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Parent Company Only Condensed Financial Information | 12 Months Ended
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Dec. 31, 2018
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] |
Parent Company Only Condensed Financial Information | NOTE 20 — PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION The following tables present parent company only condensed financial information. Condensed Parent Company Only Balance Sheets:
|  | December 31, |  |  | December 31, |
(Dollars in thousands) |  | 2018 |  |  | 2017 |
ASSETS |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 31,706 |  |  | $ | 47,826 |
Securities - held to maturity |  |  | 8,487 |  |  |  | 8,557 |
Loans |  |  | 9,912 |  |  |  | 11,046 |
Investment in bank subsidiary |  |  | 670,908 |  |  |  | 407,050 |
Investment in non-bank subsidiaries |  |  | 6,396 |  |  |  | 12,650 |
Other assets |  |  | 3,612 |  |  |  | 4,880 |
Total assets |  | $ | 731,021 |  |  | $ | 492,009 |
LIABILITIES AND EQUITY |  |  |  |  |  |  |  |
Subordinated notes |  | $ | 48,929 |  |  | $ | 48,828 |
Junior subordinated debentures |  |  | 39,083 |  |  |  | 38,623 |
Intercompany payables |  |  | 318 |  |  |  | 10,169 |
Accrued expenses and other liabilities |  |  | 6,084 |  |  |  | 2,691 |
Total liabilities |  |  | 94,414 |  |  |  | 100,311 |
Stockholders' equity |  |  | 636,607 |  |  |  | 391,698 |
Total liabilities and equity |  | $ | 731,021 |  |  | $ | 492,009 |
Condensed Parent Company Only Statements of Income:
|  | Years Ended December 31, |
(Dollars in thousands) |  | 2018 |  |  | 2017 |  |  | 2016 |
Interest income |  | $ | 2,014 |  |  | $ | 1,415 |  |  | $ | 793 |
Interest expense |  |  | (6,092 | ) |  |  | (5,300 | ) |  |  | (2,262 | )
Provision for loan losses |  |  | 8 |  |  |  | (91 | ) |  |  | — |
Gain on sale of subsidiary or division |  |  | — |  |  |  | 20,860 |  |  |  | — |
Other income |  |  | 5 |  |  |  | 1,572 |  |  |  | 2,991 |
Loss on intercompany sale of loans(1) |  |  | — |  |  |  | — |  |  |  | (794 | )
Salaries and employee benefits |  |  | (523 | ) |  |  | (5,686 | ) |  |  | (581 | )
Other expense |  |  | (3,710 | ) |  |  | (3,138 | ) |  |  | (1,940 | )
Income (loss) before income tax and undistributed subsidiary income |  |  | (8,298 | ) |  |  | 9,632 |  |  |  | (1,793 | )
Income tax (expense) benefit |  |  | 1,049 |  |  |  | (3,087 | ) |  |  | (487 | )
Equity in undistributed subsidiary income |  |  | 58,957 |  |  |  | 30,347 |  |  |  | 22,308 |
Net income |  |  | 51,708 |  |  |  | 36,892 |  |  |  | 20,028 |
Dividends on preferred stock |  |  | (578 | ) |  |  | (774 | ) |  |  | (887 | )
Net income available to common stockholders |  | $ | 51,130 |  |  | $ | 36,118 |  |  | $ | 19,141 |
Comprehensive income attributable to Parent |  | $ | 51,101 |  |  | $ | 35,900 |  |  | $ | 20,147 |
Condensed Parent Company Only Statements of Cash Flows:
|  | Years Ended December 31, |
(Dollars in thousands) |  | 2018 |  |  | 2017 |  |  | 2016 |
Cash flows from operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 51,708 |  |  | $ | 36,892 |  |  | $ | 20,028 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Equity in undistributed subsidiary income |  |  | (58,957 | ) |  |  | (30,347 | ) |  |  | (22,308 | )
Net accretion of securities |  |  | (983 | ) |  |  | (800 | ) |  |  | (174 | )
Amortization of junior subordinated debentures |  |  | 460 |  |  |  | 413 |  |  |  | 325 |
Amortization of subordinated notes issuance costs |  |  | 101 |  |  |  | 94 |  |  |  | 23 |
Loss on intercompany sale of loans(1) |  |  | — |  |  |  | — |  |  |  | 794 |
Loss on sale of loans |  |  | — |  |  |  | — |  |  |  | 80 |
Income from CLO warehouse investments |  |  | — |  |  |  | (2,226 | ) |  |  | (3,184 | )
Change in other assets |  |  | 1,273 |  |  |  | 6,689 |  |  |  | 3,293 |
Change in accrued expenses and other liabilities |  |  | (6,458 | ) |  |  | 2,950 |  |  |  | (5,279 | )
Net cash provided by (used in) operating activities |  |  | (12,856 | ) |  |  | 13,665 |  |  |  | (6,402 | )
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |  |
Investment in subsidiaries |  |  | (58,718 | ) |  |  | (6,199 | ) |  |  | 14,295 |
Purchases of securities held to maturity |  |  | — |  |  |  | (5,092 | ) |  |  | (3,342 | )
Proceeds from maturities, calls, and pay downs of securities held to maturity |  |  | 1,053 |  |  |  | 715 |  |  |  | 136 |
Proceeds from sale of loans |  |  | — |  |  |  | — |  |  |  | 16,058 |
Net change in loans |  |  | 1,134 |  |  |  | (10,062 | ) |  |  | 539 |
Net cash paid for CLO warehouse investments |  |  | — |  |  |  | (10,000 | ) |  |  | (25,000 | )
Net proceeds from CLO warehouse investments |  |  | — |  |  |  | 30,000 |  |  |  | 25,500 |
Cash used in acquisition of subsidiaries, net |  |  | (137,806 | ) |  |  | (40,075 | ) |  |  | (69,946 | )
Net cash provided by (used in) investing activities |  |  | (194,337 | ) |  |  | (40,713 | ) |  |  | (41,760 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from issuance of subordinated notes, net |  |  | — |  |  |  | — |  |  |  | 48,676 |
Issuance of common stock, net of issuance costs |  |  | 192,053 |  |  |  | 65,509 |  |  |  | — |
Dividends on preferred stock |  |  | (578 | ) |  |  | (774 | ) |  |  | (887 | )
Redemption of TARP preferred stock |  |  | — |  |  |  | — |  |  |  | (10,500 | )
Purchase of treasury stock |  |  | (398 | ) |  |  | (366 | ) |  |  | (654 | )
Stock option exercises |  |  | (4 | ) |  |  | 283 |  |  |  | — |
Net cash provided by (used in) financing activities |  |  | 191,073 |  |  |  | 64,652 |  |  |  | 36,635 |
Net increase (decrease) in cash and cash equivalents |  |  | (16,120 | ) |  |  | 37,604 |  |  |  | (11,527 | )
Cash and cash equivalents at beginning of period |  |  | 47,826 |  |  |  | 10,222 |  |  |  | 21,749 |
Cash and cash equivalents at end of period |  | $ | 31,706 |  |  | $ | 47,826 |  |  | $ | 10,222 |
(1) | During the year ended December 31, 2016, a loss was recorded by the parent company as the result of an intercompany sale of loans to its subsidiary, TBK Bank, at the loans’ fair value. The discount on the purchase of the loans recorded by TBK Bank was fully amortized during the year ended December 31, 2017. The parent company loss on sale of the loans and the TBK Bank discount were eliminated in consolidation. The following table presents a reconciliation of parent company net income available to common stockholders to consolidated net income available to common stockholders:
|  | Year Ended December 31, |
(Dollars in thousands) |  | 2018 |  |  | 2017 |  |  | 2016 |
Parent company net income available to common stockholders |  | $ | 51,130 |  |  | $ | 36,118 |  |  | $ | 19,141 |
Parent company loss on intercompany sale of loans |  |  | — |  |  |  | — |  |  |  | 794 |
TBK Bank discount accretion |  |  | — |  |  |  | (672 | ) |  |  | (122 | )
Consolidated net income available to common stockholders |  | $ | 51,130 |  |  | $ | 35,446 |  |  | $ | 19,813 |

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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://fasb.org/us-gaap/role/ref/legacyRef -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 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 235 -Section S99 -Paragraph 2 -Subparagraph (SX 210.9-06) -URI http://asc.fasb.org/extlink&oid=6882215&loc=d3e537971-122884 + Details
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