XML 90 R48.htm IDEA: XBRL DOCUMENT v3.20.1
CONDENSED PARENT COMPANY ONLY FINANCIAL STATEMENTS (Tables)
 12 Months Ended
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