Annual report pursuant to Section 13 and 15(d)

Note 22 - Parent Company Financial Information

v3.10.0.1
Note 22 - Parent Company Financial Information
 12 Months Ended
Dec. 31, 2018
Notes to Financial Statements  
Condensed Financial Information of Parent Company Only Disclosure [Text Block]
NOTE
22.
PARENT COMPANY FINANCIAL INFORMATION
 
The following information presents the condensed balance sheet of the Company as of
December 31, 2018
and
2017
and the condensed statements of income and cash flows for the years ended
December 31, 2018,
2017
and
2016.
 
CONDENSED BALANCE SHEETS
(In Thousands)
 
    December 31,
2018		   December 31,
2017
ASSETS                
Cash and due from banks   $
9,034
     $
9,891
  
Investment in subsidiary    
778,112
      
665,192
  
Other assets    
239
      
368
  
Total assets   $
787,385
     $
675,451
  
                 
LIABILITIES AND STOCKHOLDERS' EQUITY                
Liabilities:                
Other borrowings   $
64,666
     $
64,632
  
Other liabilities    
8,018
      
3,717
  
Total liabilities    
72,684
      
68,349
  
Stockholders' equity:                
Preferred stock, par value $0.001 per share; 1,000,000 authorized and undesignated at December 31, 2018 and December 31, 2017    
-
      
-
  
Common stock, par value $0.001 per share; 100,000,000 shares authorized; 53,375,195 shares issued and outstanding at December 31, 2018 and 52,992,586 shares issued and outstanding at December 31, 2017    
53
      
53
  
Additional paid-in capital    
218,521
      
217,693
  
Retained earnings    
500,868
      
389,554
  
Accumulated other comprehensive (loss) income    
(4,741
 )    
(198
 )
Total stockholders' equity    
714,701
      
607,102
  
Total liabilities and stockholders' equity   $
787,385
     $
675,451
  
 
CONDENSED STATEMENTS OF INCOME
FOR THE YEARS ENDED
DECEMBER 31, 2018,
2017
and
2016
(In Thousands)
 
    2018   2017   2016
Income:                        
Dividends received from subsidiary   $
23,000
     $
6,500
     $
2,500
  
Other income    
176
      
2
      
2
  
Total income    
23,176
      
6,502
      
2,502
  
Expense:                        
Other expenses    
2,933
      
2,260
      
2,208
  
Total expenses    
2,933
      
2,260
      
2,208
  
Equity in undistributed earnings of subsidiary    
116,634
      
88,788
      
81,138
  
Net income    
136,877
      
93,030
      
81,432
  
Dividends on preferred stock    
-
      
-
      
-
  
Net income available to common stockholders   $
136,877
     $
93,030
     $
81,432
  
 
STATEMENTS OF CASH FLOW
FOR THE YEARS ENDED
DECEMBER 31, 2018,
2017
AND
2016
(In Thousands)
 
    2018   2017   2016
Operating activities                        
Net income   $
136,877
     $
93,030
     $
81,432
  
Adjustments to reconcile net income to net cash provided by operating activities:                        
Other    
(1,181
 )    
(314
 )    
1,442
  
Equity in undistributed earnings of subsidiary    
(116,634
 )    
(88,788
 )    
(81,138
 )
Net cash provided by operating activities    
19,062
      
3,928
      
1,736
  
Investing activities                        
Investment in subsidiary    
-
      
-
      
(36,000
 )
Other    
275
      
-
      
-
  
Net cash used in investing activities    
275
      
-
      
(36,000
 )
Financing activities                        
Proceeds from issuance of subordinated notes    
-
      
29,943
      
-
  
Redemption of subordinated notes    
-
      
(20,000
 )    
-
  
Dividends paid on common stock    
(20,194
 )    
(10,040
 )    
(7,858
 )
Net cash provided by financing activities    
(20,194
 )    
(97
 )    
(7,858
 )
Increase (decrease) in cash and cash equivalents    
(857
 )    
3,831
      
(42,122
 )
Cash and cash equivalents at beginning of year    
9,891
      
6,060
      
48,182
  
Cash and cash equivalents at end of year   $
9,034
     $
9,891
     $
6,060