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PARENT COMPANY FINANCIAL STATEMENTS
 12 Months Ended
Dec. 31, 2019
Condensed Financial Information Disclosure [Abstract]  
PARENT COMPANY FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS
The parent company only condensed statements of financial condition as of December 31, 2019 and 2018, and the related condensed statements of operations and condensed statements of cash flows for the years ended December 31, 2019, 2018, and 2017 are presented below:
Condensed Statements of Financial Condition
 
 
December 31,
($ in thousands)
 
2019
 
2018
ASSETS
 
 
 
 
Cash and cash equivalents
 
$
73,971

 
$
25,256

Other assets
 
42,243

 
13,746

Investment in subsidiaries
 
994,600

 
1,088,658

Total assets
 
$
1,110,814

 
$
1,127,660

LIABILITIES AND STOCKHOLDERS’ EQUITY
 
 
 
 
Notes payable, net
 
$
173,421

 
$
173,174

Accrued expenses and other liabilities
 
30,148

 
8,952

Stockholders’ equity
 
907,245

 
945,534

Total liabilities and stockholders’ equity
 
$
1,110,814

 
$
1,127,660


Condensed Statements of Operations
 
 
Year Ended December 31,
($ in thousands)
 
2019
 
2018
 
2017
Income
 
 
 
 
 
 
Dividends from subsidiaries
 
$
142,467

 
$
94,250

 
$
18,000

Other operating income
 
62

 
76

 
2,285

Total income
 
142,529

 
94,326

 
20,285

Expenses
 
 
 
 
 
 
Interest expense for notes payable and other borrowings
 
9,480

 
9,421

 
10,764

Provision for loan losses
 
—

 
—

 
13

Loss on investments in alternative energy partnerships, net
 
—

 
—

 
8,493

Other operating expense
 
3,311

 
19,507

 
37,201

Total expenses
 
12,791

 
28,928

 
56,471

Income (loss) before income taxes and (excess dividends) retained equity in undistributed earnings of subsidiaries
 
129,738

 
65,398

 
(36,186
)
Income tax benefit
 
(3,670
)
 
(9,017
)
 
(31,453
)
Income (loss) before (excess dividends) retained equity in undistributed earnings of subsidiaries
 
133,408

 
74,415

 
(4,733
)
(Excess dividends) retained equity in undistributed earnings of subsidiaries
 
(109,649
)
 
(28,943
)
 
62,442

Net income
 
$
23,759

 
$
45,472

 
$
57,709


Condensed Statements of Cash Flows
 
 
Year Ended December 31,
($ in thousands)
 
2019
 
2018
 
2017
Cash flows from operating activities:
 
 
 
 
 
 
Net income
 
$
23,759

 
$
45,472

 
$
57,709

Adjustments to reconcile net income to net cash provided by operating activities
 
 
 
 
 
 
(Excess dividends) retained equity in undistributed earnings of subsidiaries
 
109,649

 
28,943

 
(62,442
)
Stock-based compensation expense
 
1,446

 
2,814

 
2,520

Amortization of debt issuance cost
 
247

 
233

 
247

Deferred income tax (benefit) expense
 
(86
)
 
(30,188
)
 
14,604

Loss on investments in alternative energy partnerships, net
 
—

 
—

 
8,493

Net change in other assets and liabilities
 
(2,095
)
 
35,591

 
(12,957
)
Net cash provided by operating activities
 
132,920

 
82,865

 
8,174

Cash flows from investing activities:
 
 
 
 
 
 
Purchase of investments
 
(5,000
)
 
—

 
—

Investments in alternative energy partnerships
 
—

 
—

 
(3,712
)
Net cash used in investing activities
 
(5,000
)
 
—

 
(3,712
)
Cash flows from financing activities:
 
 
 
 
 
 
Net (decrease) increase in other borrowings
 
—

 
—

 
(68,000
)
Redemption of preferred stock
 
(46,396
)
 
(40,250
)
 
—

Payment of junior subordinated amortizing notes
 
—

 
—

 
(2,684
)
Proceeds from exercise of stock options
 
—

 
—

 
2,043

Restricted stock surrendered due to employee tax liability
 
(1,023
)
 
(2,366
)
 
(6,824
)
Dividend equivalents paid on stock appreciation rights
 
(483
)
 
(810
)
 
(810
)
Dividends paid on common stock
 
(15,744
)
 
(32,725
)
 
(25,707
)
Dividends paid on preferred stock
 
(15,559
)
 
(21,954
)
 
(20,451
)
Net cash used in financing activities
 
(79,205
)
 
(98,105
)
 
(122,433
)
Net change in cash and cash equivalents
 
48,715

 
(15,240
)
 
(117,971
)
Cash and cash equivalents at beginning of year
 
25,256

 
40,496

 
158,467

Cash and cash equivalents at end of year
 
$
73,971

 
$
25,256

 
$
40,496

Supplemental disclosure of noncash activities:
 
 
 
 
 
 
Reclassification of stranded tax effects to retained earnings
 
$
—

 
$
496

 
$
—