Condensed Financial Information of Parent Company (Tables)

12 Months Ended

Dec. 31, 2017

CONDENSED BALANCE SHEETS


	As of December 31,
	2017		2016
	(Dollars in thousands)
Assets
Investment in subsidiaries	$	1,084,332	$	1,005,160
Other assets, net		26,703		24,754

Total assets	$	1,111,035	$	1,029,914


Liabilities	$	41,769	$	39,052
Stockholders’ equity		1,069,266		990,862

Total liabilities and stockholders’ equity	$	1,111,035	$	1,029,914

CONDENSED STATEMENTS OF EARNINGS


	For the Year Ended December 31,
	2017		2016		2015
	(Dollars in thousands)
Excess in net earnings of subsidiaries	$	50,253	$	55,192	$	53,259
Dividends from the Bank		57,000		49,000		49,000
Other expense, net		(2,842)		(2,763)		(3,114)

Net earnings	$	104,411	$	101,429	$	99,145

CONDENSED STATEMENTS OF CASH FLOWS


	For the Year Ended December 31,
	2017		2016		2015
	(Dollars in thousands)
Cash Flows from Operating Activities
Net earnings	$	104,411	$	101,429	$	99,145

Adjustments to reconcile net earnings to cash used in operating activities:
Earnings of subsidiaries		(107,253)		(104,192)		(102,259)
Tax settlement received from the Bank		1,577		2,557		1,233
Stock-based compensation		2,953		2,803		2,733
Other operating activities, net		(1,725)		(3,362)		(2,180)

Total adjustments		(104,448)		(102,194)		(100,473)

Net cash used in operating activities		(37)		(765)		(1,328)

Cash Flows from Investing Activities
Dividends received from the Bank		57,000		49,000		49,000

Net cash provided by investing activities		57,000		49,000		49,000

Cash Flows from Financing Activities
Cash dividends on common stock		(57,047)		(51,625)		(48,862)
Proceeds from exercise of stock options		2,683		5,151		5,144
Tax benefit related to exercise of stock options		-		932		308
Repurchase of common stock		(1,128)		(1,907)		(834)

Net cash used in financing activities		(55,492)		(47,449)		(44,244)

Net increase in cash and cash equivalents		1,471		786		3,428
Cash and cash equivalents, beginning of period		17,746		16,960		13,532

Cash and cash equivalents, end of period	$	19,217	$	17,746	$	16,960