Parent Company Financial Information

12 Months Ended

Dec. 31, 2014

Parent Company Financial Information [Abstract]

Parent Company Financial Information

(22)  Parent Company Financial Information

Condensed Balance Sheets

	December 31,
(In thousands)	2014		2013
Assets
Cash and cash equivalents	$	3,586	$	3,741
Securities available for sale, at estimated fair value		11,649		11,008
Trading securities		6,761		4,742
Investment in subsidiaries, on equity basis		947,880		896,479
Other assets		61,829		49,530
Total assets	$	1,031,705	$	965,500
Liabilities and Stockholders’ Equity
Total liabilities	$	167,524	$	148,931
Stockholders’ equity		864,181		816,569
Total liabilities and stockholders’ equity	$	1,031,705	$	965,500

Condensed Income Statements

	Years ended December 31,
(In thousands)	2014		2013			2012
Dividends from subsidiaries	$	35,400	$	13,500		$	79,175
Management fee from subsidiaries		87,116		84,778			78,665
Securities gains		49		1,273			442
Interest, dividend and other income		800		636			720
Total revenue		123,365		100,187			159,002
Operating expense		89,834		83,679			79,015
Income before income tax benefit and equity in undistributed income of subsidiaries		33,531		16,508			79,987
Income tax benefit (expense)		631		(1,046	)		(284	)
Dividends in excess of income (equity in undistributed income) of subsidiaries		40,912		46,285			(25,145	)
Net income	$	75,074	$	61,747		$	54,558

Statements of Cash Flow

	Years ended December 31,
(In thousands)	2014			2013			2012
Operating activities
Net income	$	75,074		$	61,747		$	54,558
Adjustments to reconcile net income to net cash provided by operating activities
Stock-based compensation		3,521			4,305			4,364
Gain on sales of available-for-sale securities		49			1,273			442
Equity in undistributed income of subsidiaries		(75,824	)		(59,785	)		(54,030	)
Cash dividend from subsidiaries		35,400			13,500			79,175
Net change in other liabilities		18,594			(18,077	)		(3,181	)
Net change in other assets		(25,151	)		14,928			2,030
Net cash provided by operating activities		31,663			17,891			83,358
Investing activities
Purchases of available-for-sale securities		(597	)		-			(4,163	)
Sales and maturities of available-for-sale securities		140			1,948			1,445
Net cash provided by (used in) acquisitions		-			2,232			(14,612	)
Purchases of premises and equipment		(640	)		(782	)		(1,240	)
Net cash (used in) provided by investing activities		(1,097	)		3,398			(18,570	)
Financing activities
Proceeds from the issuance of shares to employee benefit plans and other stock plans		5,943			5,512			1,387
Payments on long-term debt		-			-			(3,340	)
Purchases of treasury shares		(72	)		(12,459	)		(15,490	)
Cash dividends and payments for fractional shares		(36,905	)		(33,518	)		(26,712	)
Excess tax benefit from exercise of stock options		313			(178	)		8
Net cash used in financing activities		(30,721	)		(40,643	)		(44,147	)
Net (decrease) increase in cash and cash equivalents		(155	)		(19,354	)		20,641
Cash and cash equivalents at beginning of year		3,741			23,095			2,454
Cash and cash equivalents at end of year	$	3,586		$	3,741		$	23,095

A statement of changes in stockholders’ equity has not been presented since it is the same as the consolidated statement of changes in stockholders’ equity previously presented.