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Parent Company Financial Information (Tables)

12 Months Ended

Dec. 31, 2019

Parent Company Financial Information

Schedule of Condensed Balance Sheet for Parent Company only

​

​	​	​	​	​	​	​
(dollars in thousands)		December 31, 2019			December 31, 2018
Assets		​			​
Cash	​	$	43,204	​	$	72,783
Investment securities available-for-sale, at fair value	​		7,218	​		100
Investment in subsidiaries	​		1,334,197	​		1,249,704
Other assets	​		30,773	​		8,214
Total Assets	​	$	1,415,392	​	$	1,330,801
​	​	​	​	​	​	​
Liabilities	​			​
Other liabilities	​	$	7,024	​	$	4,564
Long-term borrowings	​		217,687	​		217,296
Total liabilities	​		224,711	​		221,860
​	​	​	​	​	​	​
Shareholders’ Equity	​			​
Common stock	​		331	​		342
Additional paid in capital	​		482,286	​		528,380
Retained earnings	​		705,105	​		584,494
Accumulated other comprehensive income (loss)	​		2,959	​		(4,275)
Total Shareholders’ Equity	​		1,190,681	​		1,108,941
Total Liabilities and Shareholders’ Equity	​	$	1,415,392	​	$	1,330,801

Schedule of Condensed Income Statement for Parent Company only

​

​	​	​	​	​	​	​	​	​	​
​	​	Years Ended December 31,
(dollars in thousands)		2019			2018			2017
Income		​			​			​
Other interest and dividends	​	$	85,851	​	$	678	​	$	234
Gain on sale of investment securities	​		—	​		—	​		—
Total Income	​	$	85,851	​	$	678	​	$	234
​	​	​	​	​	​	​	​	​	​
Expenses	​			​			​
Interest expense	​		11,916	​		11,916	​		11,916
Legal and professional	​		2,779	​		870	​		118
Directors compensation	​		491	​		614	​		352
Other	​		1,294	​		1,287	​		1,246
Total Expenses	​	$	16,480	​	$	14,687	​	$	13,632
​	​	​	​	​	​	​	​	​	​
Income (Loss) Before Income Tax (Benefit) and Equity in Undistributed Income of Subsidiaries	​		69,371	​		(14,009)	​		(13,398)
Income Tax Benefit	​		(3,176)	​		(2,892)	​		(4,689)
​	​	​	​	​	​	​	​	​	​
Income (Loss) Before Equity in Undistributed Income of Subsidiaries	​		72,547	​		(11,117)	​		(8,709)
Equity in Undistributed Income of Subsidiaries	​		70,396	​		163,393	​		108,941
Net Income	​	$	142,943	​	$	152,276	​	$	100,232

Schedule of Condensed Cash Flow Statement for Parent Company only

​

​	​	​	​	​	​	​	​	​	​
​	​	Years Ended December 31,
(dollars in thousands)		2019			2018			2017
Cash Flows From Operating Activities		​			​			​
Net Income	​	$	142,943	​	$	152,276	​	$	100,232
Adjustments to reconcile net income to net cash used in operating activities: Equity in undistributed income of subsidiary	​		(70,396)	​		(163,393)	​		(108,941)
Net tax benefits from stock compensation	​		10	​		110	​		460
Securities premium amortization (discount accretion), net	​	​	2	​	​	—	​	​	—
Increase in other assets	​		(21,447)	​		(2,508)	​		(988)
Increase (decrease) in other liabilities	​		2,460	​		(61)	​		(189)
Net cash provided by (used in) operating activities	​		53,572	​		(13,576)	​		(9,426)
​	​	​	​	​	​	​	​	​	​
Cash Flows From Investing Activities	​			​			​
Purchases of available-for-sale investment securities	​	​	(7,030)	​	​	—	​	​	—
Investment in subsidiary (net)	​		—	​		6,892	​		(460)
Net cash (used in) provided by investing activities	​		(7,030)	​		6,892	​		(460)
​	​	​	​	​	​	​	​	​	​
Cash Flows From Financing Activities	​			​			​
Proceeds from exercise of stock options	​		332	​		776	​		372
Proceeds from employee stock purchase plan	​		782	​		808	​		836
Common stock repurchased	​	​	(54,903)	​	​	—	​	​	—
Cash dividends paid	​	​	(22,332)	​	​	—	​	​	—
Net cash (used in) provided by financing activities	​		(76,121)	​		1,584	​		1,208
Net (Decrease) in Cash	​		(29,579)	​		(5,100)	​		(8,678)
Cash and Cash Equivalents at Beginning of Year	​		72,783	​		77,883	​		86,561
Cash and Cash Equivalents at End of Year	​	$	43,204	​	$	72,783	​	$	77,883

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Tabular disclosure of condensed balance sheet, including, but not limited to, balance sheets of consolidated entities and consolidation eliminations.

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