PARENT COMPANY FINANCIAL INFORMATION (Tables)

12 Months Ended

Dec. 31, 2013

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Statements of Condition

Statements of Condition

	December 31,
(In thousands)	2013		2012
Assets
Cash and cash equivalents	$	11,551	$	10,035
Investments available for sale (at fair value)		723		723
Investment in subsidiary		487,231		472,938
Loan to subsidiary		35,000		35,000
Dividend receivable from subsidiary		-		-
Other assets		335		338
Total assets	$	534,840	$	519,034
Liabilities
Subordinated debentures	$	35,000	$	35,000
Accrued expenses and other liabilities		477		522
Total liabilities		35,477		35,522
Stockholders’ Equity
Common stock		24,990		24,905
Additional paid in capital		193,445		191,689
Retained earnings		283,898		255,606
Accumulated other comprehensive income (loss)		(2,970)		11,312
Total stockholders’ equity		499,363		483,512
Total liabilities and stockholders’ equity	$	534,840	$	519,034

Statements of Income/(Loss)

Statements of Income

	Year Ended December 31,
(In thousands)	2013		2012		2011
Income:
Cash dividends from subsidiary	$	16,585	$	12,028	$	21,339
Other income		931		982		945
Total income		17,516		13,010		22,284
Expenses:
Interest		895		959		913
Other expenses		1,044		1,003		784
Total expenses		1,939		1,962		1,697
Income before income taxes and equity in undistributed income of subsidiary		15,577		11,048		20,587
Income tax benefit		(271)		(221)		(210)
Income before equity in undistributed income of subsidiary		15,848		11,269		20,797
Equity in undistributed income of subsidiary		28,574		25,285		13,305
Net income		44,422		36,554		34,102
Preferred stock dividends and discount accretion		-		-		-
Net income available to common shareholders	$	44,422	$	36,554	$	34,102

Statements of Cash Flows

Statements of Cash Flows

	Year Ended December 31,
(In thousands)	2013		2012		2011
Cash Flows from Operating Activities:
Net income	$	44,422	$	36,554	$	34,102
Adjustments to reconcile net income to net cash provided by operating     activities:
Equity in undistributed income-subsidiary		(28,574)		(25,285)		(13,305)
Dividends receivable from subsidiary bank						(13,000)
Share based compensation expense		1,688		1,451		1,207
Net change in other liabilities		(44)		(158)		(184)
Decrease in dividends receivable		-		13,000		-
Other-net		1		(10,804)		(87)
Net cash provided by operating activities		17,493		14,758		8,733
Cash Flows from Investing Activities:
Purchase of investment available-for-sale		-		(511)		-
Acquistion of business activity, net of cash acquired		-		(849)		-
Net cash used by investing activities		-		(1,360)		-
Cash Flows from Financing Activities:
Redemption of preferred stock		-		-		-
Redemption of stock warrant		-		-		(4,449)
Proceeds from issuance of common stock		153		99		314
Tax benefit from stock options exercised		-		102		91
Repurchase of common stock		-		-		(334)
Dividends paid		(16,130)		(11,890)		(8,259)
Net cash provided (used) by financing activities		(15,977)		(11,689)		(12,637)
Net increase (decrease) in cash and cash equivalents		1,516		1,709		(3,904)
Cash and cash equivalents at beginning of year		10,035		8,326		12,230
Cash and cash equivalents at end of year	$	11,551	$	10,035	$	8,326