PARENT COMPANY FINANCIAL STATEMENTS (Tables)

12 Months Ended

Dec. 31, 2019

Condensed Financial Information Disclosure [Abstract]

Condensed Statements of Financial Condition

Condensed Statements of Financial Condition

	December 31,
($ in thousands)	2019		2018
ASSETS
Cash and cash equivalents	$	73,971	$	25,256
Other assets	42,243		13,746
Investment in subsidiaries	994,600		1,088,658
Total assets	$	1,110,814	$	1,127,660
LIABILITIES AND STOCKHOLDERS’ EQUITY
Notes payable, net	$	173,421	$	173,174
Accrued expenses and other liabilities	30,148		8,952
Stockholders’ equity	907,245		945,534
Total liabilities and stockholders’ equity	$	1,110,814	$	1,127,660

Condensed Statements of Operations

Condensed Statements of Operations

	Year Ended December 31,
($ in thousands)	2019			2018			2017
Income
Dividends from subsidiaries	$	142,467		$	94,250		$	18,000
Other operating income	62			76			2,285
Total income	142,529			94,326			20,285
Expenses
Interest expense for notes payable and other borrowings	9,480			9,421			10,764
Provision for loan losses	—			—			13
Loss on investments in alternative energy partnerships, net	—			—			8,493
Other operating expense	3,311			19,507			37,201
Total expenses	12,791			28,928			56,471
Income (loss) before income taxes and (excess dividends) retained equity in undistributed earnings of subsidiaries	129,738			65,398			(36,186		)
Income tax benefit	(3,670		)	(9,017		)	(31,453		)
Income (loss) before (excess dividends) retained equity in undistributed earnings of subsidiaries	133,408			74,415			(4,733		)
(Excess dividends) retained equity in undistributed earnings of subsidiaries	(109,649		)	(28,943		)	62,442
Net income	$	23,759		$	45,472		$	57,709

Condensed Statements of Cash Flows

Condensed Statements of Cash Flows

	Year Ended December 31,
($ in thousands)	2019			2018			2017
Cash flows from operating activities:
Net income	$	23,759		$	45,472		$	57,709
Adjustments to reconcile net income to net cash provided by operating activities
(Excess dividends) retained equity in undistributed earnings of subsidiaries	109,649			28,943			(62,442		)
Stock-based compensation expense	1,446			2,814			2,520
Amortization of debt issuance cost	247			233			247
Deferred income tax (benefit) expense	(86		)	(30,188		)	14,604
Loss on investments in alternative energy partnerships, net	—			—			8,493
Net change in other assets and liabilities	(2,095		)	35,591			(12,957		)
Net cash provided by operating activities	132,920			82,865			8,174
Cash flows from investing activities:
Purchase of investments	(5,000		)	—			—
Investments in alternative energy partnerships	—			—			(3,712		)
Net cash used in investing activities	(5,000		)	—			(3,712		)
Cash flows from financing activities:
Net (decrease) increase in other borrowings	—			—			(68,000		)
Redemption of preferred stock	(46,396		)	(40,250		)	—
Payment of junior subordinated amortizing notes	—			—			(2,684		)
Proceeds from exercise of stock options	—			—			2,043
Restricted stock surrendered due to employee tax liability	(1,023		)	(2,366		)	(6,824		)
Dividend equivalents paid on stock appreciation rights	(483		)	(810		)	(810		)
Dividends paid on common stock	(15,744		)	(32,725		)	(25,707		)
Dividends paid on preferred stock	(15,559		)	(21,954		)	(20,451		)
Net cash used in financing activities	(79,205		)	(98,105		)	(122,433		)
Net change in cash and cash equivalents	48,715			(15,240		)	(117,971		)
Cash and cash equivalents at beginning of year	25,256			40,496			158,467
Cash and cash equivalents at end of year	$	73,971		$	25,256		$	40,496
Supplemental disclosure of noncash activities:
Reclassification of stranded tax effects to retained earnings	$	—		$	496		$	—