Condensed Financial Information - Parent Company Only

12 Months Ended

Dec. 31, 2017

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	2017		2016
Assets:
Cash and due from banks	$	73,756	$	1,980
Investments in securities	1,077		914
Investments in subsidiaries, at equity in net assets:
Bank	612,045		587,532
Non-banks	—		—
Other assets	32,399		32,124
Total assets	$	719,277	$	622,550
Liabilities:
Dividends payable	$	5,866	$	5,316
Subordinated notes	94,331		94,087
Other liabilities	15,706		17,938
Total liabilities	115,903		117,341
Shareholders' equity:	603,374		505,209
Total liabilities and shareholders' equity	$	719,277	$	622,550

The Corporation’s condensed Balance Sheet at December 31, 2017 reflects the issuance of the Corporation's common stock related to the December 2017 public offering which increased shareholder's equity by $70.5 million.

(Dollars in thousands)	For the Years Ended December 31,
Statements of Income	2017			2016			2015
Dividends from Bank	$	26,263		$	94,042		$	26,523
Dividends from non-bank	—			—			—
Net gain on sales of securities	3			23			285
Other income	24,740			18,663			18,428
Total operating income	51,006			112,728			45,236
Interest expense	5,037			4,158			2,023
Operating expenses	26,405			25,843			19,810
Income before income tax benefit and equity in undistributed income (loss) of subsidiaries	19,564			82,727			23,403
Income tax benefit	(989		)	(3,834		)	(728		)
Income before equity in undistributed income (loss) of subsidiaries	20,553			86,561			24,131
Equity in undistributed income (loss) of subsidiaries:
Bank	23,541			(67,056		)	3,137
Non-banks	—			—			—
Net income	$	44,094		$	19,505		$	27,268

(Dollars in thousands)	For the Years Ended December 31,
Statements of Cash Flows	2017			2016			2015
Cash flows from operating activities:
Net income	$	44,094		$	19,505		$	27,268
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed net (income) loss of subsidiaries	(23,541		)	67,056			(3,137		)
Net gain on sales of securities	(3		)	(23		)	(285		)
Bank owned life insurance income	(343		)	(182		)	(5		)
Depreciation of premises and equipment	387			339			275
Stock based compensation	3,166			2,084			1,421
Contributions to pension and other postretirement benefit plans	(2,295		)	(2,261		)	(2,271		)
(Increase) decrease in other assets	(3,384		)	1,098			(4,268		)
Increase (decrease) in other liabilities	4,101			213			2,027
Net cash provided by operating activities	22,182			87,829			21,025
Cash flow from investing activities:
Investments in subsidiaries	—			(40,000		)	(30,000		)
Proceeds from sales of securities	3			38			708
Outlays for business acquisitions	—			(87,683		)	—
Proceeds from bank owned life insurance	183			—			—
Other, net	(364		)	(1,619		)	(1,640		)
Net cash used in investing activities	(178		)	(129,264		)	(30,932		)
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	(3,519		)	(8,359		)	(13,342		)
Proceeds from public offering of common stock	70,501			—			—
Stock issued under dividend reinvestment and employee stock purchase plans and other employee benefit plans	2,413			2,472			2,434
Proceeds from exercise of stock options, including excess tax benefits	1,676			4,968			534
Cash dividends paid	(21,299		)	(17,024		)	(15,010		)
Net cash provided by financing activities	49,772			26,319			23,883
Net increase (decrease) in cash and due from financial institutions	71,776			(15,116		)	13,976
Cash and due from financial institutions at beginning of year	1,980			17,096			3,120
Cash and due from financial institutions at end of year	$	73,756		$	1,980		$	17,096
Supplemental disclosures of cash flow information:
Cash paid during the year for:
Interest	$	4,800		$	3,956		$	1,275
Income tax, net of refunds received	11,600			6,675			1,770