Condensed Parent Company Financial Statements (Tables)

12 Months Ended

Dec. 31, 2019

Condensed Financial Information Of Parent Company Only Disclosure [Abstract]

Summary of Balance Sheet of Parent Company

BALANCE SHEETS

	December 31,
	2019		2018
	(Dollars in thousands)
ASSETS
Cash	$	5,761	$	105,089
Investments in subsidiaries		946,311		822,336
Goodwill		69,478		624
Core deposit premium		9,617		—
Dividends receivable		11,622		11,058
Other assets		2,313		958
Total assets	$	1,045,102	$	940,065
LIABILITIES AND STOCKHOLDERS’ EQUITY
Other liabilities	$	13,309	$	10,472
Junior subordinated debentures		26,804		26,804
Stockholders’ equity		1,004,989		902,789
Total liabilities and stockholders’ equity	$	1,045,102	$	940,065

Summary of Income Statement of Parent Company

STATEMENTS OF INCOME

	Year Ended December 31,
	2019			2018			2017
	(Dollars in thousands)
OPERATING INCOME
Dividends from subsidiaries	$	77,559		$	38,326		$	29,455
Interest on interest-bearing deposits		1,150			1,151			291
Other		451			16			3
Total operating income		79,160			39,493			29,749
OPERATING EXPENSE
Interest		1,965			2,172			2,122
Other		5,017			698			770
Total operating expense		6,982			2,870			2,892
Income before taxes and equity in undistributed earnings of subsidiaries		72,178			36,623			26,857
Allocated income tax benefit		2,731			3,093			3,295
Income before equity in undistributed earnings of subsidiaries		74,909			39,716			30,152
Equity in undistributed earnings of subsidiaries		61,194			87,404			57,429
Amortization of stock-based compensation arrangements of subsidiaries		(1,224	)		(1,306	)		(1,142	)
Net income	$	134,879		$	125,814		$	86,439

Summary of Cash Flow of Parent Company

STATEMENTS OF CASH FLOW

	Year Ended December 31,
	2019			2018			2017
	(Dollars in thousands)
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	134,879		$	125,814		$	86,439
Adjustments to reconcile to net cash provided by operating activities:
Equity in undistributed earnings of subsidiaries		(61,194	)		(87,404	)		(57,429	)
Amortization of stock-based compensation arrangements of subsidiaries		1,224			1,306			1,142
Other, net		(440	)		(2,621	)		569
Net cash provided by operating activities		74,469			37,095			30,721
INVESTING ACTIVITIES
Net cash provided by acquisitions		—			41,347			—
Payments for investments in subsidiaries		(134,457	)		—			(502	)
Other, net		(418	)		(174	)		100
Net cash (used in) provided by investing activities		(134,875	)		41,173			(402	)
FINANCING ACTIVITIES
Issuance of common stock		2,484			2,238			4,844
Common stock acquired		(1,601	)		(7,914	)		—
Cash dividends paid		(39,805	)		(30,265	)		(24,783	)
Redemption of Junior Subordinated debentures		—			(5,155	)		—
Net cash used in financing activities		(38,922	)		(41,096	)		(19,939	)
Net (decrease) increase in cash and due from banks		(99,328	)		37,172			10,380
Cash and due from banks at the beginning of the period		105,089			67,917			57,537
Cash and due from banks at the end of the period	$	5,761		$	105,089		$	67,917
SUPPLEMENTAL DISCLOSURE
Cash paid during the period for interest	$	5,131		$	2,171		$	2,122
Cash received during the period for income taxes, net	$	4,518		$	3,647		$	4,643