Parent Company Financial Information

12 Months Ended

Dec. 31, 2017

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

PARENT COMPANY FINANCIAL INFORMATION

PARENT COMPANY FINANCIAL INFORMATION

Condensed Statements of Financial Condition

December 31,	2017			2016
(Dollars in thousands)
Assets:
Cash	$	37,344		$	103,018
Investment in subsidiaries	833,763			795,676
Investment in Capital Trust III	2,011			2,011
Other assets	17,465			6,480
Total assets	$	890,583		$	907,185
Liabilities:
Trust preferred securities	$	67,011		$	67,011
Senior debt	98,171			152,050
Interest payable	388			642
Other liabilities	668			146
Total liabilities	166,238			219,849
Stockholders’ equity:
Common stock	563			580
Capital in excess of par value	336,271			329,457
Accumulated other comprehensive loss	(8,152		)	(7,617		)
Retained earnings	669,557			627,078
Treasury stock	(273,894		)	(262,162		)
Total stockholders’ equity	724,345			687,336
Total liabilities and stockholders’ equity	$	890,583		$	907,185

Condensed Statements of Income

Year Ended December 31,	2017		2016			2015
(Dollars in thousands)
Income:
Interest income	$	3,167	$	3,402		$	1,780
Noninterest income	20,528		68,498			30,180
	23,695		71,900			31,960
Expenses:
Interest expense	9,168		7,979			5,124
Other operating expenses	996		747			233
	10,164		8,726			5,357
Income before equity in undistributed income of subsidiaries	13,531		63,174			26,603
Equity in undistributed income/(loss) of subsidiaries	35,722		(779		)	25,765
Income before taxes	49,253		62,395			52,368
Income tax benefit	991		1,685			1,165
Net income allocable to common stockholders	$	50,244	$	64,080		$	53,533

Condensed Statements of Cash Flows

Year Ended December 31,	2017			2016			2015
(Dollars in thousands)
Operating activities:
Net income	$	50,244		$	64,080		$	53,533
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed (income)/loss of subsidiaries	(35,722		)	779			(25,765		)
Decrease in other assets	1,618			133			3,925
Increase in other liabilities	1,422			655			405
Net cash provided by operating activities	17,562			65,647			32,098
Investing activities:
Payments for investment in and advances to subsidiaries	(1,360		)	(119		)	—
Sale or repayment of investments in and advances to subsidiaries	1,066			1,220			1,213
Net cash from business combinations	—			(57,604		)	(23,096		)
Investment in non-marketable securities	(10,072		)	(387		)	(3,589		)
Net cash used for investing activities	(10,366		)	(56,890		)	(25,472		)
Financing activities:
Repayment of long-term debt	—			(10,000		)	—
Issuance of common stock and exercise of common stock options	3,307			1,900			3,160
Repayment of senior debt	(55,000		)	—			—
Issuance of senior debt	—			97,849			—
Buy back of common stock	(11,752		)	(14,312		)	(31,659		)
Cash dividends paid	(9,425		)	(7,632		)	(6,002		)
Net cash (used for) provided by financing activities	(72,870		)	67,805			(34,501		)
(Decrease)/increase in cash	(65,674		)	76,562			(27,875		)
Cash at beginning of period	103,018			26,456			54,331
Cash at end of period	$	37,344		$	103,018		$	26,456