Annual report pursuant to Section 13 and 15(d)

Note 22 - Parent Company Financial Information

v3.19.3.a.u2
Note 22 - Parent Company Financial Information
12 Months Ended
Dec. 31, 2019
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, 2019 and 2018 and the condensed statements of income and cash flows for the years ended December 31, 2019, 2018 and 2017.

 

CONDENSED BALANCE SHEETS

(In Thousands)

 

   

December 31,

2019

   

December 31,

2018

 

ASSETS

               

Cash and due from banks

  $ 10,071     $ 9,034  

Investment in subsidiary

    904,958       778,112  

Other assets

    1,238       239  

Total assets

  $ 916,267     $ 787,385  
                 

LIABILITIES AND STOCKHOLDERS' EQUITY

               

Liabilities:

               

Other borrowings

  $ 64,703     $ 64,666  

Other liabilities

    9,384       8,018  

Total liabilities

    74,087       72,684  

Stockholders' equity:

               

Preferred stock, par value $0.001 per share; 1,000,000 authorized and undesignated at December 31, 2019 and December 31, 2018

    -       -  

Common stock, par value $0.001 per share; 100,000,000 shares authorized; 53,623,740 shares issued and outstanding at December 31, 2019 and 53,375,195 shares issued and outstanding at December 31, 2018

    54       53  

Additional paid-in capital

    219,766       218,521  

Retained earnings

    616,611       500,868  

Accumulated other comprehensive (loss) income

    5,749       (4,741 )

Total stockholders' equity

    842,180       714,701  

Total liabilities and stockholders' equity

  $ 916,267     $ 787,385  

 

CONDENSED STATEMENTS OF INCOME

FOR THE YEARS ENDED DECEMBER 31, 2019, 2018 and 2017

(In Thousands)

 

   

2019

   

2018

   

2017

 

Income:

                       

Dividends received from subsidiary

  $ 37,000     $ 23,000     $ 6,500  

Other income

    -       176       2  

Total income

    37,000       23,176       6,502  

Expense:

                       

Other expenses

    2,930       2,933       2,260  

Total expenses

    2,930       2,933       2,260  

Equity in undistributed earnings of subsidiary

    115,110       116,634       88,788  

Net income

    149,180       136,877       93,030  

Dividends on preferred stock

    -       -       -  

Net income available to common stockholders

  $ 149,180     $ 136,877     $ 93,030  

 

STATEMENTS OF CASH FLOW

FOR THE YEARS ENDED DECEMBER 31, 2019, 2018 AND 2017

(In Thousands)

 

   

2019

   

2018

   

2017

 

Operating activities

                       

Net income

  $ 149,180     $ 136,877     $ 93,030  

Adjustments to reconcile net income to net cash provided by operating activities:

                       

Other

    38       (1,181 )     (314 )

Equity in undistributed earnings of subsidiary

    (115,110 )     (116,634 )     (88,788 )

Net cash provided by operating activities

    34,108       19,062       3,928  

Investing activities

                       

Investment in subsidiary

    -       -       -  

Other

    (1,000 )     275       -  

Net cash used in investing activities

    (1,000 )     275       -  

Financing activities

                       

Proceeds from issuance of subordinated notes

    -       -       29,943  

Redemption of subordinated notes

    -       -       (20,000 )

Dividends paid on common stock

    (32,071 )     (20,194 )     (10,040 )

Net cash provided by financing activities

    (32,071 )     (20,194 )     (97 )

Increase (decrease) in cash and cash equivalents

    1,037       (857 )     3,831  

Cash and cash equivalents at beginning of year

    9,034       9,891       6,060  

Cash and cash equivalents at end of year

  $ 10,071     $ 9,034     $ 9,891