Condensed Parent Company Financial Statements

12 Months Ended

Dec. 31, 2019

Condensed Financial Information Of Parent Company Only Disclosure [Abstract]

Condensed Parent Company Financial Statements

NOTE 23. 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)	2019		2018
ASSETS
Cash and due from banks	$	170,854	$	121,857
Investment in subsidiaries—Bank		2,572,915		1,991,452
Investment in subsidiaries—Nonbank		9,170		12,322
Securities available-for-sale, at fair value		225		1,212
Other assets		38,393		33,159
Total Assets	$	2,791,557	$	2,160,002
LIABILITIES
Junior subordinated debt owed to unconsolidated subsidiary trusts	$	174,660	$	164,356
Dividends payable and other liabilities		22,976		16,819
Total Liabilities		197,636		181,175
SHAREHOLDERS’ EQUITY		2,593,921		1,978,827
Total Liabilities and Shareholders’ Equity	$	2,791,557	$	2,160,002

STATEMENTS OF INCOME

	For the years ended December 31,
(in thousands)	2019			2018			2017
Dividends from subsidiaries—Bank	$	102,000		$	86,000		$	72,000
Dividends from subsidiaries—Nonbank		4,471			486			2,520
Income from securities		15			24			73
Other income		1,433			900			203
Total income		107,919			87,410			74,796
Interest expense		7,660			7,551			6,032
Other expense		8,807			7,940			4,004
Total expense		16,467			15,491			10,036
Income before income tax benefit and undistributed net income of subsidiaries		91,452			71,919			64,760
Income tax benefit		(3,207	)		(3,739	)		(4,726	)
Income before undistributed net income of subsidiaries		94,659			75,658			69,486
Equity in undistributed net income of subsidiaries		64,214			67,454			24,996
NET INCOME	$	158,873		$	143,112		$	94,482

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)	2019			2018			2017
OPERATING ACTIVITIES
Net income	$	158,873		$	143,112		$	94,482
Adjustments to reconcile net income to net    cash provided by operating activities:
Equity in undistributed net income		(64,214	)		(67,454	)		(24,996	)
(Increase) decrease in other assets		(5,443	)		(3,612	)		566
Net securities (gains) losses		(19	)		36			-
Other—net		6,898			4,988			2,848
Net cash provided by operating activities		96,095			77,070			72,900
INVESTING ACTIVITIES
Proceeds from sales—securities available-for-sale		1,007			1,511			-
Purchases of securities—securities available-for-sale		—			-			(200	)
Acquisitions and additional capitalization of subsidiaries,    net of cash acquired		62,112			37,309			-
Net cash provided by (used in) investing activities		63,119			38,820			(200	)
FINANCING ACTIVITIES
Repayment of junior subordinated debt		(33,506	)		(17,519	)		-
Issuance of common stock		72			1,578			1,040
Treasury shares purchased—net		(10,211	)		(426	)		-
Dividends paid to common and preferred shareholders		(66,572	)		(53,577	)		(44,864	)
Net cash used in financing activities		(110,217	)		(69,944	)		(43,824	)
Net increase in cash and cash equivalents		48,997			45,946			28,876
Cash and cash equivalents at beginning of year		121,857			75,911			47,035
Cash and cash equivalents at end of year	$	170,854		$	121,857		$	75,911