Condensed Financial Information - Parent Company Only

12 Months Ended

Dec. 31, 2016

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Condensed Financial Information - Parent Company Only

Condensed Financial Information - Parent Company Only

Condensed financial statements of the Corporation, parent company only, follow:

(Dollars in thousands)	At December 31,
Balance Sheets	2016		2015
Assets:
Cash and due from banks	$	1,980	$	17,096
Investments in securities	914		807
Investments in subsidiaries, at equity in net assets:
Bank	587,532		392,304
Non-banks	—		—
Other assets	32,124		24,950
Total assets	$	622,550	$	435,157
Liabilities:
Dividends payable	$	5,316	$	3,905
Subordinated notes	94,087		49,377
Other liabilities	17,938		20,301
Total liabilities	117,341		73,583
Shareholders' equity:	505,209		361,574
Total liabilities and shareholders' equity	$	622,550	$	435,157

The Corporation’s condensed Balance Sheet at December 31, 2016 reflects the issuance of common stock valued at approximately $227 million related to the acquisition of Fox Chase Bank on July 1, 2016 and the push down to the Bank subsidiary. The Corporation’s condensed Balance Sheet at December 31, 2015 reflects the issuance of common stock valued at approximately $77 million related to the acquisition of Valley Green Bank on January 1, 2015 and the push down to the Bank subsidiary.

(Dollars in thousands)	For the Years Ended December 31,
Statements of Income	2016			2015			2014
Dividends from Bank	$	94,042		$	26,523		$	12,482
Dividends from non-bank	—			—			—
Net gain on sales of securities	23			285			306
Other income	18,663			18,428			18,334
Total operating income	112,728			45,236			31,122
Operating expenses	30,001			21,833			16,924
Income before income tax (benefit) expense and equity in undistributed (loss) income of subsidiaries	82,727			23,403			14,198
Income tax (benefit) expense	(3,834		)	(728		)	880
Income before equity in undistributed (loss) income of subsidiaries	86,561			24,131			13,318
Equity in undistributed (loss) income of subsidiaries:
Bank	(67,056		)	3,137			8,913
Non-banks	—			—			—
Net income	$	19,505		$	27,268		$	22,231

(Dollars in thousands)	For the Years Ended December 31,
Statements of Cash Flows	2016			2015			2014
Cash flows from operating activities:
Net income	$	19,505		$	27,268		$	22,231
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed net loss (income) of subsidiaries	67,056			(3,137		)	(8,913		)
Net gain on sales of securities	(23		)	(285		)	(306		)
Bank owned life insurance income	(182		)	(5		)	(238		)
Depreciation of premises and equipment	339			275			364
Stock based compensation	2,084			1,421			1,141
Contributions to pension and other postretirement benefit plans	(2,261		)	(2,271		)	(254		)
Decrease (increase) in other assets	1,098			(4,268		)	714
Increase (decrease) in other liabilities	213			2,027			(639		)
Net cash provided by operating activities	87,829			21,025			14,100
Cash flow from investing activities:
Investments in subsidiaries	(40,000		)	(30,000		)	—
Proceeds from sales of securities	38			708			1,131
Outlays for business acquisitions	(87,683		)	—			—
Other, net	(1,619		)	(1,640		)	(281		)
Net cash (used in) provided by investing activities	(129,264		)	(30,932		)	850
Cash flows from financing activities:
Net decrease in short-term borrowings	(253		)	—			—
Proceeds from issuance of subordinated notes	44,515			49,267			—
Purchases of treasury stock	(8,359		)	(13,342		)	(4,605		)
Stock issued under dividend reinvestment and employee stock purchase plans and other employee benefit plans	2,472			2,434			2,462
Proceeds from exercise of stock options, including excess tax benefits	4,968			534			310
Cash dividends paid	(17,024		)	(15,010		)	(12,996		)
Net cash provided by (used in) financing activities	26,319			23,883			(14,829		)
Net (decrease) increase in cash and due from financial institutions	(15,116		)	13,976			121
Cash and due from financial institutions at beginning of year	17,096			3,120			2,999
Cash and due from financial institutions at end of year	$	1,980		$	17,096		$	3,120
Supplemental disclosures of cash flow information:
Cash paid during the year for:
Interest	$	3,956		$	1,275		$	2
Income tax, net of refunds received	6,675			1,770			5,300