Condensed Financial Statements of Parent Company |
Note 26—Condensed Financial Statements of Parent Company Financial information pertaining only to South State Corporation is as follows: Condensed Balance Sheets | | | | | | | | | | December 31, | | (Dollars in thousands) | | 2019 | | 2018 | | ASSETS | | | | | | | | Cash | | $ | 21,688 | | $ | 21,092 | | Investment in subsidiary | | | 2,467,466 | | | 2,461,836 | | Other assets | | | 204 | | | 54 | | Total assets | | $ | 2,489,358 | | $ | 2,482,982 | | LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | | | | Liabilities | | $ | 116,345 | | $ | 116,686 | | Shareholders’ equity | | | 2,373,013 | | | 2,366,296 | | Total liabilities and shareholders’ equity | | $ | 2,489,358 | | $ | 2,482,982 | |
Condensed Statements of Income | | | | | | | | | | | | | Year Ended December 31, | | (Dollars in thousands) | | 2019 | | 2018 | | 2017 | | Income: | | | | | | | | | | | Dividends from subsidiary | | $ | 214,852 | | $ | 117,298 | | $ | 63,703 | | Operating income | | | 5,386 | | | 67 | | | 580 | | Total income | | | 220,238 | | | 117,365 | | | 64,283 | | Operating expenses | | | 15,409 | | | 15,302 | | | 15,482 | | Income before income tax benefit and equity in undistributed earnings of subsidiaries | | | 204,829 | | | 102,063 | | | 48,801 | | Applicable income tax benefit | | | 1,883 | | | 3,055 | | | 5,053 | | Equity in undistributed earnings of subsidiary (excess distribution) | | | (20,229) | | | 73,753 | | | 33,700 | | Net income available to common shareholders | | $ | 186,483 | | $ | 178,871 | | $ | 87,554 | |
Condensed Statements of Cash Flows | | | | | | | | | | | | | Year Ended December 31, | | (Dollars in thousands) | | 2019 | | 2018 | | 2017 | | Cash flows from operating activities: | | | | | | | | | | | Net income | | $ | 186,483 | | $ | 178,871 | | $ | 87,554 | | Adjustments to reconcile net income to net cash provided by operating activities: | | | | | | | | | | | Depreciation and amortization | | | 666 | | | 666 | | | 666 | | Share-based compensation | | | 8,839 | | | 8,783 | | | 6,934 | | Gain on sale of securities available for sale | | | (5,366) | | | — | | | (486) | | Decrease (increase) in other assets | | | (159) | | | 1,465 | | | (1,564) | | Decrease in other liabilities | | | (959) | | | (2,048) | | | (6,341) | | Undistributed earnings of subsidiary | | | 20,229 | | | (73,753) | | | (33,700) | | Net cash provided by operating activities | | | 209,733 | | | 113,984 | | | 53,063 | | Cash flows from investing activities: | | | | | | | | | | | Proceeds from sales and calls of other investment securities | | | 5,366 | | | — | | | 687 | | Net cash inflow from acquisitions | | | — | | | — | | | 15,468 | | Net cash provided by investing activities | | | 5,366 | | | — | | | 16,155 | | Cash flows from financing activities: | | | | | | | | | | | Repayment of other borrowings | | | — | | | — | | | (30,000) | | Common stock issuance | | | 1,394 | | | 1,331 | | | 1,056 | | Common stock repurchased | | | (159,431) | | | (70,577) | | | (5,512) | | Dividends paid on common stock | | | (57,696) | | | (50,557) | | | (38,623) | | Stock options exercised | | | 1,230 | | | 1,032 | | | 1,965 | | Net cash used in financing activities | | | (214,503) | | | (118,771) | | | (71,114) | | Net increase (decrease) in cash and cash equivalents | | | 596 | | | (4,787) | | | (1,896) | | Cash and cash equivalents at beginning of period | | | 21,092 | | | 25,879 | | | 27,775 | | Cash and cash equivalents at end of period | | $ | 21,688 | | $ | 21,092 | | $ | 25,879 | |
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