Condensed Financial Information of Parent Company (Tables)

12 Months Ended

Dec. 31, 2019

Condensed Financial Information Disclosure [Abstract]

Schedule of Condensed Balance Sheet

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)	2019		2018
Assets
Cash and due from banks	$	17,032	$	35,735
Short-term investments		3,223		35,201
Securities available-for-sale, at fair value		422,665		441,534
Loans, net		45,187		20,188
Payments in excess of funding		206,158		160,777
Investments in subsidiaries		145,400		130,231
Premises and equipment, net		19,940		21,358
Other assets		137,226		117,374
Total assets	$	996,831	$	962,398
Liabilities and Shareholders’ Equity
Liabilities:
Accounts and drafts payable	$	683,485	$	693,026
Short-term borrowings		18,000		—
Other liabilities		50,987		39,362
Total liabilities		752,472		732,388
Total shareholders’ equity		244,359		230,010
Total liabilities and shareholders’ equity	$	996,831	$	962,398

Schedule of Condensed Statements of Income

	Condensed Statements of Income For the Years Ended December 31,
(In thousands)	2019		2018			2017
Income from subsidiaries – management fees	$	2,599	$	2,668		$	2,172
Information services revenue		106,198		100,628			93,133
Net interest income after provision		15,713		14,159			13,217
Gain (loss) on sales of investment securities		19		(42	)		—
Other income		518		456			483
Total income		125,047		117,869			109,005
Expenses:
Salaries and employee benefits		81,432		77,946			70,409
Other expenses		26,136		23,442			20,333
Total expenses		107,568		101,388			90,742
Income before income tax and equity in undistributed income of subsidiaries		17,479		16,481			18,263
Income tax expense		2,860		1,788			4,394
Income before undistributed income of subsidiaries		14,619		14,693			13,869
Equity in undistributed income of subsidiaries		15,785		15,575			11,145
Net income	$	30,404	$	30,268		$	25,014

Schedule of Condensed Statements of Cash Flows

	Condensed Statements of Cash Flows For the Years Ended December 31,
(In thousands)	2019			2018			2017
Cash flows from operating activities:
Net income	$	30,404		$	30,268		$	25,014
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Equity in undistributed income of subsidiaries		(15,785	)		(15,575	)		(11,145	)
Net change in other assets		(6,289	)		(1,012	)		(7,257	)
Net change in other liabilities		9,474			3,829			10,118
Stock-based compensation expense		3,144			2,583			1,743
Other, net		6,104			10,242			9,219
Net cash provided by operating activities		27,052			30,335			27,692
Cash flows from investing activities:
Net decrease (increase) in securities		26,150			14,615			(80,621	)
Net (increase) decrease in loans		(24,999	)		(7,949	)		34,944
Net increase in payments in excess of funding		(45,381	)		(21,674	)		(33,756	)
Purchases of premises and equipment, net		(2,637	)		(4,211	)		(4,020	)
Asset acquisition of Gateway Giving, LLC		(2,833	)		—			—
Net cash used in investing activities		(49,700	)		(19,219	)		(83,453	)
Cash flows from financing activities:
Net (decrease) increase in accounts and drafts payable		(21,875	)		(22,316	)		20,397
Short-term borrowings		18,000			—			—
Cash dividends paid		(15,234	)		(13,177	)		(10,675	)
Purchase of common shares for treasury		(7,799	)		(8,838	)		(2,270	)
Other financing activities, net		(1,125	)		(635	)		(267	)
Net cash (used in) provided by financing activities		(28,033	)		(44,966	)		7,185
Net decrease in cash and cash equivalents		(50,681	)		(33,850	)		(48,576	)
Cash and cash equivalents at beginning of year		70,936			104,786			153,362
Cash and cash equivalents at end of year	$	20,255		$	70,936		$	104,786