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PARENT COMPANY FINANCIAL STATEMENTS | 12 Months Ended
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Dec. 31, 2020
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, 2020 and 2019, and the related condensed statements of operations and condensed statements of cash flows for the years ended December 31, 2020, 2019, and 2018 are presented below: Condensed Statements of Financial Condition
|  | December 31,
($ in thousands) |  | 2020 |  | 2019
ASSETS |  |  |  |
Cash and cash equivalents |  | $ | 138,006 |  |  | $ | 73,971 |
Other assets |  | 28,447 |  |  | 42,243 |
Investment in subsidiaries |  | 996,577 |  |  | 994,600 |
Total assets |  | $ | 1,163,030 |  |  | $ | 1,110,814 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |
Notes payable, net |  | $ | 256,315 |  |  | $ | 173,421 |
Accrued expenses and other liabilities |  | 9,508 |  |  | 30,148 |
Stockholders’ equity |  | 897,207 |  |  | 907,245 |
Total liabilities and stockholders’ equity |  | $ | 1,163,030 |  |  | $ | 1,110,814 |
Condensed Statements of Operations
|  | Year Ended December 31,
($ in thousands) |  | 2020 |  | 2019 |  | 2018
Income |  |  |  |  |  |
Dividends from subsidiaries |  | $ | 37,000 |  |  | $ | 142,467 |  |  | $ | 94,250 |
Legal settlement income |  | 2,013 |  |  | — |  |  | — |
Other operating income |  | 211 |  |  | 62 |  |  | 76 |
Total income |  | 39,224 |  |  | 142,529 |  |  | 94,326 |
Expenses |  |  |  |  |  |
Interest expense for notes payable and other borrowings |  | 10,141 |  |  | 9,480 |  |  | 9,421 |
Other operating expense |  | 5,794 |  |  | 3,311 |  |  | 19,507 |
Total expenses |  | 15,935 |  |  | 12,791 |  |  | 28,928 |
Income before income taxes and excess dividends in undistributed earnings of subsidiaries |  | 23,289 |  |  | 129,738 |  |  | 65,398 |
Income tax benefit |  | (5,812) |  |  | (3,670) |  |  | (9,017) |
Income before excess dividends in undistributed earnings of subsidiaries |  | 29,101 |  |  | 133,408 |  |  | 74,415 |
Excess dividends in undistributed earnings of subsidiaries |  | (16,527) |  |  | (109,649) |  |  | (28,943) |
Net income |  | $ | 12,574 |  |  | $ | 23,759 |  |  | $ | 45,472 |
Condensed Statements of Cash Flows
|  | Year Ended December 31,
($ in thousands) |  | 2020 |  | 2019 |  | 2018
Cash flows from operating activities: |  |  |  |  |  |
Net income |  | $ | 12,574 |  |  | $ | 23,759 |  |  | $ | 45,472 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |
Excess dividends in undistributed earnings of subsidiaries |  | 16,527 |  |  | 109,649 |  |  | 28,943 |
Stock-based compensation expense |  | 3,269 |  |  | 1,446 |  |  | 2,814 |
Amortization of debt issuance cost |  | 324 |  |  | 247 |  |  | 233 |
Deferred income tax benefit |  | (417) |  |  | (86) |  |  | (30,188) |
Net change in other assets and liabilities |  | (7,377) |  |  | (2,095) |  |  | 35,591 |
Net cash provided by operating activities |  | 24,900 |  |  | 132,920 |  |  | 82,865 |
Cash flows from investing activities: |  |  |  |  |  |
Purchase of investments |  | — |  |  | (5,000) |  |  | — |
Net cash used in investing activities |  | — |  |  | (5,000) |  |  | — |
Cash flows from financing activities: |  |  |  |  |  |
Net proceeds from issuance of long-term debt |  | 82,570 |  |  | — |  |  | — |
Redemption of preferred stock |  | (4,379) |  |  | (46,396) |  |  | (40,250) |
Purchase of treasury stock |  | (12,041) |  |  | — |  |  | — |
Restricted stock surrendered due to employee tax liability |  | (923) |  |  | (1,023) |  |  | (2,366) |
Dividend equivalents paid on stock appreciation rights |  | (376) |  |  | (483) |  |  | (810) |
Dividends paid on common stock |  | (11,847) |  |  | (15,744) |  |  | (32,725) |
Dividends paid on preferred stock |  | (13,869) |  |  | (15,559) |  |  | (21,954) |
Net cash provided by (used in) financing activities |  | 39,135 |  |  | (79,205) |  |  | (98,105) |
Net change in cash and cash equivalents |  | 64,035 |  |  | 48,715 |  |  | (15,240) |
Cash and cash equivalents at beginning of year |  | 73,971 |  |  | 25,256 |  |  | 40,496 |
Cash and cash equivalents at end of year |  | $ | 138,006 |  |  | $ | 73,971 |  |  | $ | 25,256 |
Supplemental disclosure of noncash activities: |  |  |  |  |  |
Reclassification of stranded tax effects to retained earnings |  | $ | — |  |  | $ | — |  |  | $ | 496 |

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 10 -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(Schedule I)) -URI http://asc.fasb.org/extlink&oid=120391182&loc=d3e5864-122674 Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=108774443&loc=d3e5283-111683 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690 + Details
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