Condensed Financial Statements of Parent Company (Tables)

12 Months Ended

Dec. 31, 2020

Balance Sheets


	December 31,
(amounts in thousands)	2020		2019
Assets
Cash in bank subsidiary	$	110,626	$	62,643

Investments in and receivables due from bank subsidiary	1,198,857		1,178,166
Investments in and receivables due from non-bank subsidiaries	3,853		2,406
Other assets	970		6,583
Total assets	$	1,314,306	$	1,249,798
Liabilities and Shareholders' equity
Borrowings	$	196,259	$	195,670
Other liabilities	961		1,333
Total liabilities	197,220		197,003
Shareholders' equity	1,117,086		1,052,795
Total Liabilities and Shareholders' Equity	$	1,314,306	$	1,249,798

Income and Comprehensive Income Statements


	For the Years Ended December 31,
(amounts in thousands)	2020		2019		2018
Operating income:
Other, including dividends from bank subsidiary	$	65,000	$	70,000	$	45,422
Total operating income	65,000		70,000		45,422
Operating expense:
Interest	9,681		5,425		8,178
Other	1,498		744		1,722
Total operating expense	11,179		6,169		9,900
Income before taxes and undistributed income of subsidiaries	53,821		63,831		35,522
Income tax benefit	2,703		1,391		2,335
Income before undistributed income of subsidiaries	56,524		65,222		37,857
Equity in undistributed income of subsidiaries	76,054		14,105		33,838
Net income	132,578		79,327		71,695
Preferred stock dividends	14,041		14,459		14,459
Net income available to common shareholders	118,537		64,868		57,236
Comprehensive income	$	128,064	$	100,740	$	50,730

Statements of Cash Flows


	For the Years Ended December 31,
(amounts in thousands)	2020		2019		2018
Cash Flows from Operating Activities
Net income	$	132,578	$	79,327	$	71,695
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Equity in undistributed earnings of subsidiaries, net of dividends received from Bank	(76,054)		(14,105)		(33,838)

(Increase) decrease in other assets	5,613		(3,166)		(256)
Increase (decrease) in other liabilities	1,088		1,775		(251)
Net Cash Provided By (Used in) Operating Activities	63,225		63,831		37,350
Cash Flows from Investing Activities

Payments for investments in and advances to subsidiaries	(26)		(74,767)		(29)
Net Cash Provided By (Used in) Investing Activities	(26)		(74,767)		(29)
Cash Flows from Financing Activities
Proceeds from issuance of common stock	923		2,150		3,585

Proceeds from issuance of subordinated long-term debt	—		72,030		—
Proceed from issuance of other long-term borrowings	—		24,477		—
Repayments of other borrowings	—		(25,000)		(63,250)
Exercise and redemption of warrants	—		—		112
Purchase of treasury stock	—		(571)		(12,976)
Payments of employee taxes withheld from share-based awards	(2,063)		(1,732)		(880)
Preferred stock dividends paid	(14,076)		(14,459)		(14,459)
Net Cash Provided by (Used in) Financing Activities	(15,216)		56,895		(87,868)
Net Increase (Decrease) in Cash and Cash Equivalents	47,983		45,959		(50,547)
Cash and Cash Equivalents - Beginning Balance	62,643		16,684		67,231
Cash and Cash Equivalents - Ending Balance	$	110,626	$	62,643	$	16,684