XML 104 R29.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Parent Company Only Condensed Financial Statements
 12 Months Ended
Dec. 31, 2019
Condensed Financial Information Disclosure [Abstract]  
Parent Company Only Condensed Financial Statements PARENT COMPANY ONLY CONDENSED FINANCIAL STATEMENTS

Condensed Balance Sheets
 
December 31,
($ in thousands)
2019
 
2018
Assets
 
 
 
Cash
$
21,955

 
$
6,369

Investment in Bank
977,959

 
681,742

Investment in nonbank subsidiaries
9,795

 
7,312

Other assets
37,905

 
30,287

   Total assets
$
1,047,614

 
$
725,710

 
 
 
 
Liabilities and Shareholders’ Equity
 
 
 
Subordinated debentures and notes
$
141,258

 
$
118,156

Notes payable
34,286

 
2,000

Accounts payable and other liabilities
4,885

 
1,750

Shareholders' equity
867,185

 
603,804

   Total liabilities and shareholders' equity
$
1,047,614

 
$
725,710





Condensed Statements of Operations
 
Year ended December 31,
($ in thousands)
2019
 
2018
 
2017
Income:
 
 
 
 
 
Dividends from Bank
$
60,000

 
$
30,000

 
$
20,000

Dividends from nonbank subsidiaries
1,500

 
1,200

 
—

Other
663

 
1,784

 
708

Total income
62,163

 
32,984

 
20,708

 
 
 
 
 
 
Expenses:
 
 
 
 
 
Interest expense-subordinated debentures and notes
7,507

 
5,798

 
5,094

Interest expense-notes payable
1,182

 
62

 
89

Other expenses
6,936

 
7,087

 
5,486

Total expenses
15,625

 
12,947

 
10,669

 
 
 
 
 
 
Income before taxes and equity in undistributed earnings of subsidiaries
46,538

 
20,037

 
10,039

 
 
 
 
 
 
Income tax benefit
3,478

 
3,482

 
3,098

 
 
 
 
 
 
Net income before equity in undistributed earnings of subsidiaries
50,016

 
23,519

 
13,137

 
 
 
 
 
 
Equity in undistributed earnings of subsidiaries
42,723

 
65,698

 
35,053

Net income and comprehensive income
$
92,739

 
$
89,217

 
$
48,190


Condensed Statements of Cash Flows
 
Year ended December 31,
($ in thousands)
2019
 
2018
 
2017
Cash flows from operating activities:
 
 
 
 
 
Net income
$
92,739

 
$
89,217

 
$
48,190

Adjustments to reconcile net income to net cash provided by (used in) operating activities:
 
 
 
 
 
Share-based compensation
4,032

 
3,452

 
3,427

Net income of subsidiaries
(104,223
)
 
(94,898
)
 
(55,053
)
Dividends from subsidiaries
61,500

 
31,200

 
20,000

Other, net
(1,063
)
 
(953
)
 
(1,806
)
Net cash provided by operating activities
52,985

 
28,018

 
14,758

 
 
 
 
 
 
Cash flows from investing activities:
 
 
 
 
 
Cash paid for acquisitions, net of cash acquired
(36,015
)
 
—

 
(25,187
)
Purchases of other investments
(2,634
)
 
(2,729
)
 
(3,679
)
Proceeds from distributions on other investments
1,271

 
1,911

 
1,634

Net cash used by investing activities
(37,378
)
 
(818
)
 
(27,232
)
 
 
 
 
 
 
Cash flows from financing activities:
 
 
 
 
 
Proceeds from notes payable
1,000

 
2,000

 
10,000

Repayments of notes payable
(3,000
)
 
—

 
(10,000
)
Proceeds from issuance of long-term debt
40,000

 
—

 
—

Repayment of long-term debt
(5,714
)
 
—

 
—

Cash dividends paid
(16,569
)
 
(10,845
)
 
(10,249
)
Payments for the repurchase of common stock
(15,526
)
 
(19,387
)
 
(16,636
)
Payments for the issuance of equity instruments, net
(212
)
 
(2,576
)
 
(2,909
)
Net cash used by financing activities
(21
)
 
(30,808
)
 
(29,794
)
 
 
 
 
 
 
Net increase (decrease) in cash and cash equivalents
15,586

 
(3,608
)
 
(42,268
)
Cash and cash equivalents, beginning of year
6,369

 
9,977

 
52,245

Cash and cash equivalents, end of year
$
21,955

 
$
6,369

 
$
9,977

 
 
 
 
 
 
Supplemental disclosures of cash flow information:
 
 
 
 
 
Noncash transactions:
 
 
 
 
 
Common shares issued in connection with acquisitions
$
171,885

 
$
—

 
$
141,729