Condensed Parent Company Financial Statements

12 Months Ended

Dec. 31, 2018

(17) CONDENSED PARENT COMPANY FINANCIAL STATEMENTS

BALANCE SHEETS

	December 31,
	2018		2017
	(Dollars in thousands)
ASSETS
Cash	$	105,089	$	67,917
Investments in subsidiaries		822,336		737,031
Goodwill		624		624
Dividends receivable		11,058		7,788
Other assets		958		1,401
Total assets	$	940,065	$	814,761
LIABILITIES AND STOCKHOLDERS’ EQUITY
Other liabilities	$	10,472	$	7,173
Junior subordinated debentures		26,804		31,959
Stockholders’ equity		902,789		775,629
Total liabilities and stockholders’ equity	$	940,065	$	814,761

STATEMENTS OF INCOME

	Year Ended December 31,
	2018			2017			2016
	(Dollars in thousands)
OPERATING INCOME
Dividends from subsidiaries	$	38,326		$	29,455		$	28,175
Interest on interest-bearing deposits		1,151			291			160
Other		16			3			3
Total operating income		39,493			29,749			28,338
OPERATING EXPENSE
Interest		2,172			2,122			2,096
Other		698			770			583
Total operating expense		2,870			2,892			2,679
Income before taxes and equity in undistributed earnings of subsidiaries		36,623			26,857			25,659
Allocated income tax benefit		3,093			3,295			1,244
Income before equity in undistributed earnings of subsidiaries		39,716			30,152			26,903
Equity in undistributed earnings of subsidiaries		87,404			57,429			44,172
Amortization of stock-based compensation arrangements of subsidiaries		(1,306	)		(1,142	)		(401	)
Net income	$	125,814		$	86,439		$	70,674

STATEMENTS OF CASH FLOW

	Year Ended December 31,
	2018			2017			2016
	(Dollars in thousands)
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	125,814		$	86,439		$	70,674
Adjustments to reconcile to net cash provided by operating activities:
Equity in undistributed earnings of subsidiaries		(87,404	)		(57,429	)		(44,172	)
Amortization of stock-based compensation arrangements of subsidiaries		1,306			1,142			401
Other, net		(2,621	)		569			136
Net cash provided by operating activities		37,095			30,721			27,039
INVESTING ACTIVITIES
Net cash provided by acquisitions		41,347			—			—
Payments for investments in subsidiaries		—			(502	)		—
Other, net		(174	)		100			—
Net cash provided by (used in) investing activities		41,173			(402	)		—
FINANCING ACTIVITIES
Issuance of common stock		2,238			4,844			13,354
Common stock acquired		(7,914	)		—			(5,523	)
Cash dividends paid		(30,265	)		(24,783	)		(22,770	)
Redemption of Junior Subordinated debentures		(5,155	)		—			—
Net cash used for financing activities		(41,096	)		(19,939	)		(14,939	)
Net increase in cash		37,172			10,380			12,100
Cash and due from banks at the beginning of the period		67,917			57,537			45,437
Cash and due from banks at the end of the period	$	105,089		$	67,917		$	57,537
SUPPLEMENTAL DISCLOSURE
Cash paid during the period for interest	$	2,171		$	2,122		$	2,096
Cash received during the period for income taxes, net	$	3,647		$	4,643		$	5,031