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Condensed Financial Statements of Parent Company
12 Months Ended
Dec. 31, 2019
Condensed Financial Statements of Parent Company  
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