Parent Company Only Condensed Financial Information (Tables)

12 Months Ended

Dec. 31, 2018

Condensed Financial Information Of Parent Company Only Disclosure [Abstract]

Condensed Parent Company Only Balance Sheets

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

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

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