Parent Corporation Only Financial Statements (Tables)

12 Months Ended

Dec. 31, 2020

Condensed Statements of Condition

	As of December 31,
	2020		2019
	(dollars in thousands)
ASSETS
Cash and cash equivalents	$	34,388	$	21,392
Investment in subsidiaries		1,001,998		810,705
Receivable due from subsidiaries		32,250		32,250
Securities available-for-sale		155		155
Other assets		51,288		1,282
Total assets	$	1,120,079	$	865,784
LIABILITIES AND STOCKHOLDERS’ EQUITY
Other liabilities	$	2,121	$	5,709
Subordinated debentures		202,648		128,855
Stockholders’ equity		915,310		731,190
Total liabilities and stockholders’ equity	$	1,120,079	$	865,784

Condensed Statements of Income

	For Years Ended December 31,
	2020		2019		2018
	(dollars in thousands)
Income:
Dividend income from subsidiaries	$	15,200	$	30,050	$	16,700
Other income		1,683		1,652		1,618
Total Income		16,883		31,702		18,318
Expenses		(9,263)		(7,386)		(7,201)
Income before equity in undistributed earnings of subsidiaries		7,620		24,316		11,117
Equity in undistributed earnings of subsidiaries		63,669		49,079		49,235
Net Income	$	71,289	$	73,395	$	60,352

Condensed Statements of Cash Flows

	For Years Ended December 31
	2020		2019		2018
	(dollars in thousands)
Cash flows from operating activities:
Net income	$	71,289	$	73,395	$	60,352
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed earnings of subsidiary		(63,669)		(49,079)		(49,235)
Loss on equity securities, net		-		38		4
Amortization of subordinated debt issuance costs		323		329		332
(Increase) decrease in other assets		(50,001)		-		(959)
(Decrease) increase in other liabilities		(391)		(1,509)		3,843
Net cash provided by operating activities		(42,449)		23,174		14,337

Cash flows from investing activities:
Purchase of available-for-sale securities		-		(2)		(8)
Sales of available-for-sale securities		-		23		-
Sales of equity securities		-		569		-
Payment of short-term borrowing		(3,000)		-		-
Capital infusion to subsidiary		-		-		(64,500)
Net cash provided by (used) in investing activities		(3,000)		590		(64,508)

Cash flows from financing activities:
Proceeds from subordinated debt		73,440		-		73,525
Cash dividends on common stock		(14,317)		(12,160)		(9,664)
Repurchase of stock		(911)		(12,643)		-
Proceeds from exercise of stock options		233		360		875
Net cash (used in) provided by financing activities		58,445		(24,443)		64,736

(Decrease) increase in cash and cash equivalents		12,996		(679)		14,565
Cash and cash equivalents as of January 1,		21,392		22,071		7,506
Cash and cash equivalents as of December 31,	$	34,388	$	21,392	$	22,071