PARENT COMPANY FINANCIALS ONLY (Tables)

12 Months Ended

Dec. 31, 2019

Condensed Financial Information Disclosure [Abstract]

BALANCE SHEETS



	December 31
	2019		2018
	(Dollars in thousands)
Assets
Cash (1)	$	135,688	$	64,256
Investments in subsidiaries (2)	1,743,435		1,128,407
Prepaid income taxes	31,586		1,014
Deferred tax asset	612		—
Derivative instruments (1)	290		1,711
Other assets	—		37
Total assets	$	1,911,611	$	1,195,425
Liabilities and stockholders’ equity
Dividends payable	$	15,126	$	10,671
Long-term borrowings (less unamortized debt issuance costs of $94)	74,906		—
Junior subordinated debentures (less unamortized debt issuance costs of $40 and $118)	62,848		76,173
Subordinated debentures (less unamortized debt issuance costs of $399 and $272)	49,601		34,728
Other liabilities	987		363
Total liabilities	203,468		121,935
Stockholders’ equity	1,708,143		1,073,490
Total liabilities and stockholders’ equity	$	1,911,611	$	1,195,425


(1)	Entire balance eliminates in consolidation.

(2)

Majority of balance eliminates in consolidation

Schedule of Condensed Statements of Income

STATEMENTS OF INCOME



	Years Ended December 31
	2019			2018			2017
	(Dollars in thousands)
Income
Dividends received from subsidiaries (1)	$	181,790		$	71,255		$	47,006
Interest income (2)	—			—			50
Total income	181,790			71,255			47,056
Expenses
Interest expense	8,236			4,234			3,995
Total expenses	8,236			4,234			3,995
Income before income taxes and equity in undistributed income of subsidiaries	173,554			67,021			43,061
Income tax benefit	(2,262		)	(1,151		)	(1,523		)
Income of parent company	175,816			68,172			44,584
Equity (deficit) in undistributed income of subsidiaries	(10,641		)	53,450			42,620
Net income	$	165,175		$	121,622		$	87,204


(1)	Majority of balance eliminates in consolidation.

(2)

Entire balance eliminated in consolidation.

Schedule of Condensed Statements of Cash Flows

STATEMENTS OF CASH FLOWS



	Years Ended December 31
	2019			2018			2017
	(Dollars in thousands)
Cash flows from operating activities
Net income	$	165,175		$	121,622		$	87,204
Adjustments to reconcile net income to cash provided by operating activities
Amortization	157			54			12
Deferred income tax expense	1,021			49			51
Change in prepaid income taxes and other assets	20,556			135			(99		)
Change in other liabilities	(4,613		)	6			(562		)
Deficit (equity) in undistributed income of subsidiaries	10,641			(53,450		)	(42,620		)
Net cash provided by operating activities	192,937			68,416			43,986
Cash flows provided by (used in) investing activities
Cash paid for acquisitions, net of cash acquired (1)	(148,297		)	(13,649		)	(4,834		)
Net cash used in investing activities	(148,297		)	(13,649		)	(4,834		)
Cash flows used in financing activities
Proceeds from line of credit, net of issuance costs	49,980			—			—
Repayment of line of credit, net of issuance costs	(49,980		)	—			—
Proceeds from long-term debt, net of issuance costs	74,867			—			—
Repayments of junior subordinated debentures, net of issuance costs	(13,329		)	—			—
Proceeds from issuance of subordinated debentures, net of issuance costs	49,526			—			—
Repayments of subordinated debentures, net of issuance costs	(34,767		)	—			—
Restricted stock awards issued, net of awards surrendered	(1,463		)	(1,371		)	(1,422		)
Net proceeds from exercise of stock options	281			184			214
Proceeds from shares issued under the direct stock purchase plan	4,951			2,712			1,636
Common dividends paid	(53,274		)	(40,167		)	(34,045		)
Net cash provided by (used in) financing activities	26,792			(38,642		)	(33,617		)
Net increase in cash and cash equivalents	71,432			16,125			5,535
Cash and cash equivalents at the beginning of the year	64,256			48,131			42,596
Cash and cash equivalents at the end of the year	$	135,688		$	64,256		$	48,131

(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, 2019, 2018, and 2017, respectively.