XML 51 R32.htm IDEA: XBRL DOCUMENT v3.20.4
Condensed Financial Information - Parent Company Only
 12 Months Ended
Dec. 31, 2020
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 Sheets20202019
Assets:
Cash$154,422 $82,673 
Interest-earning deposits with other banks211 177 
Cash and cash equivalents154,633 82,850 
Investments in securities818 1,004 
Investments in subsidiaries, at equity in net assets:
Bank719,146 685,387 
Non-banks— — 
Other assets16,579 18,355 
Total assets$891,176 $787,596 
Liabilities:
Dividends payable$— $5,865 
Subordinated notes183,515 94,818 
Other liabilities15,189 11,791 
Total liabilities198,704 112,474 
Shareholders' equity:692,472 675,122 
Total liabilities and shareholders' equity$891,176 $787,596 
(Dollars in thousands)For the Years Ended December 31,
Statements of Income202020192018
Dividends from Bank$9,746 $29,681 $22,359 
Dividends from non-bank— — — 
Other income21,803 23,943 26,631 
Total operating income31,549 53,624 48,990 
Interest expense6,762 5,043 5,043 
Operating expenses22,852 25,032 27,155 
Income before income tax benefit and equity in undistributed income of subsidiaries1,935 23,549 16,792 
Income tax benefit(1,555)(1,360)(1,607)
Income before equity in undistributed income of subsidiaries3,490 24,909 18,399 
Equity in undistributed income of subsidiaries:
Bank43,426 40,810 32,144 
Non-banks— — — 
Net income$46,916 $65,719 $50,543 
        
(Dollars in thousands)For the Years Ended December 31,
Statements of Cash Flows202020192018
Cash flows from operating activities:
Net income$46,916 $65,719 $50,543 
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed net income of subsidiaries(43,426)(40,810)(32,144)
Bank owned life insurance (income) expense(108)(331)109 
Depreciation of premises and equipment320 328 386 
Stock based compensation1,480 2,348 2,557 
Contributions to pension and other postretirement benefit plans(270)(266)(3,264)
Decrease in other assets2,321 554 14,205 
Decrease in other liabilities(4,631)(1,319)(865)
Net cash provided by operating activities2,602 26,223 31,527 
Cash flow from investing activities:
Other, net(32)(371)(188)
Net cash used in investing activities(32)(371)(188)
Cash flows from financing activities:
Proceeds from issuance of subordinated notes98,448 — — 
Repayment of subordinated debt(10,000)— — 
Purchases of treasury stock(4,452)(2,045)(5,984)
Stock issued under dividend reinvestment and employee stock purchase plans2,369 2,233 2,295 
Proceeds from exercise of stock options384 1,203 1,131 
Cash dividends paid(17,536)(23,435)(23,495)
Net cash provided by (used in) financing activities69,213 (22,044)(26,053)
Net increase in cash and due from financial institutions71,783 3,808 5,286 
Cash and cash equivalents at beginning of year82,850 79,042 73,756 
Cash and cash equivalents at end of period$154,633 $82,850 $79,042 
Supplemental disclosures of cash flow information:
Cash paid during the year for:
Interest$5,121 $4,800 $4,800 
Income tax, net of refunds received16,172 16,460 643