PARENT COMPANY FINANCIAL INFORMATION (Tables) - Parent Company
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12 Months Ended |
Dec. 31, 2020 |
Financial Information for the Parent Company - Balance Sheets |
Financial information for the Parent Company is as follows: PARENT COMPANY CONDENSED BALANCE SHEETS AS OF DECEMBER 31, 2020 and 2019 (Dollars in thousands) | | | | | | | | | 2020 | | 2019 | ASSETS | | | | | | | Cash | | $ | 116,748 | | $ | 5,283 | Premises and equipment, net | | | 10,435 | | | 10,568 | Other assets | | | 30,429 | | | 27,438 | Investment in subsidiaries | | | 2,858,608 | | | 2,786,842 | Total assets | | $ | 3,016,220 | | $ | 2,830,131 | LIABILITIES AND STOCKHOLDERS' EQUITY | | | | | | | Long-term borrowings | | $ | 148,806 | | $ | 157,155 | Trust preferred capital notes | | | 141,023 | | | 140,237 | Other liabilities | | | 17,901 | | | 19,637 | Total liabilities | | | 307,730 | | | 317,029 | Total stockholders' equity | | | 2,708,490 | | | 2,513,102 | Total liabilities and stockholders' equity | | $ | 3,016,220 | | $ | 2,830,131 |
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Financial Information for the Parent Company - Statements of Income and Comprehensive Income |
PARENT COMPANY CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME YEARS ENDED DECEMBER 31, 2020, 2019, and 2018 (Dollars in thousands) | | | | | | | | | | | | 2020 | | 2019 | | | 2018 | Income: | | | | | | | | | | Interest and dividend income | | $ | — | | $ | 3 | | $ | — | Dividends received from subsidiaries | | | 97,880 | | | 160,033 | | | 50,750 | Other operating income | | | 1,338 | | | 1,484 | | | 2,719 | Total income | | | 99,218 | | | 161,520 | | | 53,469 | Expenses: | | | | | | | | | | Interest expense | | | 13,506 | | | 15,935 | | | 15,253 | Other operating expenses | | | 8,249 | | | 11,434 | | | 13,782 | Total expenses | | | 21,755 | | | 27,369 | | | 29,035 | Income before income taxes and equity in undistributed net income from subsidiaries | | | 77,463 | | | 134,151 | | | 24,434 | Income tax benefit | | | (5,439) | | | (6,499) | | | (6,176) | Equity in undistributed net income from subsidiaries | | | 75,326 | | | 52,878 | | | 115,638 | Net income | | $ | 158,228 | | $ | 193,528 | | $ | 146,248 | Comprehensive income | | $ | 193,668 | | $ | 239,376 | | $ | 136,905 |
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Financial Information for the Parent Company - Statements of Cash Flows |
PARENT COMPANY CONDENSED STATEMENTS OF CASH FLOWS YEARS ENDED DECEMBER 31, 2020, 2019, and 2018 (Dollars in thousands) | | | | | | | | | | | | 2020 | | 2019 | | 2018 | Operating activities: | | | | | | | | | | Net income | | $ | 158,228 | | $ | 193,528 | | $ | 146,248 | Adjustments to reconcile net income to net cash provided by operating activities: | | | | | | | | | | Equity in undistributed net income of subsidiaries | | | (75,326) | | | (52,878) | | | (115,638) | Depreciation of premises and equipment | | | 439 | | | 424 | | | 424 | Acquisition accounting amortization, net | | | 735 | | | 662 | | | 636 | Gain on sale of investment | | | — | | | — | | | (1,416) | Issuance of common stock for services | | | 804 | | | 910 | | | 914 | Net increase in other assets | | | (3,005) | | | (3,256) | | | (584) | Net increase (decrease) in other liabilities | | | 10,038 | | | 4,964 | | | (4,159) | Net cash provided by (used in) operating activities | | | 91,913 | | | 144,354 | | | 26,425 | Investing activities: | | | | | | | | | | Net increase in premises and equipment | | | (306) | | | (355) | | | — | Proceeds from sale of investment | | | — | | | — | | | 3,761 | Increase in equity method investments | | | (2,353) | | | — | | | — | Cash paid in acquisitions | | | — | | | (12) | | | — | Cash received in acquisitions | | | — | | | 21,553 | | | 25,976 | Net cash provided by (used in) investing activities | | | (2,659) | | | 21,186 | | | 29,737 | Financing activities: | | | | | | | | | | Net increase (decrease) in short-term borrowings | | | — | | | (5,000) | | | 5,000 | Repayments of long-term borrowings | | | (8,500) | | | — | | | — | Cash dividends paid - common stock | | | (78,860) | | | (78,345) | | | (58,001) | Cash dividends paid - preferred stock | | | (5,658) | | | — | | | — | Cancellation of warrants | | | — | | | — | | | (1,530) | Issuance (repurchase) of common stock | | | (48,866) | | | (78,292) | | | 2,347 | Issuance of preferred stock, net | | | 166,356 | | | — | | | — | Vesting of restricted stock, net of shares held for taxes | | | (2,261) | | | (2,301) | | | (2,908) | Net cash provided by (used in) financing activities | | | 22,211 | | | (163,938) | | | (55,092) | Increase (decrease) in cash and cash equivalents | | | 111,465 | | | 1,602 | | | 1,070 | Cash, cash equivalents and restricted cash at beginning of the period | | | 5,283 | | | 3,681 | | | 2,611 | Cash, cash equivalents and restricted cash at end of the period | | $ | 116,748 | | $ | 5,283 | | $ | 3,681 | Supplemental schedule of noncash investing and financing activities | | | | | | | | | | Issuance of common stock in exchange for net assets in acquisition | | $ | — | | $ | 499,974 | | $ | 794,809 | | | | | | | | | | | Transactions related to bank acquisition | | | | | | | | | | Assets acquired | | | — | | | 509,075 | | | 859,176 | Liabilities assumed | | | — | | | 9,089 | | | 64,367 |
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