Condensed Parent Company Financial Statements (Tables)

12 Months Ended

Dec. 31, 2020

BALANCE SHEETS

	December 31,
	2020		2019
	(Dollars in thousands)
ASSETS
Cash	$	9,081	$	5,761
Investments in subsidiaries		1,003,017		946,311
Goodwill		69,478		69,478
Core deposit premium		8,622		9,617
Dividends receivable		12,750		11,622
Other assets		5,331		2,313
Total assets	$	1,108,279	$	1,045,102
LIABILITIES AND STOCKHOLDERS’ EQUITY
Other liabilities	$	13,590	$	13,309
Junior subordinated debentures		26,804		26,804
Stockholders’ equity		1,067,885		1,004,989
Total liabilities and stockholders’ equity	$	1,108,279	$	1,045,102

STATEMENTS OF INCOME

	Year Ended December 31,
	2020			2019			2018
	(Dollars in thousands)
OPERATING INCOME
Dividends from subsidiaries	$	50,872		$	77,559		$	38,326
Interest on interest-bearing deposits		1			1,150			1,151
Other		886			451			16
Total operating income		51,759			79,160			39,493
OPERATING EXPENSE
Interest		1,965			1,965			2,172
Other		3,317			5,017			698
Total operating expense		5,282			6,982			2,870
Income before taxes and equity in undistributed earnings of subsidiaries		46,477			72,178			36,623
Allocated income tax benefit		2,610			2,731			3,093
Income before equity in undistributed earnings of subsidiaries		49,087			74,909			39,716
Equity in undistributed earnings of subsidiaries		51,955			61,194			87,404
Amortization of stock-based compensation arrangements of subsidiaries		(1,456	)		(1,224	)		(1,306	)
Net income	$	99,586		$	134,879		$	125,814

STATEMENTS OF CASH FLOW

	Year Ended December 31,
	2020			2019			2018
	(Dollars in thousands)
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	99,586		$	134,879		$	125,814
Adjustments to reconcile to net cash provided by operating activities:
Equity in undistributed earnings of subsidiaries		(51,955	)		(61,194	)		(87,404	)
Amortization of stock-based compensation arrangements of subsidiaries		1,456			1,224			1,306
Other, net		188			(440	)		(2,621	)
Net cash provided by operating activities		49,275			74,469			37,095
INVESTING ACTIVITIES
Net cash provided by acquisitions		—			—			41,347
Payments for investments in subsidiaries		(1,000	)		(134,457	)		—
Other, net		(1,175	)		(418	)		(174	)
Net cash (used in) provided by investing activities		(2,175	)		(134,875	)		41,173
FINANCING ACTIVITIES
Issuance of common stock		1,790			2,484			2,238
Common stock acquired		(3,098	)		(1,601	)		(7,914	)
Cash dividends paid		(42,472	)		(39,805	)		(30,265	)
Redemption of Junior Subordinated debentures		—			—			(5,155	)
Net cash used in financing activities		(43,780	)		(38,922	)		(41,096	)
Net increase (decrease) in cash and due from banks		3,320			(99,328	)		37,172
Cash and due from banks at the beginning of the period		5,761			105,089			67,917
Cash and due from banks at the end of the period	$	9,081		$	5,761		$	105,089
SUPPLEMENTAL DISCLOSURE
Cash paid during the period for interest	$	1,966		$	5,131		$	2,171
Cash received during the period for income taxes, net	$	2,812		$	4,518		$	3,647