PARENT COMPANY FINANCIALS ONLY

12 Months Ended

Dec. 31, 2018

Condensed Financial Information Disclosure [Abstract]

PARENT COMPANY FINANCIAL STATEMENTS

PARENT COMPANY FINANCIAL STATEMENTS

Condensed financial information relative to the Parent Company’s balance sheets at December 31, 2018 and 2017 and the related statements of income and cash flows for the years ended December 31, 2018, 2017, and 2016 are presented below. The statement of stockholders’ equity is not presented below as the parent company’s stockholders’ equity is that of the consolidated Company.

BALANCE SHEETS

	December 31
	2018		2017
	(Dollars in thousands)
Assets
Cash(1)	$	64,256	$	48,131
Investments in subsidiaries(2)	1,128,407		1,010,125
Prepaid income taxes	1,014		786
Deferred tax asset	—		96
Derivative instruments(1)	1,711		1,535
Other assets	37		—
Total assets	$	1,195,425	$	1,060,673
Liabilities and stockholders’ equity
Dividends payable	$	10,671	$	8,786
Junior subordinated debentures	76,173		73,073
Subordinated debentures	34,728		34,682
Other liabilities	363		323
Total liabilities	121,935		116,864
Stockholders’ equity	1,073,490		943,809
Total liabilities and stockholders’ equity	$	1,195,425	$	1,060,673

 

(1) Entire balance eliminates in consolidation.

(2) Majority of balance eliminates in consolidation.

STATEMENTS OF INCOME

	Years Ended December 31
	2018			2017			2016
	(Dollars in thousands)
Income
Dividends received from subsidiaries(1)	$	71,255		$	47,006		$	44,598
Interest income(2)	—			50			98
Total income	71,255			47,056			44,696
Expenses
Interest expense	4,234			3,995			5,901
Total expenses	4,234			3,995			5,901
Income before income taxes and equity in undistributed income of subsidiaries	67,021			43,061			38,795
Income tax benefit	(1,151		)	(1,523		)	(1,791		)
Income of parent company	68,172			44,584			40,586
Equity in undistributed income of subsidiaries	53,450			42,620			36,062
Net income	$	121,622		$	87,204		$	76,648

 

(1) Majority of balance eliminates in consolidation.

(2) Entire balance eliminated in consolidation.

STATEMENTS OF CASH FLOWS

	Years Ended December 31
	2018			2017			2016
	(Dollars in thousands)
Cash flows from operating activities
Net income	$	121,622		$	87,204		$	76,648
Adjustments to reconcile net income to cash provided by operating activities
Amortization (accretion)	54			12			(154		)
Deferred income tax expense	49			51			678
Change in prepaid income taxes and other assets	135			(99		)	423
Change in other liabilities	6			(562		)	(5,532		)
Equity in undistributed income of subsidiaries	(53,450		)	(42,620		)	(36,062		)
Net cash provided by operating activities	68,416			43,986			36,001
Cash flows used in investing activities
Cash paid for acquisitions, net of cash acquired (1)	(13,649		)	(4,834		)	(950		)
Net cash used in investing activities	(13,649		)	(4,834		)	(950		)
Cash flows used in financing activities
Restricted stock awards issued, net of awards surrendered	(1,371		)	(1,422		)	(696		)
Net proceeds from exercise of stock options	184			214			201
Proceeds from shares issued under the direct stock purchase plan	2,712			1,636			2,323
Common dividends paid	(40,167		)	(34,045		)	(29,711		)
Net cash used in financing activities	(38,642		)	(33,617		)	(27,883		)
Net increase in cash and cash equivalents	16,125			5,535			7,168
Cash and cash equivalents at the beginning of the year	48,131			42,596			35,428
Cash and cash equivalents at the end of the year	$	64,256		$	48,131		$	42,596

(1)

The majority of the net assets acquired at the parent company represented each of the acquired companies' investments in their wholly owned subsidiaries, which were eliminated in consolidation at December 31, 2018, 2017, and 2016, respectively.