Parent Company Financial Information

12 Months Ended

Dec. 31, 2017

Parent Company Financial Information [Abstract]

Parent Company Financial Information

22. Parent Company Financial Information

Condensed Balance Sheets

	December 31,
(In thousands)	2017		2016
Assets
Cash and cash equivalents	$	7,572	$	4,152
AFS securities, at estimated fair value		10,065		15,273
Trading securities		11,245		8,968
Investment in subsidiaries, on equity basis		1,048,908		1,006,444
Other assets		40,461		44,178
Total assets	$	1,118,251	$	1,079,015
Liabilities and Stockholders’ Equity
Total liabilities	$	160,074	$	165,699
Stockholders’ equity		958,177		913,316
Total liabilities and stockholders’ equity	$	1,118,251	$	1,079,015

Condensed Statements of Income

	Years ended December 31,
(In thousands)	2017		2016			2015
Dividends from subsidiaries	$	38,300	$	10,200		$	78,200
Management fee from subsidiaries		99,319		95,244			92,629
Net securities gains		2,237		652			3,034
Interest, dividends and other income		928		976			693
Total revenue	$	140,784	$	107,072		$	174,556
Operating expenses		100,667		97,977			94,332
Income before income tax benefit and equity in undistributed income of subsidiaries		40,117		9,095			80,224
Income tax expense (benefit)		2,233		(321	)		515
Dividends in excess of income (equity in undistributed income) of subsidiaries		44,267		68,993			(3,284	)
Net income	$	82,151	$	78,409		$	76,425

Condensed Statements of Cash Flow

	Years ended December 31,
(In thousands)	2017			2016			2015
Operating activities
Net income	$	82,151		$	78,409		$	76,425
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization of premises and equipment		2,974			2,805			2,522
Excess tax benefit on stock-based compensation		1,769			1,055			(43	)
Stock-based compensation expense		3,644			4,378			4,086
Net (gain) on sales of AFS securities		(2,238	)		(652	)		(3,034	)
Re-evaluation of deferred tax amounts from Tax Act		3,339			-			-
Equity in undistributed income of subsidiaries		(82,567	)		(79,193	)		(74,916	)
Cash dividend from subsidiaries		38,300			10,200			78,200
Bank owned life insurance income		(328	)		(356	)		(292	)
Net change in other liabilities		(5,624	)		(8,596	)		6,770
Net change in other assets		(368	)		22,728			(6,652	)
Net cash provided by operating activities	$	41,052		$	30,778		$	83,066
Investing activities
Proceeds on sales and maturities of AFS securities	$	4,710		$	1,783		$	5,297
Purchases of AFS securities		(9	)		(580	)		(3,083	)
Proceeds from settlement of bank owned life insurance		308			-			-
Net purchases of premises and equipment		(2,264	)		(3,083	)		(2,930	)
Net cash provided by (used in) investing activities	$	2,745		$	(1,880	)	$	(716	)
Financing activities
Proceeds from the issuance of shares to employee benefit plans and other stock plans	$	3,309		$	6,032		$	8,856
Cash paid by employer for tax-withholding on stock issuance		(3,582	)		(3,387	)		(1,164	)
Purchases of treasury shares		-			(17,193	)		(26,797	)
Cash dividends and payments for fractional shares		(40,104	)		(38,880	)		(38,149	)
Net cash (used in) financing activities	$	(40,377	)	$	(53,428	)	$	(57,254	)
Net increase (decrease) in cash and cash equivalents	$	3,420		$	(24,530	)	$	25,096
Cash and cash equivalents at beginning of year		4,152			28,682			3,586
Cash and cash equivalents at end of year	$	7,572		$	4,152		$	28,682

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.