	$	31,303
Loans, net of allowance for loan losses of $249		39,589
Investments		968
Other assets		286
Total Assets	$	72,146
Liabilities	$	274
Shareholder Equity		71,872
Total Liabilities and Shareholder Equity	$	72,146

Schedule of Condensed Income Statement

STATEMENT OF INCOME

(in thousands)	For the year ended December 31, 2016
Interest income
Loans	$	1,383
Total interest income		1,383
Provision for loan losses		32
Net interest income after provision for loan losses		1,351
Loss on investments		(94	)
Non-interest expense		79
Income before provision for income taxes		1,178
Provision for income taxes		436
Net income	$	742

Schedule of Condensed Cash Flow Statement

STATEMENT OF CASH FLOWS

(in thousands)	For the year ended December 31, 2016
Operating Activities
Net income	$	742
Provision for loan losses		32
Loss on investments		94
Net change in other assets		757
Net change in other liabilities		24
Net cash provided by operating activities		1,649
Investing Activities
Decrease in loans		3,337
Net cash provided by investing activities		3,337
Financing Activities
Qualified equity investment by parent company		—
Net cash provided by financing activities		—
Net increase in cash and cash equivalents		4,986
Cash and cash equivalents at beginning of year		26,317
Cash and cash equivalents at end of year	$	31,303

Parent Company [Member]

Schedule of Condensed Balance Sheet

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

Schedule of Condensed Income Statement

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

Schedule of Condensed Cash Flow Statement

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