PARENT COMPANY FINANCIAL INFORMATION (Tables) - Parent Company

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

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

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