Parent Company Financial Statements

12 Months Ended

Dec. 31, 2020

Condensed Financial Information Disclosure [Abstract]

Parent Company Financial Statements

PARENT COMPANY FINANCIAL STATEMENTS

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

STATEMENTS OF CONDITION

	December 31,
(In thousands)	2020		2019
ASSETS
Cash	$	35,359	$	30,561
Investment in subsidiary	558,820		509,149
Receivable from subsidiary	46		150
Other assets	23,401		19,290
Total assets	$	617,626	$	559,150
LIABILITIES AND SHAREHOLDERS’ EQUITY
Subordinated debentures	$	59,331	$	59,080
Due to subsidiary	—		33
Other liabilities	28,981		26,622
Shareholders’ equity	529,314		473,415
Total liabilities and shareholders’ equity	$	617,626	$	559,150

STATEMENTS OF INCOME

	For The Year Ended December 31,
(In thousands)	2020		2019		2018
Operating Income
Dividend income from subsidiary	$	39,400	$	36,900	$	28,100
Other income	103		1,128		283
Total operating income	39,503		38,028		28,383
Operating Expenses
Interest on borrowings	3,512		3,267		3,415
Fees to Bank	160		160		160
Other operating expenses	578		641		569
Total operating expenses	4,250		4,068		4,144
Income before equity in undistributed income of subsidiaries and income taxes	35,253		33,960		24,239
Equity in undistributed income of subsidiaries	23,299		22,580		27,971
Income before income taxes	58,552		56,540		52,210
Income tax benefit	934		663		861
Net Income	$	59,486	$	57,203	$	53,071

STATEMENTS OF CASH FLOWS

	For The Year Ended December 31,
(In thousands)	2020		2019		2018
Operating Activities
Net income	$	59,486	$	57,203	$	53,071
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed income of subsidiaries	(23,299)		(22,579)		(27,971)
Increase in other assets	(5,228)		(2,935)		(1,772)
Increase (decrease) in due to subsidiaries	71		(109)		82
(Decrease) increase in other liabilities	(83)		4,298		(4,763)
Net cash provided by operating activities	30,947		35,878		18,647
Investing Activities
Proceeds from other investments	1,712		—		214
Net cash provided by investing activities	1,712		—		214
Financing Activities
Net proceeds from issuance of common stock	1,670		1,683		1,338
Common stock repurchases	(9,689)		(20,795)		(27)
Cash dividends paid on common stock	(19,842)		(18,572)		(17,170)
Net cash used in financing activities	(27,861)		(37,684)		(15,859)
Net increase (decrease) in cash, cash equivalents and restricted cash	4,798		(1,806)		3,002
Cash, cash equivalents and restricted cash at beginning of year	30,561		32,367		29,365
Cash, cash equivalents and restricted cash at end of year	$	35,359	$	30,561	$	32,367