Parent Company Financial Information

Condensed Balance Sheets—Parent Company Only



	December 31,
	2018		2017
	(in thousands)
Assets
Cash and due from banking subsidiary	$	945	$	533
Interest-earning deposits	7,226		8,765
Total cash and cash equivalents	8,171		9,298
Investment in banking subsidiary	2,049,855		1,971,788
Investment in other subsidiaries	5,312		5,157
Goodwill	4,729		4,729
Other assets	1,595		3,426
Total assets	$	2,069,662	$	1,994,398
Liabilities and Shareholders’ Equity
Subordinated debentures	$	35,462	$	35,647
Junior subordinated debentures	—		8,248
Other liabilities	551		581
Total liabilities	36,013		44,476
Shareholders’ equity	2,033,649		1,949,922
Total liabilities and shareholders’ equity	$	2,069,662	$	1,994,398

Condensed Statements of Income—Parent Company Only



	Years Ended December 31,
	2018			2017			2016
	(in thousands)
Income
Dividend from banking subsidiary	$	85,250		$	66,800		$	83,500
Interest-earning deposits	12			2			4
Other income	56			8			8
Total income	85,318			66,810			83,512
Expense
Compensation and employee benefits	978			732			543
Subordinated debentures interest expense	1,871			304			—
Other borrowings interest expense	4			60			—
Other expense	2,058			3,090			1,608
Total expenses	4,911			4,186			2,151
Income before income tax benefit and equity in undistributed earnings of subsidiaries	80,407			62,624			81,361
Income tax benefit	(1,017		)	(548		)	(748		)
Income before equity in undistributed earnings of subsidiaries	81,424			63,172			82,109
Equity in undistributed earnings of subsidiaries	91,458			49,656			22,757
Net income	$	172,882		$	112,828		$	104,866

Condensed Statements of Cash Flows—Parent Company Only



	Years Ended December 31,
	2018			2017			2016
	(in thousands)
Operating Activities
Net income	$	172,882		$	112,828		$	104,866
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed earnings of subsidiaries	(91,458		)	(49,656		)	(22,757		)
Stock-based compensation expense	8,354			7,745			5,009
Net changes in other assets and liabilities	1,622			1,672			(394		)
Net cash provided by operating activities	91,400			72,589			86,724
Investing Activities
Net cash paid in business combinations	—			(580		)	—
Net cash provided by investing activities	—			(580		)	—
Financing Activities
Preferred stock dividends	—			—			(157		)
Common stock dividends	(83,459		)	(51,308		)	(88,677		)
Repayment of junior subordinated debentures	(8,248		)	(6,186		)	—
Cash settlement of acquired equity awards	—			(7,345		)	—
Purchase and retirement of common stock	(2,677		)	(2,299		)	(1,125		)
Proceeds from exercise of stock options	1,857			1,980			1,349
Excess tax benefit associated with share-based compensation	—			—			344
Net cash used in financing activities	(92,527		)	(65,158		)	(88,266		)
Increase (decrease) in cash and cash equivalents	(1,127		)	6,851			(1,542		)
Cash and cash equivalents at beginning of year	9,298			2,447			3,989
Cash and cash equivalents at end of year	$	8,171		$	9,298		$	2,447

Supplemental disclosure of noncash investing and financing activities
Share-based consideration issued in business combinations	$	—		$	636,385		$	—