Condensed Financial Information of Parent Company

12 Months Ended

Dec. 31, 2016

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Condensed Financial Information of Parent Company

Note 18
Condensed Financial Information of Parent Company

Following are the condensed balance sheets of the Company (parent company only) and the related condensed statements of income and cash flows.

	Condensed Balance Sheets
	December 31,
(In thousands)	2016		2015
Assets
Cash and due from banks	$	45,464	$	30,165
Short-term investments		107,898		50,689
Securities available-for-sale, at fair value		390,552		373,946
Loans, net		47,184		87,615
Investments in subsidiaries		101,824		91,770
Premises and equipment, net		20,375		18,886
Other assets		161,317		150,135
Total assets	$	874,614	$	803,206
Liabilities and Shareholders’ Equity
Liabilities:
Accounts and drafts payable	$	640,945	$	576,919
Other liabilities		25,415		18,732
Total liabilities		666,360		595,651
Total shareholders’ equity		208,254		207,555
Total liabilities and shareholders’ equity	$	874,614	$	803,206

	Condensed Statements of Income
	For the Years Ended December 31,
(In thousands)	2016		2015		2014
Income from subsidiaries:
Interest	$	2	$	12	$	12
Management fees		2,105		2,201		2,058
Income from subsidiaries		2,107		2,213		2,070
Information services revenue		83,543		78,488		77,064
Net interest income after provision		13,389		13,948		14,986
Gain on sales of investment securities		387		2,910		23
Other income		504		613		1,323
Total income		99,930		98,172		95,466
Expenses:
Salaries and employee benefits		65,968		63,475		59,885
Other expenses		18,133		16,580		15,587
Total expenses		84,101		80,055		75,472
Income before income tax and equity in undistributed
income of subsidiaries		15,829		18,117		19,994
Income tax expense		1,540		2,950		3,125
Income before undistributed income of subsidiaries		14,289		15,167		16,869
Equity in undistributed income of subsidiaries		10,059		7,889		7,164
Net income	$	24,348	$	23,056	$	24,033

	Condensed Statements of Cash Flows
	For the Years Ended December 31,
(In thousands)	2016			2015			2014
Cash flows from operating activities:
Net income	$	24,348		$	23,056		$	24,033
Adjustments to reconcile net income to net cash provided
by (used in) operating activities:
Equity in undistributed income of subsidiaries		(10,059	)		(7,889	)		(7,164	)
Net change in other assets		(7,085	)		16,100			(44,879	)
Net change in other liabilities		6,683			(2,779	)		534
Amortization of stock-based awards		1,677			1,504			1,250
Other, net		7,558			10,389			13,487
Net cash provided by (used in) operating activities		23,122			40,381			(12,739	)
Cash flows from investing activities:
Net increase in securities		(33,025	)		(23,472	)		(35,128	)
Net decrease in loans		40,431			28,343			9,358
Purchases of premises and equipment, net		(4,557	)		(5,708	)		(8,941	)
Net cash provided by (used in) investing activities		2,849			(837	)		(34,711	)
Cash flows from financing activities:
Net increase (decrease) in accounts and drafts payable		64,026			(78,439	)		111,405
Cash dividends paid		(9,979	)		(9,697	)		(9,337	)
Purchase of common shares for treasury		(9,215	)		(10,951	)		(1,848	)
Other financing activities		1,705			66			(21	)
Net cash provided by (used in) financing activities		46,537			(99,021	)		100,199
Net increase (decrease) in cash and cash equivalents		72,508			(59,477	)		52,749
Cash and cash equivalents at beginning of year		80,854			140,331			87,582
Cash and cash equivalents at end of year	$	153,362		$	80,854		$	140,331