Condensed Financial Statements of Parent Company (Tables)

12 Months Ended

Dec. 31, 2017

Condensed Financial Statements of Parent Company

Schedule of condensed balance sheet

	December 31,
(Dollars in thousands)	2017		2016
ASSETS
Cash	$	25,879	$	27,775
Investment securities available for sale		—		631
Investment in subsidiary		2,399,744		1,163,616
Other assets		1,111		1,235
Total assets	$	2,426,734	$	1,193,257
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities	$	117,813	$	58,669
Shareholders’ equity		2,308,921		1,134,588
Total liabilities and shareholders’ equity	$	2,426,734	$	1,193,257

Schedule of condensed statements of income

	Year Ended December 31,
(Dollars in thousands)	2017		2016		2015
Income:
Dividends from subsidiary	$	63,703	$	36,328	$	82,765
Operating income		580		177		38
Total income		64,283		36,505		82,803
Operating expenses		15,482		12,688		8,883
Income before income tax benefit and equity in undistributed earnings of subsidiaries		48,801		23,817		73,920
Applicable income tax benefit		5,053		4,270		2,975
Equity in undistributed earnings of subsidiary (excess distribution)		33,700		73,195		22,578
Net income		87,554		101,282		99,473
Preferred stock dividends		—		—		—
Net income available to common shareholders	$	87,554	$	101,282	$	99,473

Schedule of condensed statements of cash flows

	Year Ended December 31,
(Dollars in thousands)	2017		2016		2015
Cash flows from operating activities:
Net income	$	87,554	$	101,282	$	99,473
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		666		222		355
Share-based compensation		6,934		6,220		5,803
Gain on sale of securities available for sale		(486)		(122)		—
Decrease (increase) in other assets		(1,564)		26		(296)
(Decrease) increase in other liabilities		(6,341)		3,750		(1,648)
Undistributed earnings of subsidiary		(33,700)		(73,195)		(22,578)
Net cash provided by operating activities		53,063		38,183		81,109
Cash flows from investing activities:
Proceeds from sales and calls of other investment securities		687		137		1,392
Payments for investments in subsidiaries		—		—		(384)
Net cash inflow from acquisitions		15,468		—		—
Net cash provided by investing activities		16,155		137		1,008
Cash flows from financing activities:
Repayment of other borrowings		(30,000)		—		(46,392)
Common stock issuance		1,056		925		908
Common stock repurchased		(5,512)		(5,981)		(5,631)
Dividends paid on common stock		(38,623)		(29,285)		(23,710)
Stock options exercised		1,965		2,204		1,115
Net cash used in financing activities		(71,114)		(32,137)		(73,710)
Net increase (decrease) in cash and cash equivalents		(1,896)		6,183		8,407
Cash and cash equivalents at beginning of period		27,775		21,592		13,185
Cash and cash equivalents at end of period	$	25,879	$	27,775	$	21,592