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CONDENSED PARENT COMPANY ONLY FINANCIAL STATEMENTS (Tables) | 12 Months Ended
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Dec. 31, 2019
CONDENSED PARENT COMPANY ONLY FINANCIAL STATEMENTS |
Schedule of condensed parent company only balance sheets |
|  | December 31
|  | 2019 |  | 2018
ASSETS |  | (dollars in thousands)
Cash and cash equivalents |  | $ | 4,978 |  | $ | 2,169
Investment in subsidiaries: |  |  |  |  |  |
Bank |  |  | 363,860 |  |  | 375,194
Non-bank |  |  | 1,201 |  |  | 1,251
Other assets |  |  | 1,081 |  |  | 422
Total assets |  | $ | 371,120 |  | $ | 379,036
LIABILITIES |  |  |  |  |  |
Subordinated debentures |  | $ | 37,583 |  | $ | 37,517
Other liabilities |  |  | 619 |  |  | 1,123
Total liabilities |  |  | 38,202 |  |  | 38,640
STOCKHOLDERS' EQUITY |  |  | 332,918 |  |  | 340,396
Total liabilities and stockholders' equity |  | $ | 371,120 |  | $ | 379,036
Schedule of condensed parent company only statements of income |
|  | Years ended December 31
|  | 2019 |  | 2018 |  | 2017
INCOME |  | (dollars in thousands)
Dividends received from subsidiaries: |  |  |  |  |  |  |  |  |
Bank |  | $ | 109,969 |  | $ | 44,446 |  | $ | 57,327
Non-bank |  |  | 385 |  |  | 941 |  |  | 1,900
Undistributed earnings from subsidiaries: |  |  |  |  |  |  |  |  |
Bank |  |  | (41,202) |  |  | 23,239 |  |  | (115)
Non-bank |  |  | (151) |  |  | (1,984) |  |  | (404)
Other income |  |  | 52 |  |  | 1 |  |  | 35
Total income |  |  | 69,053 |  |  | 66,643 |  |  | 58,743
EXPENSES |  |  |  |  |  |  |  |  |
Interest expense |  |  | 1,922 |  |  | 1,795 |  |  | 1,525
Other expense |  |  | 1,025 |  |  | 1,085 |  |  | 1,134
Total expenses |  |  | 2,947 |  |  | 2,880 |  |  | 2,659
INCOME BEFORE INCOME TAX BENEFIT |  |  | 66,106 |  |  | 63,763 |  |  | 56,084
INCOME TAX BENEFIT |  |  | (759) |  |  | (36) |  |  | (19)
NET INCOME |  | $ | 66,865 |  | $ | 63,799 |  | $ | 56,103
Schedule of condensed parent company only statements of cash flows |
|  | Year ended December 31
|  | 2019 |  | 2018 |  | 2017
CASH FLOWS FROM OPERATING ACTIVITIES |  | (dollars in thousands)
Net income |  | $ | 66,865 |  | $ | 63,799 |  | $ | 56,103
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |  |  |  |
Undistributed earnings of consolidated subsidiaries |  |  | 41,353 |  |  | (21,255) |  |  | 519
Amortization of subordinated debenture purchase accounting adjustment |  |  | 66 |  |  | 66 |  |  | 65
Changes in other assets and liabilities, net |  |  | (1,912) |  |  | 700 |  |  | 306
Net cash provided by operating activities |  |  | 106,372 |  |  | 43,310 |  |  | 56,993
CASH FLOWS FROM INVESTING ACTIVITIES |  |  |  |  |  |  |  |  |
Capital contribution to bank subsidiary |  |  | (17,000) |  |  | — |  |  | —
Capital contribution to non-bank subsidiary |  |  | (100) |  |  | — |  |  | —
Net cash used in investing activities |  |  | (17,100) |  |  | — |  |  | —
CASH FLOWS FROM FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |
Issuance of common stock |  |  | 138,493 |  |  | — |  |  | —
Repurchase of common stock |  |  | — |  |  | (907) |  |  | —
Cash dividends |  |  | (224,956) |  |  | (42,621) |  |  | (57,069)
Net cash used in financing activities |  |  | (86,463) |  |  | (43,528) |  |  | (57,069)
NET CHANGE IN CASH AND EQUIVALENTS |  |  | 2,809 |  |  | (218) |  |  | (76)
CASH AND CASH EQUIVALENTS |  |  |  |  |  |  |  |  |
Beginning of year |  |  | 2,169 |  |  | 2,387 |  |  | 2,463
End of year |  | $ | 4,978 |  | $ | 2,169 |  | $ | 2,387

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