Parent Company Financial Statements (Tables)

12 Months Ended

Dec. 31, 2019

Condensed Financial Information Disclosure [Abstract]

Condensed Statements of Condition

Following are the condensed statements of condition, income and cash flows for the Company's parent company:

STATEMENTS OF CONDITION

	December 31,
(In thousands)	2019		2018
ASSETS
Cash	$	30,561	$	32,367
Investment in subsidiary	509,149		464,885
Receivable from subsidiary	150		48
Other assets	19,290		15,458
Total assets	$	559,150	$	512,758
LIABILITIES AND SHAREHOLDERS’ EQUITY
Subordinated debentures	$	59,080	$	59,067
Due to subsidiary	33		40
Other liabilities	26,622		17,826
Shareholders’ equity	473,415		435,825
Total liabilities and shareholders’ equity	$	559,150	$	512,758

Condensed Statements of Income

STATEMENTS OF INCOME

	For The Year Ended December 31,
(In thousands)	2019		2018		2017
Operating Income
Dividend income from subsidiary	$	36,900	$	28,100	$	16,800
Other income	1,128		283		145
Total operating income	38,028		28,383		16,945
Operating Expenses
Interest on borrowings	3,267		3,415		3,408
Fees to Bank	160		160		160
Other operating expenses	641		569		592
Total operating expenses	4,068		4,144		4,160
Income before equity in undistributed income of subsidiaries and income taxes	33,960		24,239		12,785
Equity in undistributed income of subsidiaries	22,580		27,971		17,405
Income before income taxes	56,540		52,210		30,190
Income tax benefit (expense)	663		861		(1,714		)
Net Income	$	57,203	$	53,071	$	28,476

Condensed Statements of Cash Flows

STATEMENTS OF CASH FLOWS

	For The Year Ended December 31,
(In thousands)	2019			2018			2017
Operating Activities
Net income	$	57,203		$	53,071		$	28,476
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed income of subsidiaries	(22,579		)	(27,971		)	(17,405		)
Increase in other assets	(2,935		)	(1,772		)	(1,962		)
(Decrease) increase in due to subsidiaries	(109		)	82			(20		)
Increase (decrease) in other liabilities	4,298			(4,763		)	3,721
Net cash provided by operating activities	35,878			18,647			12,810
Investing Activities
Proceeds from sale of investments	—			214			110
Net cash provided by investing activities	—			214			110
Financing Activities
Net proceeds from issuance of common stock	1,683			1,338			863
Common stock repurchases	(20,795		)	(27		)	—
Cash dividends paid on common stock	(18,572		)	(17,170		)	(14,323		)
Net cash used in financing activities	(37,684		)	(15,859		)	(13,460		)
Net (decrease) increase in cash, cash equivalents and restricted cash	(1,806		)	3,002			(540		)
Cash, cash equivalents and restricted cash at beginning of year	32,367			29,365			29,905
Cash, cash equivalents and restricted cash at end of year	$	30,561		$	32,367		$	29,365