Condensed Financial Information of Parent Company (Tables)

12 Months Ended

Dec. 31, 2017

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Summary of Condensed Balance Sheets

Condensed Balance Sheets

(in thousands)

December 31,	2017		2016
Assets
Investment in subsidiaries/affiliates (equity method)	$	509,011	$	510,731
Short-term investments		29		30
Cash		3,237		1,820
Property and equipment		994		342
Other		1,479		1,010
Total assets	$	514,750	$	513,933
Liabilities and Stockholders’ Equity
Liabilities
Cash dividends declared to stockholders	$	3,842	$	3,623
Borrowings under lines of credit		59,000		69,000
Other		3,212		2,695
Total liabilities		66,054		75,318
Stockholders’ equity		448,696		438,615
Total liabilities and stockholders’ equity	$	514,750	$	513,933

Summary of Condensed Statements of Income and Comprehensive Income

Condensed Statements of Income and Comprehensive Income

(in thousands)

Year Ended December 31,	2017			2016			2015
Statements of Income
Revenues
Dividends from subsidiaries	$	13,000		$	13,000		$	3,875
Other		2,131			1,759			2,028
Total revenues		15,131			14,759			5,903
Expenses
Operating expenses		1,433			1,413			2,451
Premium paid on purchase of treasury stock		—			—			5,780
Interest		1,929			1,747			1,066
Total expenses		3,362			3,160			9,297
Income (loss) before income tax benefit and equity in undistributed net (loss) income of subsidiaries		11,769			11,599			(3,394	)
Income tax benefit		690			931			1,028
Income (loss) before equity in undistributed net (loss) income of subsidiaries		12,459			12,530			(2,366	)
Equity in undistributed net (loss) income of subsidiaries		(5,343	)		18,271			23,356
Net income	$	7,116		$	30,801		$	20,990
Statements of Comprehensive Income
Net income	$	7,116		$	30,801		$	20,990
Other comprehensive income (loss), net of tax
Unrealized gain (loss) - subsidiaries		46			(3,028	)		(4,579	)
Other comprehensive income (loss), net of tax		46			(3,028	)		(4,579	)
Comprehensive income	$	7,162		$	27,773		$	16,411

Summary of Condensed Statements of Cash Flows

Condensed Statements of Cash Flows

(in thousands)

Year Ended December 31,	2017			2016			2015
Cash flows from operating activities:
Net income	$	7,116		$	30,801		$	20,990
Adjustments:
Equity in undistributed net (loss) income of subsidiaries		5,343			(18,271	)		(23,356	)
Other		(401	)		(27	)		539
Net adjustments		4,942			(18,298	)		(22,817	)
Net cash provided (used)		12,058			12,503			(1,827	)
Cash flows from investing activities:
Net sale of short-term investments		1			2			498
Net purchase of property and equipment		(788	)		(11	)		(23	)
Investment in subsidiaries		(2,992	)		(2,393	)		(2,427	)
Other		(1	)		—			—
Net cash used		(3,780	)		(2,402	)		(1,952	)
Cash flows from financing activities:
Cash dividends paid		(14,821	)		(14,085	)		(14,454	)
Issuance of common stock		17,960			16,651			18,468
Payments on line of credit		(10,000	)		(12,000	)		(9,500	)
Borrowings under lines of credit		—			—			37,000
Purchase of treasury stock		—			—			(28,125	)
Net cash (used) provided		(6,861	)		(9,434	)		3,389
Net change in cash		1,417			667			(390	)
Cash at beginning of year		1,820			1,153			1,543
Cash at end of year	$	3,237		$	1,820		$	1,153