Parent Company Financial Information (Tables)

12 Months Ended

Dec. 31, 2018

Condensed Financial Information Disclosure [Abstract]

Condensed Statements of Income

Condensed Statements of Income

	Year Ended December 31,
(Dollars in thousands)	2018		2017			2016
Income:
Interest income	$	1,591	$	3,167		$	3,402
Unrealized gains on equity investments	15,819		—			—
Noninterest income	28,038		20,528			68,498
	45,448		23,695			71,900
Expenses:
Interest expense	7,290		9,168			7,979
Other operating expenses	245		996			747
	7,535		10,164			8,726
Income before equity in undistributed income of subsidiaries	37,913		13,531			63,174
Equity in undistributed income (loss) of subsidiaries	97,626		35,722			(779		)
Income before taxes	135,539		49,253			62,395
Income tax provision (benefit)	796		(991		)	(1,685		)
Net income allocable to common stockholders	$	134,743	$	50,244		$	64,080

Condensed Statements of Financial Condition

Condensed Statements of Financial Condition

	December 31,
(Dollars in thousands)	2018			2017
Assets:
Cash	$	30,581		$	37,344
Investment in subsidiaries	923,381			833,763
Investment in Capital Trust III	2,011			2,011
Other assets	31,050			17,465
Total assets	$	987,023		$	890,583
Liabilities:
Trust preferred	$	67,011		$	67,011
Senior debt	98,388			98,171
Interest payable	443			388
Other liabilities	261			668
Total liabilities	166,103			166,238
Stockholders’ equity:
Common stock	569			563
Capital in excess of par value	349,810			336,271
Accumulated other comprehensive loss	(15,394		)	(8,152		)
Retained earnings	791,031			669,557
Treasury stock	(305,096		)	(273,894		)
Total stockholders’ equity	820,920			724,345
Total liabilities and stockholders’ equity	$	987,023		$	890,583

Condensed Statements of Cash Flows

Condensed Statements of Cash Flows

	Year Ended December 31,
(Dollars in thousands)	2018			2017			2016
Operating activities:
Net income	$	134,743		$	50,244		$	64,080
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed (income) loss of subsidiaries	(97,626		)	(35,722		)	779
Gain on sale of equity investments, net	(3,757		)	—			—
Unrealized gains on equity investments	(15,088		)	—			—
(Decrease) increase in other assets	2,265			1,618			133
(Decrease) increase in other liabilities	(237		)	1,422			655
Net cash provided by operating activities	20,300			17,562			65,647
Investing activities:
Payments for investment in and advances to subsidiaries	—			(1,360		)	(119		)
Sale or repayment of investments in and advances to subsidiaries	—			1,066			1,220
Sale of Visa Class B shares	6,186			—			—
Net cash from business combinations	—			—			(57,604		)
Purchases of Visa Class B shares	(51		)	(10,072		)	(387		)
Net cash provided by (used for) investing activities	6,135			(10,366		)	(56,890		)
Financing activities:
Repayment of long-term debt	—			—			(10,000		)
Issuance of common stock	11,253			3,307			1,900
Repayment of senior debt	—			(55,000		)	—
Issuance of senior debt	—			—			97,849
Buy back of common stock	(31,202		)	(11,752		)	(14,312		)
Cash dividends paid	(13,249		)	(9,425		)	(7,632		)
Net cash (used for) provided by financing activities	(33,198		)	(72,870		)	67,805
(Decrease) increase in cash	(6,763		)	(65,674		)	76,562
Cash at beginning of period	37,344			103,018			26,456
Cash at end of period	$	30,581		$	37,344		$	103,018