Condensed Parent Company Only Financial Statements

12 Months Ended

Dec. 31, 2016

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Condensed Parent Company Only Financial Statements

CONDENSED PARENT COMPANY ONLY FINANCIAL STATEMENTS

Condensed financial statements of the Parent are shown below. The Parent has no significant operating activities.

Condensed Balance Sheets

(Dollars in thousands)	December 31
	2016		2015
Assets
Cash in bank	$	436,792	$	154,298
Investments in subsidiaries	2,635,682		2,449,325
Other assets	40,423		54,454
	$	3,112,897	$	2,658,077
Liabilities and Shareholders’ Equity
Liabilities	$	173,203	$	159,242
Shareholders’ equity	2,939,694		2,498,835
	$	3,112,897	$	2,658,077

Condensed Statements of Income

	Year Ended December 31
(Dollars in thousands)	2016			2015			2014
Operating income
Reimbursement of management expenses	$	65,104		$	59,255		$	46,433
Other income	829			(329		)	437
Total operating income	65,933			58,926			46,870
Operating expenses
Interest expense	3,948			3,393			3,224
Salaries and employee benefits expense	45,623			41,689			31,981
Other expenses	19,566			17,492			14,576
Total operating expenses	69,137			62,574			49,781
Income (loss) before income tax benefit and increase in equity in undistributed earnings of subsidiaries	(3,204		)	(3,648		)	(2,911		)
Income tax expense (benefit)	530			800			(518		)
Income (loss) before equity in undistributed earnings of subsidiaries	(3,734		)	(4,448		)	(2,393		)
Equity in undistributed earnings of subsidiaries	190,511			147,292			107,775
Net Income	186,777			142,844			105,382
Preferred stock dividends	(7,977		)	—			—
Net Income Available to Common Shareholders	$	178,800		$	142,844		$	105,382

Condensed Statements of Cash Flows

(Dollars in thousands)	Year Ended December 31
	2016			2015			2014
Cash Flow from Operating Activities
Net income	$	186,777		$	142,844		$	105,382
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	98			416			595
Net income of subsidiaries	(190,511		)	(147,292		)	(107,775		)
Share-based compensation cost	14,523			13,906			11,985
Gain on sale of assets	—			(110		)	—
Tax benefit associated with share-based payment arrangements	(1,122		)	(580		)	(2,105		)
Other operating activities, net	12,417			82,105			(27,274		)
Net Cash Provided by (Used in) Operating Activities	22,182			91,289			(19,192		)
Cash Flow from Investing Activities
Cash paid in excess of cash received for acquisitions	—			(5,054		)	4,783
Proceeds from sale of premises and equipment	—			12			—
Purchases of premises and equipment	—			(2		)	(36		)
Return of capital from (Capital contributed to) subsidiary	(6,000		)	5,000			(14,600		)
Other investing activities, net	(749		)	—			—
Net Cash (Used in) Investing Activities	(6,749		)	(44		)	(9,853		)
Cash Flow from Financing Activities
Cash dividends paid on common stock	(56,793		)	(52,318		)	(43,070		)
Cash dividends paid on preferred stock	(7,028		)	—			—
Net share-based compensation stock transactions	6,899			1,915			7,966
Payments to repurchase common stock	(11,666		)	—			—
Net proceeds from issuance of common stock	279,242			—			—
Net proceeds from issuance of preferred stock	55,285			76,812			—
Tax benefit associated with share-based payment arrangements	1,122			580			2,105
Net Cash Provided by (Used In) Financing Activities	267,061			26,989			(32,999		)
Net Increase (Decrease) in Cash and Cash Equivalents	282,494			118,234			(62,044		)
Cash and Cash Equivalents at Beginning of Period	154,298			36,064			98,108
Cash and Cash Equivalents at End of Period	$	436,792		$	154,298		$	36,064