PARENT ONLY CONDENSED FINANCIAL STATEMENTS

12 Months Ended

Dec. 31, 2017

PARENT ONLY CONDENSED FINANCIAL STATEMENTS

PARENT ONLY CONDENSED FINANCIAL STATEMENTS

NOTE 25 — PARENT ONLY CONDENSED FINANCIAL STATEMENTS

Parent Only Condensed Balance Sheets

December 31	2017		2016
Assets
Cash and cash equivalents	$	20,673	$	10,366
Securities available for sale		130		130
Investment in subsidiaries		582,300		494,158
Other assets		7,069		8,396
Total assets	$	610,172	$	513,050
Liabilities
Subordinated debentures	$	58,545	$	41,239
Borrowings		11,667		18,333
Other liabilities		7,002		3,984
Total liabilities		77,214		63,556
Shareholders’ equity		532,958		449,494
Total liabilities and shareholders’ equity	$	610,172	$	513,050

Parent Only Condensed Statement of Income and Comprehensive Income

Year Ended December 31	2017		2016		2015
Income
Dividends from subsidiaries	$	48,221	$	43,100	$	28,900
Fees from subsidiaries		14,353		13,674		13,232
Other income		94		13		19
Total income		62,668		56,787		42,151
Expenses
Interest expense		2,926		1,876		1,264
Salaries and benefits		14,315		13,101		9,873
Professional fees		1,382		1,364		1,238
Other expenses		11,342		9,685		9,233
Total expenses		29,965		26,026		21,608
Income before income taxes and equity in undistributed income of subsidiaries		32,703		30,761		20,543
Income tax (benefit)		(5,942)		(4,415)		(2,989)
Income before equity in undistributed income of subsidiaries		38,645		35,176		23,532
Equity in undistributed income of subsidiaries		10,793		3,147		12,010
Net income	$	49,438	$	38,323	$	35,542
Comprehensive Income	$	50,562	$	28,778	$	34,453

Parent Only Condensed Statements of Cash Flows

Year Ended December 31	2017		2016		2015
Operating Activities
Net income	$	49,438	$	38,323	$	35,542
Undistributed (income)/loss of subsidiaries		(10,793)		(3,147)		(12,010)
Changes in other assets and liabilities		5,556		1,953		1,896
Net cash provided by operating activities		44,201		37,129		25,428
Investing Activities
Proceeds from sales of securities		—		19		—
Cash paid for bank acquisition, net		(10,581)		(45,188)		—
Purchases of equipment		(233)		(1,215)		(1,991)
Net cash used by investing activities		(10,814)		(46,384)		(1,991)
Financing Activities
Proceeds from exercise of stock options		1,143		1,783		294
Proceeds from term debt		—		30,000		—
Purchase of treasury shares		(395)		(1,045)		(3,527)
Repayment on term debt		(6,666)		(11,667)		—
Cash dividends on common stock		(17,162)		(14,296)		(11,680)
Net cash used by financing activities		(23,080)		4,775		(14,913)
Net change in cash and cash equivalents		10,307		(4,480)		8,524
Cash and cash equivalents, beginning of year		10,366		14,846		6,322
Cash and cash equivalents, end of year	$	20,673	$	10,366	$	14,846