Condensed Financial Information (Parent Company Only) (Tables)

12 Months Ended

Dec. 31, 2019

Condensed Financial Information (Parent Company Only)

Summary of condensed balance sheets

	December 31,
	2019		2018
	(In thousands)
Assets
Cash and cash equivalents	$	463	$	2,224
Investment in subsidiaries		664,878		453,028
Other assets		2,213		2,104
Total assets	$	667,554	$	457,356
Liabilities
Lines of credit	$	—	$	25,000
Short-term subordinated debt		12,200		10,582
Other liabilities		1,626		537
Total liabilities		13,826		36,119
Shareholders’ Equity		653,728		421,237
Total liabilities and shareholders’ equity	$	667,554	$	457,356

Summary of condensed statements of income and comprehensive income

	Year Ended
	December 31,
	2019		2018		2017
	(In thousands)
Income
Dividends and return of capital from subsidiaries		43,903		37,816		13,632
Other Income		—		195		208
Total income		43,903		38,011		13,840
Expenses
Interest expense		3,641		8,055		7,603
Salaries and employee benefits		1,611		1,216		1,617
Professional fees		335		707		341
Other		423		420		251
Total expense		6,010		10,398		9,812
Income Before Income Tax and Equity in Undistributed Income of Subsidiaries		37,893		27,613		4,028
Income Tax Benefit		(1,433)		(2,542)		(3,670)
Income Before Equity in Undistributed Income of Subsidiaries		39,326		30,155		7,698
Equity in Undistributed Income of Subsidiaries		38,003		32,719		46,986
Net Income	$	77,329	$	62,874	$	54,684
Comprehensive Income	$	78,097	$	63,813	$	54,306

Summary of condensed statements of cash flows

	Year Ended
	December 31,
	2019		2018			2017
	(In thousands)
Operating Activities
Net income	$	77,329	$	62,874	$	54,684
Adjustments to reconcile net income to net cash used in operating activities		(36,567)		(30,522)		(44,185)
Net cash provided by operating activities		40,762		32,352		10,499
Investing Activities
Return of capital from/(contributed capital to) subsidiaries		(173,078)		19,368		(101,868)
Net cash paid for acquisitions		—		(27,209)		—
Other investing activity		126		74		189
Net cash used in investing activities		(172,952)		(7,767)		(101,679)
Financing Activities
Net change in lines of credit and subordinated debt		(23,382)		(19,418)		—
Dividends paid		(17,254)		(10,216)		(7,950)
Proceeds from issuance of common stock		—		—		106,245
Proceeds from issuance of preferred stock		192,915		—		—
Repurchase of preferred stock		(21,850)		—		—
Net cash provided by (used in) financing activities		130,429		(29,634)		98,295
Net Change in Cash and Due From Banks		(1,761)		(5,049)		7,115
Cash and Due From Banks at Beginning of Year		2,224		7,273		158
Cash and Due From Banks at End of Year	$	463	$	2,224		7,273