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 Balance Sheets—Parent Company Only

	December 31,
	2017		2016 (1)
	(in thousands)
Assets
Cash and due from banking subsidiary	$	533	$	1,718
Interest-earning deposits	8,765		729
Total cash and cash equivalents	9,298		2,447
Investment in banking subsidiary	1,971,788		1,238,712
Investment in other subsidiaries	5,157		4,978
Goodwill (1)	4,729		7
Other assets	3,426		5,139
Total assets	$	1,994,398	$	1,251,283
Liabilities and Shareholders’ Equity
Subordinated debentures	$	35,647	$	—
Junior subordinated debentures	8,248		—
Other liabilities	581		271
Total liabilities	44,476		271
Shareholders’ equity	1,949,922		1,251,012
Total liabilities and shareholders’ equity	$	1,994,398	$	1,251,283

_________

(1) Reclassified to conform to current period’s presentation. The reclassification was limited to adding a separate line for Goodwill, which was previously included in other assets.

Condensed Statements of Income—Parent Company Only

	Years Ended December 31,
	2017			2016			2015
	(in thousands)
Income
Dividend from banking subsidiary	$	66,800		$	83,500		$	67,000
Interest-earning deposits	2			4			5
Other income	8			8			92
Total income	66,810			83,512			67,097
Expense
Compensation and employee benefits	732			543			618
Subordinated debentures interest expense	304			—			—
Other borrowings interest expense	60			—			5
Other expense	3,090			1,608			1,368
Total expenses	4,186			2,151			1,991
Income before income tax benefit and equity in undistributed earnings of subsidiaries	62,624			81,361			65,106
Income tax benefit	(548		)	(748		)	(663		)
Income before equity in undistributed earnings of subsidiaries	63,172			82,109			65,769
Equity in undistributed earnings of subsidiaries	49,656			22,757			33,058
Net income	$	112,828		$	104,866		$	98,827

Condensed Statements of Cash Flows—Parent Company Only

	Years Ended December 31,
	2017			2016			2015
	(in thousands)
Operating Activities
Net income	$	112,828		$	104,866		$	98,827
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed earnings of subsidiaries	(49,656		)	(22,757		)	(33,058		)
Stock-based compensation expense	7,745			5,009			4,090
Net changes in other assets and liabilities	1,672			(394		)	(3,170		)
Net cash provided by operating activities	72,589			86,724			66,689
Investing Activities
Net cash paid in business combinations	(580		)	—			—
Net cash provided by investing activities	(580		)	—			—
Financing Activities
Preferred stock dividends	—			(157		)	(137		)
Common stock dividends	(51,308		)	(88,677		)	(77,263		)
Repayment of junior subordinated debentures	(6,186		)	—			(8,248		)
Cash settlement of acquired equity awards	(7,345		)	—			—
Purchase and retirement of common stock	(2,299		)	(1,125		)	(906		)
Proceeds from exercise of stock options	1,980			1,349			1,258
Excess tax benefit associated with share-based compensation	—			344			—
Net cash used in financing activities	(65,158		)	(88,266		)	(85,296		)
Increase (decrease) in cash and cash equivalents	6,851			(1,542		)	(18,607		)
Cash and cash equivalents at beginning of year	2,447			3,989			22,596
Cash and cash equivalents at end of year	$	9,298		$	2,447		$	3,989
Supplemental disclosure of noncash investing and financing activities
Share-based consideration issued in business combinations	$	636,385		$	—		$	—