Parent Company Only Financial Information

12 Months Ended

Dec. 31, 2016

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Parent Company Only Financial Information

Parent Company Only Financial Information

Following is condensed financial information of the Company (parent company only):

CONDENSED BALANCE SHEETS

December 31, 2016 and 2015

(Amounts In Thousands)

ASSETS	2016			2015
Cash and cash equivalents at subsidiary bank	$	543		$	843
Investment in subsidiary bank	330,506			309,866
Other assets	1,630			1,553
Total assets	$	332,679		$	312,262
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities	$	2,628		$	2,525
Redeemable common stock held by ESOP	40,781			37,562
Stockholders' equity:
Capital stock	44,606			43,697
Retained earnings	319,982			294,487
Accumulated other comprehensive loss	(3,359		)	(1,195		)
Treasury stock at cost	(31,178		)	(27,252		)
	330,051			309,737
Less maximum cash obligation related to ESOP shares	40,781			37,562
Total stockholders' equity	289,270			272,175
Total liabilities and stockholders' equity	$	332,679		$	312,262

CONDENSED STATEMENTS OF INCOME

Years Ended December 31, 2016, 2015 and 2014

(Amounts In Thousands)

	2016			2015			2014
Dividends received from subsidiary	$	8,560		$	7,364		$	7,438
Other expenses	(570		)	(713		)	(637		)
Income before income tax benefit and equity in undistributed income of subsidiary	7,990			6,651			6,801
Income tax benefit	292			338			254
	8,282			6,989			7,055
Equity in undistributed income of subsidiary	23,273			21,429			19,919
Net income	$	31,555		$	28,418		$	26,974

CONDENSED STATEMENTS OF CASH FLOWS

Years Ended December 31, 2016, 2015 and 2014

(Amounts In Thousands)

	2016			2015			2014
Cash flows from operating activities:
Net income	$	31,555		$	28,418		$	26,974
Adjustments to reconcile net income to cash and cash equivalents provided by operating activities:
Equity in undistributed income of subsidiary	(23,273		)	(21,429		)	(19,919		)
Share-based compensation	29			29			29
Compensation expensed through issuance of common stock	1,332			1,153			1,045
Excess tax benefits related to share-based compensation	(70		)	(8		)	(60		)
Forfeiture of common stock	(52		)	(37		)	(40		)
Decrease in other assets	(8		)	(27		)	(63		)
Increase in other liabilities	103			164			170
Net cash and cash equivalents provided by operating activities	9,616			8,263			8,136
Cash flows from financing activities:
Stock options exercised	—			—			101
Excess tax benefits related to share-based compensation	70			8			60
Purchase of treasury stock	(3,926		)	(3,454		)	(4,014		)
Dividends paid	(6,060		)	(5,855		)	(5,420		)
Net cash and cash equivalents used by financing activities	(9,916		)	(9,301		)	(9,273		)
Decrease in cash and cash equivalents	(300		)	(1,038		)	(1,137		)
Cash and cash equivalents:
Beginning of year	843			1,881			3,018
Ending of year	$	543		$	843		$	1,881