Parent Company Financial Information (Tables)

12 Months Ended

Dec. 31, 2019

Parent Company Financial Information [Abstract]

Parent Company Financial Information

Condensed Balance Sheets

	December 31,
(In thousands)	2019		2018
Assets
Cash and cash equivalents	$	9,387	$	5,876
Equity securities, at estimated fair value		22,441		18,221
Investment in subsidiaries, on equity basis		1,209,752		1,117,350
Other assets		30,855		34,237
Total assets	$	1,272,435	$	1,175,684
Liabilities and Stockholders’ Equity
Total liabilities	$	152,038	$	157,775
Stockholders’ equity		1,120,397		1,017,909
Total liabilities and stockholders’ equity	$	1,272,435	$	1,175,684

Condensed Statements of Income

	Years ended December 31,
(In thousands)	2019			2018			2017
Dividends from subsidiaries	$	50,200		$	43,000		$	38,300
Management fee from subsidiaries		7,981			7,907			99,319
Net securities gains		165			399			2,237
Interest, dividends and other income		876			905			928
Total revenue	$	59,222		$	52,211		$	140,784
Operating expenses		14,262			14,226			100,667
Income before income tax benefit and equity in undistributed income of subsidiaries	$	44,960		$	37,985		$	40,117
Income tax (benefit) expense		(1,588	)		(1,608	)		2,233
Dividends in excess of income (equity in undistributed income) of subsidiaries		74,473			72,973			44,267
Net income	$	121,021		$	112,566		$	82,151

Condensed Statements of Cash Flow

	Years ended December 31,
(In thousands)	2019			2018			2017
Operating activities
Net income	$	121,021		$	112,566		$	82,151
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization of premises and equipment		2,298			2,814			2,974
Excess tax benefit on stock-based compensation		(409	)		(543	)		(1,769	)
Stock-based compensation expense		4,210			3,936			3,644
Net securities gains		(165	)		(399	)		(2,238	)
Re-evaluation of deferred tax amounts from Tax Act		-			-			3,339
Equity in undistributed income of subsidiaries		(124,673	)		(115,972	)		(82,567	)
Cash dividend from subsidiaries		50,200			43,000			38,300
Bank owned life insurance income		(398	)		(424	)		(328	)
Net change in other assets and other liabilities		(1,573	)		(6,124	)		(2,454	)
Net cash provided by operating activities	$	50,511		$	38,854		$	41,052
Investing activities
Proceeds on sales of equity securities	$	-		$	3,318		$	-
Purchases of equity securities		(93	)		(2	)		-
Proceeds on sales and maturities of AFS securities		-			-			4,710
Purchases of AFS securities		-			-			(9	)
Proceeds from settlement of bank owned life insurance		-			-			308
Net purchases of premises and equipment		-			-			(2,264	)
Net cash (used in) provided by investing activities	$	(93	)	$	3,316		$	2,745
Financing activities
Proceeds from the issuance of shares to employee and other stock plans	$	725		$	1,296		$	3,309
Cash paid by employer for tax-withholding on stock issuance		(1,622	)		(1,893	)		(3,582	)
Cash dividends		(46,010	)		(43,269	)		(40,104	)
Net cash (used in) financing activities	$	(46,907	)	$	(43,866	)	$	(40,377	)
Net increase (decrease) in cash and cash equivalents	$	3,511		$	(1,696	)	$	3,420
Cash and cash equivalents at beginning of year		5,876			7,572			4,152
Cash and cash equivalents at end of year	$	9,387		$	5,876		$	7,572