Condensed Financial Statements of Parent Company (Tables)

12 Months Ended

Dec. 31, 2019

STATEMENTS OF FINANCIAL CONDITION



	December 31,
	2019		2018
	(Dollars in thousands)
ASSETS:
Cash and cash equivalents	$	38,981	$	12,593
Equity investments	—		525
Other assets	6,703		5,704
Investment in bank subsidiary	2,294,175		2,181,959
TOTAL ASSETS	$	2,339,859	$	2,200,781
LIABILITIES:
Convertible notes, net	$	199,458	$	194,543
Subordinated debentures, net	103,035		101,929
Accounts payable and other liabilities	1,355		1,098
Total liabilities	303,848		297,570
STOCKHOLDERS’ EQUITY	2,036,011		1,903,211
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	2,339,859	$	2,200,781

STATEMENTS OF INCOME AND COMPREHENSIVE INCOME



	Years Ended December 31,
	2019			2018			2017
	(Dollars in thousands)
Interest income	$	—		$	—		$	—
Interest expense	(16,001		)	(12,152		)	(5,089		)
Noninterest income	175			525			—
Noninterest expense	(4,386		)	(4,855		)	(5,988		)
Dividend from subsidiary, net	120,000			10,000			70,000
Equity in undistributed earnings of subsidiary	65,713			191,161			76,397
Income before income tax benefit	165,501			184,679			135,320
Income tax benefit	5,539			4,910			4,125
Net income	171,040			189,589			139,445
Other comprehensive income (loss), net of tax	41,854			(11,205		)	(3,527		)
Comprehensive income	$	212,894		$	178,384		$	135,918

STATEMENTS OF CASH FLOWS



	Years Ended December 31,
	2019			2018			2017
	(Dollars in thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	171,040		$	189,589		$	139,445
Adjustments to reconcile net income to net cash from operating activities:
Amortization	6,021			4,118			1,045
Stock-based compensation expense	—			300			523
Net change in fair value of equity investments with readily determinable fair value	(175		)	(525		)	—
Change in other assets	(999		)	4,534			665
Change in accounts payable and other liabilities	257			653			(17		)
Equity in undistributed earnings of bank subsidiary	(65,713		)	(191,161		)	(76,397		)
Net cash from operating activities	110,431			7,508			65,264
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sale of equity investments	700			—			—
Net cash from investing activities	700			—			—
CASH FLOWS USED IN FINANCING ACTIVITIES:
Issuance of additional stock pursuant to various stock plans	12			469			1,865
Proceeds from convertible notes, net of issuance fees	—			212,920			—
Purchase of treasury stock	(13,820		)	(150,000		)	—
Payments of cash dividends	(70,935		)	(71,631		)	(67,661		)
Net cash used in financing activities	(84,743		)	(8,242		)	(65,796		)
NET CHANGE IN CASH AND CASH EQUIVALENTS	26,388			(734		)	(532		)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR	12,593			13,327			13,859
CASH AND CASH EQUIVALENTS, END OF YEAR	$	38,981		$	12,593		$	13,327