Condensed Financial Information - Parent Company Only

12 Months Ended

Dec. 31, 2019

Condensed Financial Information 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	2019		2018
Assets:
Cash	$	82,673	$	78,897
Interest-earning deposits with other banks	177		145
Cash and cash equivalents	82,850		79,042
Investments in securities	1,004		924
Investments in subsidiaries, at equity in net assets:
Bank	685,387		638,500
Non-banks	—		—
Other assets	18,355		18,340
Total assets	$	787,596	$	736,806
Liabilities:
Dividends payable	$	5,865	$	5,863
Subordinated notes	94,818		94,574
Other liabilities	11,791		12,236
Total liabilities	112,474		112,673
Shareholders' equity:	675,122		624,133
Total liabilities and shareholders' equity	$	787,596	$	736,806

(Dollars in thousands)	For the Years Ended December 31,
Statements of Income	2019		2018		2017
Dividends from Bank	$	29,681	$	22,359	$	26,263
Dividends from non-bank	—		—		—
Net gain on sales of securities	—		—		3
Other income	23,943		26,631		24,740
Total operating income	53,624		48,990		51,006
Interest expense	5,043		5,043		5,037
Operating expenses	25,032		27,155		26,405
Income before income tax benefit and equity in undistributed income of subsidiaries	23,549		16,792		19,564
Income tax benefit	(1,360)		(1,607)		(989)
Income before equity in undistributed income of subsidiaries	24,909		18,399		20,553
Equity in undistributed income of subsidiaries:
Bank	40,810		32,144		23,541
Non-banks	—		—		—
Net income	$	65,719	$	50,543	$	44,094

(Dollars in thousands)	For the Years Ended December 31,
Statements of Cash Flows	2019		2018		2017
Cash flows from operating activities:
Net income	$	65,719	$	50,543	$	44,094
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed net income of subsidiaries	(40,810)		(32,144)		(23,541)
Net gain on sales of securities	—		—		(3)
Bank owned life insurance (expense) income	(331)		109		(343)
Depreciation of premises and equipment	328		386		387
Stock based compensation	2,348		2,557		3,166
Contributions to pension and other postretirement benefit plans	(266)		(3,264)		(2,295)
Decrease (increase) in other assets	554		14,205		(3,384)
(Decrease) increase in other liabilities	(1,319)		(865)		4,101
Net cash provided by operating activities	26,223		31,527		22,182
Cash flow from investing activities:
Proceeds from sales of securities	—		—		3
Proceeds from bank owned life insurance	—		—		183
Other, net	(371)		(188)		(364)
Net cash used in investing activities	(371)		(188)		(178)
Cash flows from financing activities:
Purchases of treasury stock	(2,045)		(5,984)		(3,519)
Proceeds from public offering of common stock	—		—		70,501
Stock issued under dividend reinvestment and employee stock purchase plans	2,233		2,295		2,413
Proceeds from exercise of stock options	1,203		1,131		1,676
Cash dividends paid	(23,435)		(23,495)		(21,299)
Net cash (used in) provided by financing activities	(22,044)		(26,053)		49,772
Net increase in cash and due from financial institutions	3,808		5,286		71,776
Cash and cash equivalents at beginning of year	79,042		73,756		1,980
Cash and cash equivalents at end of period	$	82,850	$	79,042	$	73,756
Supplemental disclosures of cash flow information:
Cash paid during the year for:
Interest	$	4,800	$	4,800	$	4,800
Income tax, net of refunds received	16,460		643		11,600