Parent Company Financial Statements (Tables)

12 Months Ended

Dec. 31, 2016

Parent Company Financial Statements [Abstract]

Condensed Balance Sheets

Condensed Balance Sheets

(in thousands) December 31	2016		2015
Assets:
Cash on deposit	$	1,525	$	1,462
Investment in and advances to subsidiaries		556,975		531,702
Goodwill		4,973		4,973
Premises and equipment, net		142		145
Other assets		391		911
Total assets	$	564,006	$	539,193
Liabilities and shareholders’ equity:
Long-term debt	$	61,341	$	61,341
Other liabilities		2,050		2,269
Total liabilities		63,391		63,610
Shareholders’ equity		500,615		475,583
Total liabilities and shareholders’ equity	$	564,006	$	539,193

Condensed Statements of Income and Comprehensive Income

Condensed Statements of Income and Comprehensive Income

(in thousands) Year Ended December 31	2016			2015			2014
Income:
Dividends from subsidiary banks	$	20,708		$	19,808		$	19,534
Other income		459			414			196
Total income		21,167			20,222			19,730
Expenses:
Interest expense		1,417			1,170			1,131
Depreciation expense		107			130			153
Other expenses		2,256			2,465			2,550
Total expenses		3,780			3,765			3,834
Income before income taxes and equity in undistributed income of subsidiaries		17,387			16,457			15,896
Income tax benefit		(1,373	)		(1,371	)		(1,548	)
Income before equity in undistributed income of subsidiaries		18,760			17,828			17,444
Equity in undistributed income of subsidiaries		28,586			28,604			25,807
Net income	$	47,346		$	46,432		$	43,251
Other comprehensive income (loss):
Unrealized holding gains (losses) on securities available-for-sale:
Unrealized holding gains (losses) arising during the period		(4,578	)		(342	)		13,928
Less: Reclassification adjustments for realized gains (losses) included in net income		522			(106	)		(211	)
Tax expense (benefit)		(1,785	)		(83	)		4,949
Other comprehensive income (loss), net of tax		(3,315	)		(153	)		9,190
Comprehensive income	$	44,031		$	46,279		$	52,441

Condensed Statements of Cash Flows

Condensed Statements of Cash Flows

(in thousands) Year Ended December 31	2016			2015			2014
Cash flows from operating activities:
Net income	$	47,346		$	46,432		$	43,251
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation		107			130			153
Equity in undistributed earnings of subsidiaries		(28,586	)		(28,604	)		(25,807	)
Stock-based compensation		458			783			838
Excess tax benefits of stock-based compensation		100			104			760
Changes in:
Other assets		519			240			(558	)
Other liabilities		(90	)		968			563
Net cash provided by operating activities		19,854			20,053			19,200
Cash flows from investing activities:
Purchase of premises and equipment		(104	)		(45	)		(125	)
Repayment of investments in and advances to subsidiaries		0			0			(14	)
Net cash used in investing activities		(104	)		(45	)		(139	)
Cash flows from financing activities:
Issuance of common stock		2,985			2,082			1,992
Repurchase of common stock		(382	)		(189	)		0
Excess tax benefits of stock-based compensation		(100	)		(104	)		(760	)
Dividends paid		(22,190	)		(21,330	)		(20,570	)
Net cash used in financing activities		(19,687	)		(19,541	)		(19,338	)
Net increase (decrease) in cash and cash equivalents		63			467			(277	)
Cash and cash equivalents at beginning of year		1,462			995			1,272
Cash and cash equivalents at end of year	$	1,525		$	1,462		$	995