Parent Corporation Only Financial Statements (Tables)

12 Months Ended

Dec. 31, 2019

Condensed Statements of Condition

	At December 31,
	2019		2018
	(dollars in thousands)
ASSETS
Cash and cash equivalents	$	21,392	$	22,071
Investment in subsidiaries		810,705		692,516
Receivable due from subsidiaries		32,250		32,250
Securities available-for-sale		155		176
Equity securities		-		607
Other assets		1,282		1,282
Total assets	$	865,784	$	748,902
LIABILITIES AND STOCKHOLDERS’ EQUITY
Other liabilities	$	5,709	$	6,419
Subordinated debentures		128,855		128,556
Stockholders’ equity		731,190		613,927
Total liabilities and stockholders’ equity	$	865,784	$	748,902

Condensed Statements of Income

	For Years Ended December 31,
	2019		2018		2017
	(dollars in thousands)
Income:
Dividend income from subsidiaries	$	30,050	$	16,700	$	13,000
Other income		1,652		1,618		13
Total Income		31,702		18,318		13,013
Expenses		(7,386)		(7,201)		(3,251)
Income before equity in undistributed earnings of subsidiaries		24,316		11,117		9,762
Equity in undistributed earnings of subsidiaries		49,079		49,235		33,458
Net Income	$	73,395	$	60,352	$	43,220

Condensed Statements of Cash Flows

	For Years Ended December 31
	2019		2018		2017
	(dollars in thousands)
Cash flows from operating activities:
Net income	$	73,395	$	60,352	$	43,220
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed earnings of subsidiary		(49,079)		(49,235)		(33,458)
Loss on equity securities, net		38		4		-
Amortization of subordinated debt issuance costs		329		332		165
(Increase) decrease in other assets		-		(959)		104
(Decrease) increase in other liabilities		(1,509)		3,843		(151)
Net cash provided by operating activities		23,174		14,337		9,880

Cash flows from investing activities:
Purchase of available-for-sale securities		(2)		(8)		(7)
Sales of available-for-sale securities		23		-		-
Sales of equity securities		569		-		-
Capital infusion to subsidiary		-		(64,500)		-
Net cash provided by (used) in investing activities		590		(64,508)		(7)

Cash flows from financing activities:
Proceeds from subordinated debt		-		73,525		-
Cash dividends on common stock		(12,160)		(9,664)		(9,612)
Secondary offering and issuance of common stock		-		-		(180)
Repurchase of stock		(12,643)		-		-
Proceeds from exercise of stock options		360		875		417
Net cash (used in) provided by financing activities		(24,443)		64,736		(9,375)

(Decrease) increase in cash and cash equivalents		(679)		14,565		498
Cash and cash equivalents at January 1,		22,071		7,506		7,008
Cash and cash equivalents at December 31,	$	21,392	$	22,071	$	7,506