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PARENT COMPANY FINANCIAL STATEMENTS
 12 Months Ended
Dec. 31, 2017
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
PARENT COMPANY FINANCIAL STATEMENTS
PARENT COMPANY FINANCIAL STATEMENTS
The parent company only condensed statements of financial condition as of December 31, 2017 and 2016, and the related condensed statements of operations and condensed statements of cash flows for the years ended December 31, 2017, 2016, and 2015 are presented below:
Condensed Statements of Financial Condition
 
 
December 31,
($ in thousands)
 
2017
 
2016
ASSETS
 
 
 
 
Cash and cash equivalents
 
$
40,496

 
$
158,467

FHLB and other bank stock
 
—

 
78

Loans and leases receivable
 
—

 
405

Investments in alternative energy partnerships, net
 
—

 
25,639

Other assets
 
13,366

 
19,866

Investment in subsidiaries
 
1,146,788

 
1,038,618

Total assets
 
$
1,200,650

 
$
1,243,073

LIABILITIES AND STOCKHOLDERS’ EQUITY
 
 
 
 
Other borrowings, net
 
$
—

 
$
67,922

Notes payable, net
 
172,941

 
175,378

Accrued expenses and other liabilities
 
15,401

 
19,534

Stockholders’ equity
 
1,012,308

 
980,239

Total liabilities and stockholders’ equity
 
$
1,200,650

 
$
1,243,073


Condensed Statements of Operations
 
 
Year Ended December 31,
($ in thousands)
 
2017
 
2016
 
2015
Income
 
 
 
 
 
 
Dividends from subsidiaries
 
$
18,000

 
$
57,505

 
$
8,500

Interest income on loans
 
—

 
5

 
5

Gain on sale of subsidiary
 
—

 
3,694

 
—

Other operating income
 
2,285

 
3,973

 
—

Total income
 
20,285

 
65,177

 
8,505

Expenses
 
 
 
 
 
 
Interest expense for notes payable and other borrowings
 
10,764

 
12,703

 
14,659

Provision for loan and lease losses
 
13

 
—

 
—

Loss on investments in alternative energy partnerships, net
 
8,493

 
31,510

 
—

Other operating expense
 
37,201

 
23,730

 
13,810

Total expenses
 
56,471

 
67,943

 
28,469

Income (loss) before income taxes and equity in undistributed earnings of subsidiaries
 
(36,186
)
 
(2,766
)
 
(19,964
)
Income tax benefit
 
(31,453
)
 
(52,989
)
 
(8,431
)
Income (loss) before equity in undistributed earnings of subsidiaries
 
(4,733
)
 
50,223

 
(11,533
)
Equity in undistributed earnings of subsidiaries
 
62,442

 
65,193

 
73,605

Net income
 
$
57,709

 
$
115,416

 
$
62,072


Condensed Statements of Cash Flows
 
 
Year Ended December 31,
($ in thousands)
 
2017
 
2016
 
2015
Cash flows from operating activities:
 
 
 
 
 
 
Net income
 
$
57,709

 
$
115,416

 
$
62,072

Adjustments to reconcile net income to net cash provided by operating activities
 
 
 
 
 
 
Equity in undistributed earnings of subsidiaries
 
(62,442
)
 
(65,193
)
 
(73,605
)
Stock-based compensation expense
 
2,520

 
5,080

 
3,173

Amortization of debt issuance cost
 
247

 
704

 
727

Debt redemption costs
 
—

 
2,737

 
—

Gain on sale of subsidiary
 
—

 
(3,694
)
 
—

Deferred income tax (benefit) expense
 
14,604

 
4,538

 
(3,575
)
Loss on investments in alternative energy partnerships, net
 
8,493

 
31,510

 
—

Net change in other assets and liabilities
 
(12,957
)
 
(14,972
)
 
39,769

Net cash provided by operating activities
 
8,174

 
76,126

 
28,561

Cash flows from investing activities:
 
 
 
 
 
 
Loan purchases from bank and principal collections, net
 
—

 
221

 
9

Proceeds from sale of subsidiary
 
—

 
259

 
—

Capital contribution to bank subsidiary
 
—

 
(195,000
)
 
(160,000
)
Capital contribution to non-bank subsidiary
 
—

 
(25
)
 
—

Investments in alternative energy partnerships
 
(3,712
)
 
(57,149
)
 
—

Net cash used in investing activities
 
(3,712
)
 
(251,694
)
 
(159,991
)
Cash flows from financing activities:
 
 
 
 
 
 
Net increase (decrease) in other borrowings
 
(68,000
)
 
68,000

 
—

Net proceeds from issuance of common stock
 
—

 
175,078

 
—

Net proceeds from issuance of preferred stock
 
—

 
120,255

 
110,873

Net proceeds from issuance of long-term debt
 
—

 
—

 
172,304

Redemption of preferred stock
 
—

 
(42,000
)
 
—

Redemption of senior notes
 
—

 
(84,750
)
 
—

Payment of junior subordinated amortizing notes
 
(2,684
)
 
(5,078
)
 
(4,715
)
Cash settlements of stock options
 
—

 
(359
)
 
—

Proceeds from exercise of stock options
 
2,043

 
—

 
501

Restricted stock surrendered due to employee tax liability
 
(6,824
)
 
(4,436
)
 
(2,254
)
Dividend equivalents paid on stock appreciation rights
 
(810
)
 
(742
)
 
(699
)
Dividends paid on common stock
 
(25,707
)
 
(21,844
)
 
(16,955
)
Dividends paid on preferred stock
 
(20,451
)
 
(19,630
)
 
(9,446
)
Net cash provided by (used in) financing activities
 
(122,433
)
 
184,494

 
249,609

Net change in cash and cash equivalents
 
(117,971
)
 
8,926

 
118,179

Cash and cash equivalents at beginning of year
 
158,467

 
149,541

 
31,362

Cash and cash equivalents at end of year
 
$
40,496

 
$
158,467

 
$
149,541