Condensed Financial Information-Parent Only (Tables)

12 Months Ended

Dec. 31, 2019


	December 31,
	2019	2018
	(in thousands)
Assets
Cash and due from banks	$ 13,286	$ 14,090
Investment in subsidiaries	475,998	396,753
Other assets	8,644	9,368
Total assets	$ 497,928	$ 420,211

Liabilities and stockholders' equity
Other liabilities	$ 30	$ 34
Subordinated debentures	13,401	13,401
Stockholders' equity	484,497	406,776
Total liabilities and stockholders' equity	$ 497,928	$ 420,211


	For the year ended December 31,
	2019	2018	2017
	(in thousands)
Income
Other income	$ -	$ 517	$ 31,852
Total income	-	517	31,852

Expense
Interest on subordinated debentures	750	714	586
Non-interest expense	6,721	4,528	37,465
Total expense	7,471	5,242	38,051
Equity in undistributed income of subsidiaries	59,030	93,402	25,097
Income before tax benefit	51,559	88,677	18,898
Income tax benefit	-	-	(2,775)
Net income available to common shareholders	$ 51,559	$ 88,677	$ 21,673


	Year ended December 31,
	2019	2018	2017
	(in thousands)
Operating activities
Net income	$ 51,559	$ 88,677	$ 21,673
(Increase) decrease in other assets	724	(22)	3,045
Increase (decrease) in other liabilities	(4)	6	5
Stock based compensation expense	5,689	3,450	3,245
Equity in undistributed income loss	(59,030)	(93,402)	(25,097)
Net cash provided by (used in) operating activities	(1,062)	(1,291)	2,871

Investing activities
Contribution to subsidiary	-	-	-
Net cash used in investing activities	-	-	-

Financing activities
Proceeds from the issuance of common stock	-	-	-
Proceeds from the exercise of common stock options	258	111	-
Proceeds from advances from subsidiaries	-	-	4,128
Net cash provided by financing activities	258	111	4,128
Net increase (decrease) in cash and cash equivalents	(804)	(1,180)	6,999
Cash and cash equivalents, beginning of year	14,090	15,270	8,271
Cash and cash equivalents, end of year	$ 13,286	$ 14,090	$ 15,270