Condensed Financial Information - Parent Company Only

12 Months Ended

Dec. 31, 2017

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Condensed Financial Information - Parent Company Only

CONDENSED FINANCIAL INFORMATION - PARENT COMPANY ONLY

CONDENSED BALANCE SHEETS

	December 31,
	2017		2016
	(in thousands)
ASSETS
Cash and due from banks	$	17,695	$	11,675
Investment securities, available for sale	5,158		7,757
Investment securities, held to maturity	1,000		1,000
Investment in subsidiaries	659,180		631,500
Other assets	6,013		5,018
TOTAL ASSETS	$	689,046	$	656,950
LIABILITIES AND STOCKHOLDERS’ EQUITY
Other liabilities	$	1,022	$	2,122
Subordinated debentures	104,902		104,784
Total stockholders’ equity	583,122		550,044
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	689,046	$	656,950

CONDENSED STATEMENTS OF OPERATIONS

	Years Ended December 31,
	2017			2016			2015
	(in thousands)
INCOME
Dividends from subsidiaries	$	26,665		$	20,687		$	23,376
Other income	2,750			199			1,987
TOTAL INCOME	29,415			20,886			25,363
EXPENSE
Interest on subordinated debentures	5,091			2,171			1,009
Noninterest expenses	377			442			605
TOTAL EXPENSE	5,468			2,613			1,614
Income before (benefit) provision for income taxes	23,947			18,273			23,749
Income taxes (benefit) provision	(2,018		)	(845		)	67
Income before equity in undistributed income of subsidiaries	25,965			19,118			23,682
Equity in undistributed income of subsidiaries	26,615			22,400			8,799
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS	$	52,580		$	41,518		$	32,481

CONDENSED STATEMENTS OF CASH FLOWS

	Years Ended December 31,
	2017			2016			2015
	(in thousands)
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	52,580		$	41,518		$	32,481
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Gain on securities	(2,539		)	—			(29		)
Amortization of subordinated debt costs	118			30			—
Gain on early extinguishment of debt	—			—			(1,830		)
Excess tax benefits	587			—			—
(Increase) decrease in other assets	(1,927		)	(922		)	3,861
(Decrease) increase in other liabilities	(17		)	1,010			176
Equity in undistributed income of subsidiaries	(26,615		)	(22,400		)	(8,799		)
NET CASH PROVIDED BY OPERATING ACTIVITIES	22,187			19,236			25,860
CASH FLOWS FROM INVESTING ACTIVITIES
Net cash used in acquisition	—			(5,356		)	—
Purchases of available for sale securities	(79		)	(62		)	(56		)
Purchases of held to maturity securities	—			—			(1,000		)
Proceeds from sale of available for sale securities	3,217			—			29
Contribution to subsidiary	—			(124,373		)	—
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES	3,138			(129,791		)	(1,027		)
CASH FLOWS FROM FINANCING ACTIVITIES
Cash dividends paid on common stock	(18,853		)	(16,007		)	(12,586		)
Proceeds from issuance of common stock, net	—			48,678			22
Proceeds from issuance of subordinated debt, net	—			73,516			—
Redemption of subordinated debentures, net	—			—			(8,170		)
Retirement of restricted stock	(773		)	(206		)	(254		)
Excess tax benefits	—			43			59
Exercise of stock options	321			285			124
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES	(19,305		)	106,309			(20,805		)
Net increase (decrease) in cash and cash equivalents	6,020			(4,246		)	4,028
Cash and cash equivalents, beginning of year	11,675			15,921			11,893
CASH AND CASH EQUIVALENTS, END OF YEAR	$	17,695		$	11,675		$	15,921