Parent Company Only Condensed Financial Statements (Tables)

12 Months Ended

Dec. 31, 2020

Condensed Financial Information Disclosure [Abstract]


	December 31,
($ in thousands)	2020		2019
Assets
Cash	$	75,475	$	21,955
Investment in Bank	1,200,689		977,959
Investment in nonbank subsidiaries	9,778		9,795
Other assets	35,108		37,905
Total assets	$	1,321,050	$	1,047,614

Liabilities and Shareholders’ Equity
Subordinated debentures and notes	$	203,637	$	141,258
Notes payable	30,000		34,286
Accounts payable and other liabilities	8,439		4,885
Shareholders' equity	1,078,974		867,185
Total liabilities and shareholders' equity	$	1,321,050	$	1,047,614

Condensed Statements of Operations


	Year ended December 31,
($ in thousands)	2020		2019		2018
Income:
Dividends from Bank	$	37,000	$	60,000	$	30,000
Dividends from nonbank subsidiaries	1,400		1,500		1,200
Other	483		663		1,784
Total income	38,883		62,163		32,984

Expenses:
Interest expense-subordinated debentures and notes	9,885		7,507		5,798
Interest expense-notes payable	705		1,182		62
Other expenses	6,946		6,936		7,087
Total expenses	17,536		15,625		12,947

Income before taxes and equity in undistributed earnings of subsidiaries	21,347		46,538		20,037

Income tax benefit	3,448		3,478		3,482

Net income before equity in undistributed earnings of subsidiaries	24,795		50,016		23,519

Equity in undistributed earnings of subsidiaries	49,589		42,723		65,698
Net income and comprehensive income	$	74,384	$	92,739	$	89,217

Condensed Statements of Cash Flow

Condensed Statements of Cash Flows


	Year ended December 31,
($ in thousands)	2020		2019		2018
Cash flows from operating activities:
Net income	$	74,384	$	92,739	$	89,217
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Share-based compensation	4,178		4,032		3,452
Net income of subsidiaries	(87,989)		(104,223)		(94,898)
Dividends from subsidiaries	38,400		61,500		31,200

Other, net	3,588		(1,063)		(953)
Net cash provided by operating activities	32,561		52,985		28,018

Cash flows from investing activities:

Cash paid for acquisitions, net of cash acquired	(1,243)		(36,015)		—
Purchases of other investments	(1,166)		(2,634)		(2,729)

Proceeds from distributions on other investments	765		1,271		1,911

Net cash used in investing activities	(1,644)		(37,378)		(818)

Cash flows from financing activities:
Proceeds from issuance of subordinated notes	61,953		—		—
Proceeds from notes payable	—		1,000		2,000
Repayments of notes payable	—		(3,000)		—
Proceeds from issuance of long-term debt	—		40,000		—
Repayment of long-term debt	(4,286)		(5,714)		—

Cash dividends paid	(19,795)		(16,569)		(10,845)

Payments for the repurchase of common stock	(15,347)		(15,526)		(19,387)

Payments for the issuance of equity instruments, net	78		(212)		(2,576)
Net cash provided by (used in) financing activities	22,603		(21)		(30,808)

Net increase (decrease) in cash and cash equivalents	53,520		15,586		(3,608)
Cash and cash equivalents, beginning of year	21,955		6,369		9,977
Cash and cash equivalents, end of year	$	75,475	$	21,955	$	6,369

Supplemental disclosures of cash flow information:
Noncash transactions:
Common shares issued in connection with acquisitions	$	167,035	$	171,885	$	—